nd thread, Harry sewed the little parcel into
the lining of his friend's coat, in such a position and manner that even
a rigorous search would probably fail to disclose the presence of the
papers.

"Now you have them quite safe, my friend," said Harry, "and so long as
you stick to your jacket you need never be afraid of losing that
cryptogram. And should anybody ever come, by any chance, to know that
you have the key to Jose's treasure, he will never be able to find it,
even if he attempts to rob you."

"No, Harry, I should say not," laughed Roger. "But I do not think I
need fear that any person will try to rob me of that cipher; for, so far
as I know, the only person now alive who is aware that one existed is
that evil-looking fellow Alvarez, and he will imagine, doubtless, that
the cryptogram went down with all the other papers in the Spanish
man-of-war. And he probably thinks, too, that I also went down with
her. At any rate it was not his fault that I did not."

"Well," objected Harry, "I am not so sure about his thinking you were
drowned on that occasion, for, when we sent him and the other Spaniards
ashore at Lonely Inlet, I saw him looking very hard at you, and I
believe he recognised you, for he spoke to another man beside him, and
tapped his own pocket. The other fellow then looked at you, as though
to make sure of recognising you again, and nodded to Alvarez as they
both went down the side. Yes, I am pretty sure that Alvarez recognised
you, and I think it not unlikely that he may have some idea that you saw
him looking for something in that cabin, and that when you were rescued
you took with you those papers that he left behind in his fright; and,
if so, he of course believes that you have that cipher in your
possession at this moment."

"Well, Harry, old lad," laughed Roger in reply, "I do not suppose I
shall ever see Alvarez again, and if I do I shall take care that I do
not fall into his power, you may be quite sure. There is one thing
certain. Now that Jose and his crew are dead, that treasure will never
be found except by us, and only by us if we can succeed in translating
the cryptogram, for there is no one else on earth now who knows even its
locality."

"Quite true, Roger, my friend," replied Harry. "But I do most sincerely
hope that the possession of that paper will not bring you to any harm."

The conversation between the two lads was at this moment interrupted by
the cry of "Land, ho