culating, he considered. Little by little
the form of Jerry merged into the flickering lights and shadows
overhead; staring up, he could perceive the darker shade of the yacht
directly above him.

"Well, I might's well take a look at the treasure!" he thought suddenly,
and with that turned to the wreck. Cautiously making his way into the
V-shaped opening where the rotted ship had fallen apart, he perceived
that her outlines were gradually taking shape to his eyes.

She was lying directly on her side, the decks rising straight up from
the rock bottom. Ahead and behind him there were projections from her
decks, no doubt the forecastle and high poop of other days. She seemed
to be split well asunder, for the opening was a good five feet across,
and without hesitation Mart advanced into it.

As he did so, he paused, in wild apprehension. The pump-strokes had
ceased! Then he grinned, with a sigh of relief; of course Bob would have
had to quit work in order to get the body of Jerry over the landing, and
unscrew his helmet so that air might reach him. When the pump-strokes
began again, he could go up.

Mart glanced around curiously. The hold of the ancient ship was dark,
and he could see nothing, for the light down here was dim, rendering all
things distorted and indistinct; this his thick glass-plates did not
tend to help, but a moment later he became aware of something like a box
that protruded on his right, and remembered what Jerry had said about a
chest of treasure being in sight.

He had sheathed his knife while sending the quartermaster up, and now he
drew it and shoved the blade against the box. It seemed of great weight,
for even in the water it did not move under the shock. Then he kicked it
with his heavy boot, and saw it shake and shatter. The wood must be
pretty rotten, he reflected, and with that he kicked it again.

"Well, I'll be switched!" he gasped, starting back. Not only had the box
gone to pieces, but pouring out from its shattered corner came a stream
of gold coins! That they were gold he did not doubt for a moment; even
in the semi-darkness they gleamed and shone ruddy yellow, pouring out
and out until they covered even the high soles of his diving boots.

"Thunder! I've struck it!"

For a moment he stared down, unable to move. Then he felt a little wave
of pure air sweep around his face and heard the pumps begin to click
again up above; until then he had not realized that his air was becoming
v