It was now dark and the flashlight was needed. The professor flashed the beam of light down the stairs and went first, treading with infinite care, but the steps were apparently solid. The others, with the exception of the mestizo, who would not trust himself in a place which looked so much like a trap, followed the savant down into the hold of the ancient ship.

“There is the treasure chest,” said Jim, and the professor swung the beam of light on the mouldering chest. Don lifted the lid and the gold was revealed.

They fingered it and found that it consisted of coins of various degrees. The professor did not recognize any of them except some pieces of eight.

“Sorry I didn’t study up on ancient coins,” murmured the teacher. “However, I’m pretty sure that there is quite a fortune here.”

“No doubt there is a substantial treasure further down in the sand,” suggested Ned.

“Yes,” the professor agreed. “Cups and plate silver and perhaps other things. The sailors didn’t carry anything away with them, expecting to return and gather it all on some other occasion, I presume.” He turned his light from side to side. “The hold here was filled with water, and all above deck must have been burned. We won’t find much of anything until we get down under the sand.”

After some more looking around they went outside and made camp close to the wreck, the boys again hacking firewood from the remains of the galleon. They ate supper and then sat around the fire discussing plans and waiting for the morrow and daylight.

“It is going to be quite a job digging into that sand,” observed the captain. “In the first place, it’s mighty wet.”

“Yes,” said the professor. “I’m very much afraid it is too much of a job for us to attempt. It will take a whole crew to dig down into those ruins, and a regular excavating gang will be the ones to do it. However, we can look around and see what we can pick up ourselves, and then later see to it that the right sort of a company goes to work on the job.”

“We’ll have to make a legal claim to it, won’t we?” asked Jim.