Ned nodded. “That will have to be our first job. If we don’t anybody who comes along will be able to take it right out of our hands. It is much the same as discovering a gold mine, only in this case the gold is already refined and cast for us.”

“I can’t wait until morning!” said the impatient Terry.

“I’m glad you said that,” the professor spoke seriously. “I want you boys to promise me that you won’t go on the wreck at any time during the night or in the morning before we are all awake and ready to tackle it. We have had quite a bit of trouble so far and we want to avoid any more, certainly any that may turn out to be more serious than any we have had. I don’t believe that there are any ghosts or goblins on the thing that will hurt you, but we had better not do anything that we’ll regret.”

“I for one won’t,” Terry promised. “I remember what that dragon says in the old manuscript!”

The others promised, and after some further talk they all went to sleep and remained asleep until daylight. After a hasty breakfast they went to the wreck once more.

“Fine day we have for our treasure hunting party,” remarked Don, as they went down the hatchway.

It was indeed a fine day, with a clear blue sky and a bright sun. Once down in the hold, however, all light and warmth was shut out, except for a single shaft that came in from the open hatchway.

“Now,” said the professor, who was the leader. “We aren’t going to be able to do much with this proposition, but I suggest that we at least dig out this room. It wouldn’t be of any use to dig down into the main hold of the galleon, for it would take us months and it would be dangerous work. Before anything like that is done all sand would have to be cleared away from the sides of the ship.”

The room in which they stood, and which held the chest of gold, was about fourteen feet square. With small trench shovels brought from the ranch they went to work on the moist sand, digging it out and by a system of relays throwing it out on the deck. Don stood on a wide step where the sand was deposited by Ned, the professor and Jim, and shovelled it up to the hatch, where Terry and Blow threw it to one side. They worked on with a will, and although it soon became hard work no one complained.

It was soon found that the chest of gold had been upon a table at the time of the sinking of the galleon, for they had scarcely begun their work before they struck the top of the table. It was soon uncovered and proved to be a massive affair of black wood. It was about four feet high, and when they had cleared away the sand down to the bottom they found solid flooring.