But what Jerry believed he did not state, for, the next instant he nearly fell as the panel containing the representation of the sea god slid back and disclosed a dark opening.

“Why—why—” exclaimed Jerry recovering his balance with difficulty. “This is queer. I was just pressing on the trident when all of a sudden—it happened.”

“Well I guess it did!” cried Ned. “I’ll bet it’s the secret hiding place. Come on, let’s have a look!”

“Light the candle!” said Jerry. “It’s as dark as two pockets.”

In the gleam of the light there was disclosed a place about five feet square, which had been built forward of the forecastle bulkhead.

“Now for the stolen stuff!” cried Ned, as he stepped inside. He flashed the candle around, but it took only an instant to show that there was nothing in the secret hiding place so opportunely discovered by Jerry.

“Well of all the—” began Ned, when he suddenly made a grab into one of the corners. “This looks like something!” he went on. “Let me get to the light.”

He stepped into the forecastle and held up to the view of his comrades a piece of cloth.

“What is it?” asked Jerry.