As the boys advanced they grew more and more heavy hearted. They could easily see that the wreck of the Margarita had been visited many times and that almost everything of value had been carried off. The deck was practically bare and so were the cabin and the forecastle. Here and there lay bits of broken glasses and dishes, as well as water-soaked and moldy pieces of clothing and sailcloth. Down in the engine room the lighter parts of the machinery had been carted away.

“Well, I guess this is the end of the treasure hunt,” remarked Captain Corning in a hopeless tone of voice.

“It certainly looks like it,” returned Randy dolefully.

“You don’t suppose Olesen was here?” questioned Andy.

“Oh, no,” answered the captain. “Whatever has been taken away was taken long ago. I don’t believe anybody has been around here for months.”

“Let’s take another look around,” said Jack.

This was done, the new search lasting the best part of two hours. In the dirt they found a few small trinkets, the value of which would probably amount to several dollars.

“I’ve been thinking,” said Jack, as they stood on the deck of the wreck, not knowing what to do next. “Wouldn’t it be just like that fellow, Miguel Torra, to secrete the treasure so that the others on board couldn’t get at it?”

“Well, we’ve looked into every place where the treasure might be put,” answered Captain Corning. “I even smashed in a part of that bulkhead in the bow and smashed down that pantry in the back of the cabin.”

“I’m not in favor of leaving this wreck until we’ve made positive that there’s nothing on board of value,” declared Jack. “You told me you had a box of dynamite aboard the Firefly, didn’t you?”