"Look ye here, lads," and Jerry faced them solemnly. "Them Kanakas ain't like us white men, d'ye see? First, they ain't afraid o' sharks. They take knives down an' kill sharks for fun, like your father kills tigers. Then they swim like fish themselves, lads. If the sea hadn't spoiled that there dynamite, they'd 'a' brought it up as quick as it went down."

"Maybe you're right," answered Bob, "but there's something about this whole business that I don't like, Jerry. That's flat. You deceived dad by not telling him about this Pirate Shark till we'd got here, and you haven't told him about the wreck yet. All I can say is, you'd better play square, Jerry. When it comes to sending down any o' those Kanakas to investigate your private troubles, and risking their lives, I'm not going to stand for it."

Jerry smiled softly, and gazed out at the sparkling waters of the lagoon.

"Lads, I'm in command o' this here ship," he said quietly. "You've got nothin' to say aboard her, by rule o' the sea. But old Jerry ain't that kind, lads—no, he likes ye both too much for that. Look here, Master Bob, we'll not send down any men but them as volunteers to go, eh? If they want to go, all right; if they don't, why, all right too! Ain't that fair, now? Ain't it?"

Bob glanced at Mart, who made answer.

"Yes, that's fair enough, Jerry. I'll tell the Kanakas myself about that Pirate Shark, and if they choose to go down after that, it's their affair. I don't think he's around here, myself; but in case that bullet didn't send him out to sea with a hole in his fin, and if he really is the Pirate Shark, we'll have to wait till the captain gets back, unless the men are perfectly willing to take the risk. You can order Dailey or Yorke to go down if you like."

At this last suggestion Jerry merely darted them a sharp look, and chuckled.

"All right, lads, all right! We'll see in the mornin', lads. Eight fathom down she is, and fish tell no tales."

That night the boys discussed the situation with growing belief that Jerry was not quite so silly as he appeared. The sight of that immense black fin had established the fact that there was at least an enormous shark here; whether the wreck was also a fact or not was quite another thing.

There might be a wreck there, indeed, and there was no good reason to doubt it. Jerry's tale about its being an ancient galleon, however, was much too improbable to be accepted. However, the diving gear was overhauled that evening, and the boys looked forward eagerly to what was to happen next day.