He looked carefully about him, first of all. This was partly to familiarize himself with his surroundings, so that he might not by any accident get lost while carrying out his investigations. After that he boldly swung himself loose, and commenced to drop into the interior of the vessel.

It was always necessary to drag his air hose after him, and be very vigilant in order to make sure that no injury befell the same; also to see that the life line did not become entangled so that if he suddenly needed either to send a signal up or be drawn forth bodily himself there would be nothing to interfere.

He saw many things, but nothing of an awe-inspiring nature. Doubtless there may have been ghastly reminders of the tragedy that had overtaken the treasure-ship, but the ceaseless eddying of the water to and fro, in and out of the wreck, had long ago hidden them from view.

Oscar had figured on enlarging upon the plan spoken of by the diver. He believed that the oscillation of the hulk would gradually move the heavy ingots of precious metal in a certain general direction. Accordingly, he kept continually on the watch to find the three stones piled on top of one another in the shape of a cairn, or marking spot.

When presently he discovered this, he knew he was on the right track. After that it was only necessary for him to keep pushing ahead, entering upon the region that, owing to lack of time, the diver had not yet explored.

Then he tripped over something that felt solid. Hastily turning the soft glow of his waterproof electric torch down, what was his joy to find that his suspicions were confirmed, and that he had actually come upon another of those brick-like objects for which they were searching.

Encouraged by this success, Oscar pushed further on. He soon found a second, which he succeeded in placing alongside the first. At the same time he knew he would not have much more time to continue his search, for it was exhausting work, especially to one unaccustomed to wearing all that heavy material in the way of suit, headpiece, and shoes with leaden soles that ordinarily would seem as though they weighed a ton, though when in the water this result was neutralized.

When he came upon a third ingot amidst the rubbish that had collected in the lower part of the hulk, Oscar decided he must give up the search. To carry these three heavy articles to the outside of the wreck took considerable time. Here he managed to get them safe inside the stout sack designed for that special purpose, after which he gave the signal that he was to be hauled up.

It was time, for he felt his head spinning, and a terrible yearning seize him for fresh air. Indeed, it seemed to Oscar that never in all his life had his tortured lungs drawn in a sweeter breath than when the headpiece was finally unfastened, and he saw the faces of his chums about him.

“Say, you were nearly all in, old scout,” said Ballyhoo sympathetically.