“None: it was in mid-Atlantic.”

“But,” stammered Cheyne at last, “I don’t follow—”

“I don’t follow myself,” French returned briskly, “but when the cipher which leads to a maritime expedition begins with a wreck with two and a half millions aboard, well then, I say it is suggestive. Come along, let’s read the rest of the thing. We’ll know more then.”

With breathless eagerness the other towns were looked up, and at last French’s list read as follows:

1.Salisbury
2.Immingham
3.Liverpool
4.Uttoxeter
5.Reading
6.Ipswich
7.Andover
8.Nottingham
9.Oxford
10.Northampton
11.Evesham
12.Doncaster
13.Exeter
14.Gloucester
15.Ripon
16.Ely
17.Eastbourne
18.Wigan
19.Exmouth
20.Swansea
21.Tonbridge
22.Nuneaton
23.Ilfracombe
24.Newport
25.Eaglescliff
26.Taunton
27.Eastleigh
28.Ebbw Vale
29.Northallerton
30.Folkestone
31.Appleby
32.Tamworth
33.Huntingdon
34.Oldham
35.Middlesborough
36.Southend

Taking the initials in order read: Silurian­one­degree­west­nineteen­fathoms, or dividing it into its obvious words—“Silurian one degree west nineteen fathoms.”

The three men stared at one another.

“Nineteen fathoms!” Price gasped at last. “But if she’s in nineteen fathoms that gold will be salvable!”

French nodded.

“And I guess Dangle and Company have gone to salve it. They wouldn’t want a salvage boat for gold. They’d get it with a diver’s outfit.”