"It sure did fall from the Diver," agreed Frank, taking the knife and examining it.

"It would seem so," Ned replied, "but, of course, the initial may be merely a coincidence."

"I guess we're in for it."

"But how did the Diver get here so soon after our arrival?" asked one of the boys.

Ned looked grave for a moment, and then replied, his manner showing how fully he appreciated the importance of his words:

"What I fear is that she got here first."

"And found the wreck?"

"She might have done so."

"Did you see anything of the Cutaria down there?" asked Frank.

"Not a bloomin' thing," answered Jimmie, making his appearance on the conning tower.