From the other side came sharp blows, and through the keyhole came the glow of illuminated water. Ned's worst fears were realized. Some one had reached the wreck in advance of his party.

He knew that he could not justly be censured for the activity of his enemies, and yet the thought that he was in danger of failing in his mission brought the hot blood surging to his head. He did not stop at that time to deliberate as to how the hostile forces had gained this advantage in time.

He did not even try to solve the problem as to the personality of the hostile element. The men working on the other side of the door to the captain's cabin might have crossed the Pacific in the Diver, or they might have been recruited from foreign seaports.

The question did not particularly interest him. The point with him was that they were there.

And, now, what course ought he to pursue? For a time, as he stood against the door, he could reach no conclusion.

Directly, however, the important question presented by the unusual situation came to the boy's mind. It was this:

Where was the boat into which the workers on the other side of the door proposed to remove the plunder?

The Diver, or some other efficient submarine must be close at hand. The men who were searching the captain's room were being supplied with air from some source.

And here was another question:

Had the gold already been removed?