“That’s going some!” declared Jimmie. “But I don’t believe you managed to dig up a lot of gold from the bottom of the ocean!”

“What is there to hinder?” questioned the other.

“Everything!” declared Jimmie. “In the first place there is all the water about. Then, too, it would be easier to take this instrument into the regions where gold is usually discovered on land. You could prospect with it in almost the positive knowledge that you would locate a vein. Digging then would be easy.”

“Yes, but I don’t like to dig!” laughed the other. “Perhaps I’m too lazy to do that sort of thing!”

“There’s something queer here that I don’t quite get,” stated Jimmie. “Can’t you explain a little more in detail?”

“Why, certainly, I’ll be glad to elucidate!” was the answer. “You have in mind the securing of free gold in nuggets and dust. I go about it in quite another way. My purpose is to recover the minted coins that have been placed aboard ships. When the ships sink, no diver yet has been able to reach those in deep water. Therefore, most of the gold that has been carried to the bottom in sunken vessels is forever lost. I intend to recover a great deal of it!”

“Then when you know approximately where the vessel was wrecked or sunk,” put in Ned, “you go to that neighborhood. Your instrument indicates the presence of gold and you follow its directions until the exact spot is reached. Then you step out and carry the money aboard your own craft. Is that the correct explanation?”

“You have it exactly. And I have done pretty well so far!”

“I don’t believe it!” declared Jimmie flatly. “The whole thing sounds mighty fishy—not meaning any disrespect,” he added addressing the man who sat leaning back against a bulkhead.