I was given the wooding, and Costa was told off to water. We towed the casks ashore, and landed on a fine, white beach, that was littered with driftage. While the men were rolling the casks up to the spring Captain Peabody told us about, Costa and I took a walk along the beach. We came upon a great squid lying dead. He had been bitten in two by a cachalot, and had only three arms left, but they were of tremendous length. Then we saw pieces of other squid all along the beach.

Suddenly Costa ran forward, and gave a great shout, and bent over what I had taken to be a big jelly-fish. "By Gar—grease!" says he. It was a big lump of ambergrease, the biggest any man aboard has ever seen. It weighs 198 pounds.

But this was not all. Costa and I danced around our find like madmen, and the hands came running up. Then Silva gave a shout, and we found he had discovered a lump of grease. Then we looked along the beach, and we found it was dotted with the precious stuff.

I sent Costa straightway to tell the captain, and he and Mr. Garboy came ashore in a great hurry. I never saw anybody take on like Garboy. The Old Man brought everybody ashore, except the cook and chips, and we combed the beach all the way around the lagoon, and around the seaward rim of the island. But we didn't find any grease except inside. By nightfall we had a big boatload, and we went aboard. The captain and Mr. Garboy are on the poop now, helping the cooper stow it, themselves, so afraid are they that some of it will be smuggled forward. The Old Man is dancing with joy.

"There you are—all of that entry. Just think of those two chaps dancing around their find, beside a giant dead squid! I wager that was the supreme moment of their greasy lives. I wager that old spouter seethed with excitement and gossip that night. No wonder the Old Man danced! How would you like to stumble on a windfall like that, Blake? But let us get on.

"I'll read the entry for three days later. In the interim, they had lain to anchor in the lagoon, and continued their search for more ambergris.

We did not get any more grease today, though we raked and scraped the beach. There is no more. The Old Man says he is satisfied, and we leave tomorrow morning. Everybody is speculating about how so much grease came to be here. Nobody knows for sure. Garboy says that this is a great place for squid, and that the school of Cachalot we were in a couple of weeks ago had been here feeding. He says that something was the matter with the squid and that the fish got sick and vomited the grease.

I don't know, it may be so, the stuff is full of squid beaks. But Garboy is too cocksure. Anyway we have the stuff, and stowed safe in the lazaret. Counting what we picked up before, we have 1,500 pounds. A great fortune for the owners, and a fine bonus for us. When I get home, I will buy a farm, and settle down ashore.

"So—1,500 pounds, and worth more than half a million dollars, according to prices paid in those days—today, worth a million. John Winters might well indulge in dreams of bucolic bliss; the whalemen, you know, received a substantial bonus on ambergris finds, over and above their regular lay.

"The log for the next few days is filled with the various speculations rife as to the origin of the treasure, of visions of quiet farm life in New England, and of hopes concerning a girl named Alice. Then, on April 25th, 144°, 48' E. Longitude, 20° 33' N. Latitude—that shows they were at the northern limits of the Ladrones—he writes: