He came to the surface with the information that the grapnel had caught in the fluke of a large stockless anchor to which was shackled a heavy studded chain. He had traced the latter for a distance of ten metres, at which point it had sunk deeply into the ooze.

This was the one promising incident of the fortnight's operations. Von Giespert, shaking off his lethargy, showed tremendous interest in the find.

"They would, of course, have anchored the prize before they scuttled her, Strauss," he observed, "or she might have drifted into very shoal water. Tell that fool of a diver to go down again. What's the use of half doing a job? If he takes a crowbar with him he can trace the whole length of the cable, even if it is under mud."

While the diver was engaged upon his task von Giespert departed from his usual routine by getting out of his hammock-chair and going to the rail, from whence he could watch the operations.

When, after an interval of forty minutes, the man reappeared, von Giespert hailed a boat to fetch him off. Into this he jumped, not waiting until it was alongside the accommodation-ladder, and ordered the rowers to pull their hardest.

The report was a most disappointing one. The diver had succeeded in finding the free end of the cable. There were only four links buried in the mud. In order to confirm his statement he had bent a rope to the last link and had brought the line up with him.

That evening von Giespert was a prey to alternate hopes and fears. He upbraided Strauss when the latter suggested that the anchor might have belonged to a vessel that had put into the lagoon and had either parted or had been compelled to slip her cable; and he raved incoherently when Strauss hinted that the British or the Australian Government might have already recovered the treasure and blown up the wreck.

Ten hours after the time of her expected arrival the whaler returned from Nua Leha, deeply laden with water obtained at considerable risk and by dint of hard work.

"We have found the English ship, Titania, Herr Kapitan," reported the man in charge of the watering-party.

"Where?" demanded von Giespert.