He returned to the shore by the same way, to find his comrades anxiously awaiting him.

"I've found the strong-room," were his first words.

"Empty?" inquired half a dozen voices eagerly.

"Couldn't say," replied Swaine. "I think not, otherwise the Huns wouldn't have troubled to padlock it."

"Let's hope you're right," said Harborough. "They went off in a hurry, I understand, and the gold was stated to have been left on board."

"At any rate, sir, they had time to open the sea-cocks, and not blow her bilges out," continued Swaine.

"Teutonic thoroughness," explained the baronet; "they were in a hurry, with Australian and Jap. cruisers at their heels, but there was time to scuttle her methodically. They evidently hoped to raise her after the war."

"Pity we couldn't," observed Villiers. "It would save a lot of trouble in the long run."

"Unfortunately, that is an experienced Salvage Company's work," rejoined Harborough. "It would mean either filling her with air-cylinders or else building a coffer-dam round her and pumping the water out. We know our capabilities, and we won't begin cutting into other fellow's jobs, so we'll just carry on."

During the next day an electric submarine-lamp was lowered into the hull of the wreck, the current being supplied by a dynamo worked off the shaft of the motor-launch; while electrically-operated drills were sent below ready to commence the task of opening the door of the strong-room.