The buoy indicating the lead-line was within a few feet of the cutter, and with but little trouble the buoy was transferred from the log-line to the grapnel-rope, and the former was hauled up.
"What have you got?" shouted Captain Brookes, as the heavy weight was lifted over the side of the boat.
Lieutenant Sinclair examined the "arming," or tallow filling the hollow in the base of the lead.
"Looks like iron scales, sir, or something covered with rust."
"Strange substance for the lead to bring up," muttered Captain Brookes; then hailing the boat, "Get out the second grapnel; sound a couple of lengths further out, and report."
The lead was again sent down. This time the cast revealed the presence of a dark ooze at seventy-four fathoms. Then the grapnel was set to work, but after traversing a short distance it became inexplicably entangled in some object. A third grapnel was lost in a similar manner.
"There's something out of the ordinary down below," remarked the captain, as the result of the third dragging operation was announced. "I'm afraid we're beaten."
"One moment, sir."
Captain Brookes turned sharply on his heel and saw Lieutenant Palmer, pale yet self-possessed, standing close to him.
"Well?"