"What is gone, Dave?"

"The treasure, Bob."

"But it was on board--in the boxes."

"No--those boxes are filled with old iron and lead. We have been tricked, robbed! After all our trouble, hardship, and peril, I fear that the golden reward we counted on so grandly has slipped from our grasp."

It was on the deck of the Swallow, moored in the harbor of a far-away Pacific Ocean tropical island, that Dave Fearless spoke. He had just rushed up from the cabin in a great state of excitement.

Below loud, anxious, and angry voices sounded. As one after another of the officers and sailors appeared on the deck, all of them looked pale and perturbed.

What might be called a terrific, an overwhelming discovery had just been made by Captain Paul Broadbeam and by Dave's father, Amos Fearless, the veteran ocean diver.

For two weeks, after a hard battle with the sea and its monsters, after fighting savages and piratical enemies, the beautiful steamer, the Swallow, had plowed through sun-tipped waves, favored by gentle breezes, homeward-bound.

Every heart on board had been light and happy. Labeled and sealed on the sandy floor of the ballast room, lay four boxes believed to contain over half a million dollars in gold coin.

Legally this vast treasure belonged to Amos and Dave Fearless, father and son. To those who had aided and protected them, however, from Doctor Barrell, on board the Swallow to make deep-sea soundings and secure specimens of rare marine monsters for the United States Government, down to Bob Vilett, Dave's chosen chum and the ambitious young assistant engineer of the vessel, every soul on board knew that when they reached San Francisco, the generous ocean diver and his son would make a most liberal division of the splendid fortune they had fished up in mid-ocean.