“Calm yourself, my friend,” drawled Clif, coolly, as he struck out for the gangway. “Don’t get excited; it is bad for the health. Ta! ta!”

Pedro swam to his little boat and crouched sullenly in the stern. His companions crowded around him and chattered like so many monkeys, but he waved them off, and watched with burning eyes the progress of the American lad toward the gangway ladder.

A loud cheer burst from the plebes on the forecastle as Clif held up the bracelet. The two pretty girls clapped their hands, and the one who had dropped the piece of jewelry seemed overwhelmed with confusion.

When Clif reached the deck he found both the first lieutenant and the officer of the watch awaiting him.

“What is the meaning of this, Mr. Faraday?” demanded the former, peremptorily.

Clif held up the bracelet, and replied, quietly:

“A young lady visiting the ship dropped this overboard, sir.”

The officers were compelled to smile.

“And you dived for it?”