"Very well," assented the visitor. "Have you ever had any experience in recovering treasure from sunken wrecks?" he asked Tom.

"Yes," was the answer. "And it is curious that you should ask me that, for my friend here, Ned Newton, and I were just talking about that very matter. Here's what brought it up," and Tom showed the page from the Sunday paper.

"Hum! Yes!" musingly remarked Mr. Hardley. "That's all very well. Part of it is true; but I imagine most of it is the work of imagination of some enterprising reporter. Of course there is no question but that there are untold millions on the bottom of the ocean. The only trouble, as I think you will agree with me, Mr. Swift, is in coming at the money."

"Exactly," said Tom.

"And will you bear me out when I say that if the wreck of a treasure ship could be exactly located in water that is not too deep, half the trouble would be solved?" asked Mr. Hardley.

"A good share of it would," answered Tom. "That is usually the chief difficulty—locating the wreck. Nearly always they are anywhere from one to five miles from where the persons seeking them think they are. And five miles, or even half a mile, is a good distance on the bottom of the ocean."

"Exactly," echoed Mr. Hardley. "Then if I could give you the exact location of a sunken treasure ship, and prove to you that the owners had given up the search for it, leaving it open to salvage on the part of whoever wished to try—would that be any inducement to you to make an attempt, Mr. Swift?"

"I should want to hear more about it before I gave an answer," replied Tom. "As perhaps Mr. Damon has told you, I once went on a hunt for treasure in my submarine. We found it, but only after considerable trouble, and then I declared I'd never again engage in such a search. There wasn't enough net profit in it."

"But there are millions in this, Tom! Bless my gold tooth, but there are millions!" cried the excitable Mr. Damon. "Hurry up and tell him!" he urged his friend.

"I will," assented Mr. Hardley. "I can readily believe," he went on, "that the cost of hunting for undersea treasure is great. I have taken that into consideration. Now, in brief, my plan is this. I will join forces with you, and bear half the expense if I am allowed to share half the proceeds. That's fair, isn't it?" he asked Tom.