John, Fred and Grant sat and looked at one another and at the two gold pieces which lay glittering in John’s hand. Then they looked at the third copy of the code which had turned up so strangely.

“I wish Pop were here,” remarked Grant grimly.

“Why so?” inquired Fred.

“I’d like him to see those gold pieces and I’d like him to see what is written across the top of this parchment. I think after that he wouldn’t be so sure there was no treasure on this island. We’ll convince him now quick enough.”

“Let me see one of those coins,” said Fred. “What are they, anyhow?”

“Spanish, I should say,” replied John. “They’re old ones.”

“I should think so,” exclaimed Fred. “They’re worn, too, and the date is gone from this one.”

“This says seventeen something,” remarked John, examining the piece of gold which he held in his hand. “I can’t make out the rest of it.”

“They must be a couple of hundred years old, all right,” said Grant.

“Do you suppose they’ve been here all that time?”

“I can’t tell you, Grant,” said John. “I do wish we could decipher that code though. This makes it look better than ever.”

“It surely does,” Grant agreed heartily. “I’ve thought of about everything under the sun, but nothing seems to work for a cent. I’d like to catch the fellow who made up that set of figures. He must have been a fiend.”

“Not necessarily,” laughed Fred. “He was only trying to protect his property.”

“Well, I guess he did that all right,” exclaimed Grant. “He certainly did as far as I am concerned.”

“The joke of it is,” said John, “that probably the whole thing is as simple as rolling off a log. All we need is the key.”

“Yes,” cried Grant, “but if we can’t find the key what good does it do us?”

“None, I’ll admit,” replied John, “but we must find it.”

“Oh, it’s easy enough to say that,” exclaimed Grant bitterly. “I don’t notice anybody doing it, though.”

“You’re not going to give it up are you, Grant?” asked Fred in surprise. “Why this is the best encouragement we’ve had yet.”

“Give it up! Of course I’m not going to give it up. I don’t see much encouragement here though. I think it’s only more maddening. What we’ve found to-day only goes to prove that this code does tell where treasure is buried, but it doesn’t tell us how to read the code, does it? It only tantalizes us, but you can make up your mind that I’m not going to give up, even for a second.”

“What Pop said was probably true,” remarked John.

“What was that?” asked Grant.

“Why, that all of a sudden somebody would get an idea and the whole thing will be solved. I think that’s what will happen myself.”

“I hope so,” exclaimed Grant. “I wish it would be soon, too.”

“Maybe Pop already has an idea,” laughed Fred.

“I doubt it,” said John. “Where is he anyway?”

“He went for a walk.”

“Where?”

“I don’t know. He just said he was going for a walk.”

“Well, let’s go down and take a swim,” exclaimed Fred. “It’s awfully hot and a little water certainly wouldn’t hurt me.”

“I should say not,” laughed John. “I never saw so much dirt on any man’s face in all my life. You’re a sight.”

“I know it,” Fred agreed. “Still,” he added, “I found a couple of gold pieces, didn’t I? And I’m always willing to get dirty under those conditions.”

“I guess you are,” agreed John. “How much do you suppose they’re worth?”

“Well,” said Grant, “they look to me about the size of a twenty-dollar gold piece. They ought to be worth thirty-five or forty dollars easily enough.”

“Just imagine finding a whole chest full of them,” exclaimed Fred, his eyes shining. “Why, we’d never have to do any work as long as we lived.”

“We’d soon get tired of doing nothing, I’m afraid,” said Grant. “Anyway we haven’t found them yet.”

“Don’t talk about it,” exclaimed John. “That code is the most maddening thing I ever saw.”

The three boys now were walking down towards the shore. Their favorite spot in which to swim was the little ledge from which they had watched the many colored fish and the various forms of sea-life the first day they had landed on the island. Here the water was deep and the ledge made an excellent place from which to dive.

A few moments later the three friends were puffing and blowing about in the water enjoying themselves immensely. Their bodies from long exposure to the rays of the tropical sun were tanned until they might have been easily mistaken for South Sea islanders or some other natives of the hot climates. Their hair, too, had grown long, for it had been many weeks since they had seen a barber. What few clothes they wore were beginning to hang in rags so that altogether they presented a strange appearance. Any chance visitor to their island might have thought he had run across the remnants of some wild race of savages.

“Well, that was pretty good, I should say,” said John luxuriously as he stretched himself out on the rocks alongside his two companions.

“It surely was,” agreed Fred. “This is about the best part of it, though.”

“What is?”

“Lying out in the sun this way. Doesn’t it feel good?”

“It couldn’t be better,” agreed Grant. “Isn’t this a lazy life?”

“It’s a good one, though,” said John. “Just think, we haven’t a thing to worry about. All we have to do is swim and sleep and lie around in the sun.”

“I should say we had plenty to worry about,” said Fred.

“Getting home, you mean?”

“Yes. We can’t stay here all our lives, you know.”

“Of course not,” John agreed. “We’ll be picked up some day though, sure. We can’t do anything in the meantime that will help us to leave here, so what’s the use in worrying about it? That’s the way I feel.”

“That’s all right, too,” exclaimed Fred. “Still, it’s a very strange thing that we don’t ever see any boats. We may be here for years.”

“What if we are? That doesn’t make anything to worry about either.”

“How about the treasure?” demanded Grant. “Doesn’t that worry you?”

“Sometimes it does,” admitted John. “I’m principally worried for fear some boat will come along and take us away before we find it.”

“Let’s all go back to the cave and make another try at that code,” exclaimed Grant, springing to his feet.

“I’ve got to go in that water again before I do anything else,” said John. “It certainly is wonderful to-day.”

“All right,” agreed Fred. “One more dive.”

Three bodies flashed through the air and disappeared beneath the water with a resounding splash. A moment later and three heads came to the surface.

“Coming out?” demanded Grant, blowing the water from his nostrils and shaking the hair out of his eyes.

“I think I’ll take a little swim,” said John. “I’ll be out in a minute.”

“We’ll wait for you,” said Fred. “Don’t be long.”

“I’ll be right out,” exclaimed John as he struck out with long powerful overhead strokes in the direction of the open sea.

Grant and Fred clambered out upon the little ledge and began to put on the few pieces of clothing that they possessed.

“I certainly do feel fine,” exclaimed Fred as he took in a deep breath of the pure air that was blown upon them straight up from the waters of the sea. “The air is fine to-day.”

“Well, it ought to be, every day,” laughed Grant. “After it has traveled a couple of thousand miles across the water it ought to be pretty nearly pure.”

“And have no dust in it,” added Fred.

“That’s right,” said Grant. “Where’s John?”

“I don’t see him,” said Fred, turning to look for his companion. “I hope he didn’t try to swim out very far. That’s always a fool trick, I think.”

“Where is he?” exclaimed Grant, somewhat alarmed at not discovering his friend.

“There he is,” cried Fred suddenly.

“Where?”

“Why out there. Don’t you see him?”

“He’s crazy,” said Grant angrily. “Why does he want to go so far out? He can swim just as well along shore and not take half the risk. Suppose anything should happen to him now, we couldn’t help him a bit.”

“Look!” cried Fred suddenly, “there’s a shark.”

“Where?”

“Right behind John. He’s a goner now,” and Fred almost sobbed aloud.

“John! John!” shouted Grant at the top of his voice, but he knew it was hopeless to think of making himself heard at that distance.

“He’s gone. He’s gone,” moaned Fred distractedly.

The great black fin moved steadily along in back of the daring young swimmer. To the boys on the shore it seemed as if it approached nearer with every passing moment. Suddenly there was a great splashing in the immediate vicinity of where John was swimming.