after a closer examination.

From the Col we could look right down on the bay, and, as the water was very clear, we were able to distinguish all the dangers below the surface, as well as those above. It was, no doubt, from here that the pirate captain made his survey.

We saw that an islet, unmarked on any chart, rose in the middle of the bay, while a reef of rocks, apparently coral, extended right round the bay, parallel to the beach, and at a short distance from it. Some of these rocks were above the surface of the water, some just below, and others⁠—the most dangerous⁠—further down, so that it was only occasionally that the sea broke upon them. The pirate in his confession had spoken of a channel he had discovered through this reef, situated under the Sugarloaf, at the eastern extremity of the bay. We now saw that it existed there exactly as he had described it⁠—a broad opening in the line of rocks, through which a boat could be pulled, and beached on the sands.

But still, it was an awkward place, and it would be impossible to land there on such a day as this was, for immense rollers were sweeping up the shore which would have almost certainly dashed any boat to pieces that ventured among them. We were, however, very satisfied with the success of our expedition so far. We had discovered and taken bearings of the channel, and we knew how to pilot a boat through it, when the weather should be favourable. Our next duty was to descend into the bay and identify the place where the treasure was supposed to be hidden.

It was not long before we had discovered what we considered to be the right spot.

The pirate had described a small gully in the middle of this bay, at the foot of which he and his men had erected three cairns, which should serve as landmarks to those who had the clue, and point the way to the treasure.

Mr. P⁠⸺, and, after him, Mr. A⁠⸺, had found this gully and the three cairns, just as they had been described. Mr. A⁠⸺, either for the purpose of putting others off the scent, or in order to discover if anything had been concealed beneath them, blew up these cairns with gunpowder and dug into them, so that now we could only see traces of one of them. He had, however, communicated to me what he understood to be their signification, and how he had been led by them to the first bend in the ravine, at which spot the plunder had been buried under a hollow rock.

We walked up the ravine till we came to a bend, and here, as we had expected, we saw what appeared to be a landslip of red earth, filling up the corner of it, blocking up the mouth of any cave that might exist there, even as Mr. P⁠⸺ and Mr. A⁠⸺ had described. And here before us lay a small trench, with a broken earthenware water jar and the remains of a wheelbarrow lying in it⁠—all that remained to show where Mr. A⁠⸺ had carried on his not very extensive works.

This, therefore, was the spot we had crossed the Atlantic to find. We stood and looked at it in silence for a while. “What do you think of it?” asked the doctor at last.

It was not an easy question to reply to, for I did not quite know myself what to think of it. I had pictured to myself a very different place. I saw that our work would in one respect be more difficult than I had anticipated, in another respect far more easy. For this landslip was not nearly so extensive as I had understood it to be, and the slopes of the ravine were not of such a character as to render our operations dangerous, or to necessitate any timbering of our shafts or trenches. But, on the other hand, there was a want of definiteness that was disappointing. There were no really sharp bends in the ravine, and there were several landslips. It was impossible to be quite certain of what was meant by “the first bend;” for there were bends of so insignificant a character that they might easily be overlooked; and we had no knowledge of the number of paces from the cairns to the cavern. Therefore, should we fail to find the treasure at the spot where Mr. A⁠⸺ commenced to dig, it would be necessary for us to clear the landslip off the face of the cliff for some considerable distance.

Having inspected the scene of Mr. A⁠⸺’s operations, we set out to explore the ravine carefully, and, bearing in mind what we knew of the pirate’s original instructions, we endeavoured to reason out whether this or some other neighbouring bend was the most likely spot. The treasure was lying, or had been lying, very close to us somewhere; of that I felt confident at the time, and I have had no reason for altering my opinion since.

First, we went down the ravine again, and when we reached the bottom of it, where it opens out upon the back of the beach, we observed, what had escaped our notice at first, an extensive excavation in the hard soil⁠—which is not so encumbered with boulders here as it is higher up⁠—a cutting so regular in form and with such perpendicular sides that it was difficult to imagine that it had not been the work of men’s hands. This was certainly not one of Mr. A⁠⸺’s trenches; for to have removed such a quantity of earth and stones would have occupied such a party as he had with him for six months at least.

Was it possible that the American, or some other adventurer, had been here before us and carried away the treasure? We could find no marks of tools or other traces of man in or near this trench, so

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