"Well," objected Harry, "I am not so sure about his thinking you were drowned on that occasion, for, when we sent him and the other Spaniards ashore at Lonely Inlet, I saw him looking very hard at you, and I believe he recognised you, for he spoke to another man beside him, and tapped his own pocket. The other fellow then looked at you, as though to make sure of recognising you again, and nodded to Alvarez as they both went down the side. Yes, I am pretty sure that Alvarez recognised you, and I think it not unlikely that he may have some idea that you saw him looking for something in that cabin, and that when you were rescued you took with you those papers that he left behind in his fright; and, if so, he of course believes that you have that cipher in your possession at this moment." "Well, Harry, old lad," laughed Roger in reply, "I do not suppose I shall ever see Alvarez again, and if I do I shall take care that I do not fall into his power, you may be quite sure. There is one thing certain. Now that Jose and his crew are dead, that treasure will never be found except by us, and only by us if we can succeed in translating the cryptogram, for there is no one else on earth now who knows even its locality." "Quite true, Roger, my friend," replied Harry. "But I do most sincerely hope that the possession of that paper will not bring you to any harm." The conversation between the two lads was at this moment interrupted by the cry of "Land, ho!" from above, and both boys ran up on deck to catch the first glimpse of it. "Hurrah!" shouted Roger in great glee. "Hurrah! this shows that we are not far from La Guayra now, and then for more fighting and adventure, and perhaps we may be able to get ashore for an hour or two." The land could be discerned fairly clearly from the fore topmast cross-tree, to which Roger and his friend ascended. It showed as a bold headland, apparently of great height and rocky in formation. Having satisfied their curiosity, the two came down from aloft, and, seeing one of the officers attentively looking at the fast-rising land, asked him what it might be; if it was anywhere near La Guayra, and how far away it was.