Braine thought he really had a clue to the treasure, and with his usual promptness he set about to learn if it was worth anything. He procured a launch and began to prowl about, using a pole as a feeler. All the while he was being closely watched by Norton, who had concluded to hang on to Braine's trail till he found something worthy of note. Braine was disguised, but this time Jim was not to be fooled. But what was he looking for, wondered the reporter? Braine continued to pole along, sometimes pausing to look over the gunwale down into the water. In raising his head after the last investigation, he discerned something struggling in the water, about three hundred yards away. The current leisurely brought the object into full view. It was a young woman with just power enough to keep herself afloat. The golden head roused something in him stronger than curiosity. It might be! Braine proceeded to move the launch in the direction of the girl. It was this movement that turned the reporter's gaze. He, too, now saw the woman in the water and wondered how she had come there. When Braine reached the girl and pulled her into the launch Jim saw her face plainly. [Illustration: FLORENCE STEALS THE PAPERS FROM BRAINE'S POCKET] He flew from his vantage point, found a skiff and started after Braine. "By the Lord Harry!" murmured the rogue. "Well, they can talk of manna from heaven, but this is what I call luck. Florence Hargreave, out of nowhere, into my arms! The god of luck has cast another horseshoe and it's mine." He had a flask in his pocket, and he forced some of the biting spirits down the girl's throat. She opened her eyes. "Well, my beauty?" Florence eyed him wildly, not quite understanding where he had come from. "I don't know how you got here," he said, "and I don't care. But here we are together at last. Where is your father?" "I--I don't know," dazedly. "Better think quickly," he warned; "I want lucid answers to my questions or back you go into the water. I'm about at the end of my rope. I've been beaten too many times, my girl, to have any particular love for you. Now, where is your father?" "I don't know; I have never seen him." Braine laughed. And Jim's boat ran afoul some rocks and into the water he went. He had not attracted Braine's attention, fortunately. He began to swim toward the drifting launch. "Where have they hidden that money?" "I don't know." "Well, well; I've given you your chance. You'll have to try your luck with the water again." Florence, weak as she was, set her lips. "You don't ask for mercy?" he said banteringly. "I should be wasting my breath to ask for mercy from such a monster as you are," she answered quickly. "That damned Hargreave nerve!" he snarled.