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was covered when, on turning a point of rocks, the boys and the captain came to a sandy cove. Here was more of the wreckage, and the whole party ran down to the beach to investigate.

Boxes, barrels, and bits of timber were strewn from one end of the cove to the other, and in the mass were a number of things of more or less value—timber, food, and some clothing. There was also a trunk, but it was open and empty.

"Look!" cried Dave, suddenly, and pointed to a small, black leather case, that rested on some of the wreckage.

"What is it?" queried Phil and Roger, in a breath.

Dave did not reply, for he was crawling over the wreckage with care. Soon he reached the spot where the black leather case rested, caught on a nail, and he picked it up. The clasp was undone and the case fell open, revealing the interior, which was lined with white plush.

"Empty!" murmured Dave, sadly. "Empty!"