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agreed。 The galleon had brought nothing into the world； but it had；
according to tradition and report； taken much out of it。 But how much？
There again the learned were in disagreement。 Some were as generous
in their estimate as an income…tax assessor； others applied a species of
higher criticism to the submerged treasure chests； and debased their
contents to the currency of goblin gold。 Of the former school was Lulu；
Duchess of Dulverton。
The Duchess was not only a believer in the existence of a sunken
treasure of alluring proportions； she also believed that she knew of a
method by which the said treasure might be precisely located and
cheaply disembedded。 An aunt on her mother's side of the family had
been Maid of Honour at the Court of Monaco； and had taken a respectful
interest in the deep…sea researches in which the Throne of that country；
impatient perhaps of its terrestrial restrictions； was wont to immerse
itself。 It was through the instrumentality of this relative that the
Duchess learned of an invention； perfected and very nearly patented by a
Monegaskan savant； by means of which the home…life of the
Mediterranean sardine might be studied at a depth of many fathoms in a
cold white light of more than ball…room brilliancy。 Implicated in this
invention （and； in the Duchess's eyes； the most attractive part of it） was
an electric suction dredge； specially designed for dragging to the surface
such objects of interest and value as might be found in the more
accessible levels of the ocean…bed。 The rights of the invention were to
be acquired for a matter of eighteen hundred francs； and the apparatus
for a few thousand more。 The Duchess of Dulverton was rich； as the
world counted wealth； she nursed the hope； of being one day rich at her
own computation。 Companies had been formed and efforts had been
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made again and again during the course of three centuries to probe for
the alleged treasures of the interesting galleon； with the aid of this
invention she considered that she might go to work on the wreck
privately and independently。 After all； one of her ancestors on her
mother's side was descended from Medina Sidonia； so she was of
opinion that she had as much right to the treasure as anyone。 She
acquired the invention and bought the apparatus。
Among other family ties and encumbrances； Lulu possessed a
nephew； Vasco Honiton； a young gentleman who was blessed with a
small income and a large circle of relatives； and lived impartially and
precariously on both。 The name Vasco had been given him possibly in
the hope that he might live up to its adventurous tradition； but he
limited himself strictly to the home industry of adventurer； preferring to
exploit the assured rather than to explore the unknown。 Lulu's
intercourse with him had been restricted of recent years to the negative
processes of being out of town when he called on her； and short of
money when he wrote to her。 Now； however； she bethought herself of
his eminent suitability for the direction of a treasure…seeking experiment；
if anyone could extract gold from an unpromising situation it would
certainly be Vasco … of course； under the necessary safeguards in the way
of supervision。 Where money was in question Vasco's conscience
was liable to fits of obstinate silence。
Somewhere on the west coast of Ireland the Dulverton property
included a few acres of shingle； rock； and heather； too barren to support
even an agrarian outrage； but embracing a small and fairly deep bay
where the lobster yield was good in most seasons。 There was a bleak
little house on the property； and for those who liked lobsters and solitude；
and were able to accept an Irish cook's ideas as to what might be
perpetrated in the name of mayonnaise； Innisgluther was a tolerable
exile during the summer months。 Lulu seldom went there herself； but
she lent the house lavishly to friends and relations。 She put it now at
Vasco's disposal。
〃It will be the very place to practise and experiment with the salvage
apparatus；〃 she said； 〃the bay is quite deep in places； and you will be
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able to test everything thoroughly before starting on the treasure hunt。〃
In less than three weeks Vasco turned up in town to report progress。
〃The apparatus works beautifully；〃 he informed his aunt； 〃the deeper
one got the clearer everything grew。 We found something in the way of
a sunken wreck to operate on； too！〃
〃A wreck in Innisgluther Bay！〃 exclaimed Lulu。
〃A submerged motor…boat； the SUB…ROSA；〃 said Vasco。
〃No！ really？〃 said Lulu； 〃poor Billy Yuttley's boat。 I remember it
went down somewhere off that coast some three years ago。 His body
was washed ashore at the Point。 People said at the time that the boat
was capsized intentionally … a case of suicide； you know。 People
always say that sort of thing when anything tragic happens。〃
〃In this case they were right；〃 said Vasco。
〃What do you mean？〃 asked the Duchess hurriedly。 〃What makes
you think so？〃
〃I know；〃 said Vasco simply。
〃Know？ How can you know？ How can anyone know？ The
thing happened three years ago。〃
〃In a locker of the SUB…ROSA I found a water…tight strong…box。 It
contained papers。〃 Vasco paused with dramatic effect and searched for
a moment in the inner breast…pocket o