ated the lovely young Russian. "Why, that I simply
adore pearls."

"Then, I think, Reginald, that you have your answer," said Lady Olivia,
turning to her husband.

"All right, dear," he answered. "Pearl-fishing will suit me down to the
ground; and if the ocean holds pearls enough to satisfy you, you shall
have them. Now, Professor--Mildmay--where must we go in order to get
those pearls? For, of course, we must go to some definite spot to look
for them; we can't go grubbing along the sea-bottom at random until we
happen to stumble upon a bed of pearl-oysters, you know."

"The most famous pearl-fishing grounds are situated in the Persian Gulf
and off the coast of Ceylon," answered Mildmay. "And I believe," he
added, "that in both cases they are Government property, and strictly
preserved. But I have no doubt there are plenty of oyster-beds which
are beyond the reach of the ordinary pearl-diver; and it is one of those
that we must seek. We shall not be poaching on anybody's preserves if
we do this; and shall also stand a better chance of securing some good
specimens."

"Before you come to any definite decision, I should like to refer to a
rather interesting manuscript book that I have in my cabin--the book
that I recovered from the sunken wreck of the _Daedalus_, under
circumstances which, perhaps, yet remain in your memory," observed von
Schalckenberg, addressing Sir Reginald. "I seem to remember," he
continued, "having come across a passage in it relating to a bed of
pearl-oysters of immense value, the situation of which was then unknown
to any one except the writer. If you will excuse me a moment, I will go
and fetch it."

"By all means," said Sir Reginald. "From what you say, Professor, it
would appear that the bed to which you refer is the identical one we
want to find."

The professor accordingly retreated; and presently returned with a
small, leather-bound, and much discoloured book in his hand. His
forefinger was between the pages, and he opened the book there.

"Yes," he said, "I thought I was not mistaken. Here is the passage,
under the heading of `Pearls. In Longitude 155 degrees 32 minutes 17
seconds East, and exactly under the Equator, there exists a small atoll,
unnamed, and, I believe, unknown, unless it be to the natives of Matador
and Greenwich Islands, which are in its neighbourhood. The islet, which
is uninhabited, is little more than a mere rock, about a quarter of a
mile long, an