urt, or the yacht
sunk."

Twenty four hours later the fog rolled away and on the following
morning Captain Barforth announced they were in the locality where
Treasure Isle was supposed to be located. The boys stationed
themselves in various parts of the steam yacht, and Dick and Tom went
aloft with a good pair of marine glasses.

"I see an island!" cried Tom, half an hour later.

This announcement thrilled all on board, but an hour later it was
discovered that the island was only a small affair and Bahama Bill
promptly said it was not that for which they were seeking.

"Come aloft and look through the glass," said Dick to the old tar, and
Bahama Bill readily accepted the invitation. Thus two hours more went
by, and the course of the steam yacht was changed to a wide circle.

"More land!" cried Dick, presently. "What do you make of that?" he
asked and handed the marine glasses to Bahama Bill.

The old tar looked through the glasses for a long time and then put
them down with much satisfaction.

"That's the place, or I'll forfeit a month's wages," he said.

"Is it Treasure Isle?" burst out Tom.

"Yes."

"Hurrah!" shouted Tom, running down the ratlines to the deck. "We've
found the island!" he shouted. "Hurrah!"

"Where?" asked half a dozen at once.

"Over in that direction. You can't see it with the naked eye, but it's
there just the same. Hurrah!" And in his high spirits Tom did a few
steps of a fancy jig.

Without delay the bow of the steam yacht was pointed in the direction
of the land that had been discovered, and after awhile all made it
out, a mere speck on the blue water. But as they approached, the speck
grew larger and larger, and they saw it was a beautiful tropical isle,
with waving palms reaching down almost to the water's edge.

"We can't land on this side," announced Bahama Bill. "The sea is too
dangerous here, We'll have to sail around to the south shore and lay
to beyond the reef, and then take small boats to the inside of the
horseshoe."

Again the course of the _Rainbow_ was changed, and they skirted the
eastern shore of the island, which was truly shaped like a horseshoe,
with the opening on the south side. To the north, the east and the
west were smaller islands and reefs, sticking out, "like horseshoe
nails," as Sam said. Sailing was dangerous here, and they had to go
slow and make frequent soundings, so that they did not reach the south
side of Treasure Isle until almost nightfall