a long way at low tide--it's all so flat."

"I'm sure lots of ships must have been wrecked on the rocks," added
Nancy. "Perhaps we shall find some treasure."

The next moment they were hurrying off.

On and on they paddled, till the water was well above their knees. Then
a few minutes more, and Toby laid his hand on a rock.

"I don't see any sign of wrecks!" said Nancy, looking about.

For a few minutes they stood, then Nancy caught sight of the boat.

"Oh, there's the wreck! Why, it's only a little boat."

"Of course it is! What else did you think? It's really some life boat
that has been put off from a wreck, and it may be full of treasures!"

Cautiously they worked their way to it, panting with excitement. What
were they about to discover?

"See," said Toby breathlessly, "the anchor rope had broken and caught
among the rocks! I wonder we never saw the boat here at high tide--it
would be visible then!"

"I hope--oh!" Nancy's voice was full of disappointment.

"What?"