"Well, that’s that," said Dick. "The Saucy Jane is gone. Where? Why? And when?"

They flashed their torches round the walls of the boat-house once more. George’s eye was caught by a large flat wooden thing standing upright on the ledge at one side of the house.

"What’s that?" she said. "Oh - a raft, isn’t it? That’s what those paddles are for, then, that I saw on the shelf above."

They went and examined the raft. "Yes - and in quite good condition too," said Julian. "It would be rather fun to see if it would carry us on the water."

"Ooh yes!" said Anne, thrilled.

"That would be super. I always like rafts. I’d rather try that raft than any of those boats."

"Well, there’s only one boat that is possible to use," said Julian. "The others are obviously no good - they must have big holes in to sink down like that."

"Hadn’t we better look into them carefully just to make sure there’s no loot hidden there?" said Dick.

"If you like," said Julian. "But I think it’s the Saucy Jane that’s got the loot - otherwise why mention it by name in that message?"

Dick felt that Julian was right. All the same he went to examine the three boats most methodically. But except for rotted and burst cushions and coils of rope there was nothing to be seen in the boats at all.

"Well - where’s the Saucy Jane?" said Dick, puzzled. "All the family are here but her. Can she be hidden anywhere on the banks of the lake?"

"That’s an idea!" said Julian, who was trying to shift the big raft. "That’s a really good idea! I think we ought to explore all round the lake and see if we can find the Saucy Jane hidden anywhere."

"Let’s leave the raft for a bit then," said George, feeling thrilled at the thought of possibly finding the Saucy Jane tucked away somewhere, all the loot hidden in her. "Let’s go now!"

They made their way round the wooden ledge to the opening they had made in the side of the boat-house, and jumped down. Timmy leapt down gladly. He hadn’t liked the dark boat-house at all. He ran into the warm sunshine, wagging his tail.

“Now which side of the lake shall we go first?” said Anne. “The left or the right?”

They went down to the edge of the silent water and looked to left and right. They both seemed to be equally thick with bushes!

“It’s going to be difficult to keep close to the edge of the water,” said Julian. “Anyway, we’ll try. The left side looks a bit easier. Come on!”

It was fairly easy at first to keep close to the water, and examine any tiny creek or look under over-hanging bushes. But after about a quarter of a mile the undergrowth became so very thick and grew so close to the water’s edge that it was quite impossible to force their way through it without completely ruining their clothes.