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Clifford Hammond, the son of a retired sea captain, is instrumental in saving the life of Captain Jeremy Miles, a refugee from Sedgemoor. In gratitude Miles offers to share the secret of the Madre de Dios treasure. The preparations for the joint expeditions for the quest of the spoil are interrupted by the slaying of Captain Hammond by a person who hopes to secure the chart of the island on which the Madre was wrecked.
Captain Miles sets sail in the Golden Hope and discovers that Clifford had hidden himself onboard. After many adventures the Golden Hope arrives at the island, where she is attacked by three buccaneering craft. Hairbreadth escapes and daring exploits follow in quick succession and eventually the prize is secured.