Jim and Mr. Dance find Dr. Livesey at the home of a rich squire named Mr. Trelawney. As Mr. Dance tells the story of Jim’s adventure with Captain Flint’s crew, the doctor and his friend listen with interest. The men cheer when they hear about Jim’s mother’s courage, and they congratulate Mr. Dance for his bravery as well.

Mr. Dance is soon sent away, but Jim is invited to stay for dinner. Dr. Livesey takes the packet of papers from Jim, but he does not open it right away. Instead he asks Mr. Trelawney, who has traveled a great deal, what he knows of Captain Flint. Mr. Trelawney explains that Flint was a brutal pirate; he made Blackbeard look like “a child.” The doctor asks if Flint had money. Mr. Trelawney says yes and insists that no pirate crew would have risked their lives for anything except a fortune. He goes on to say that he would personally fund a voyage to go and search for a treasure that belonged to Captain Flint.

At this, Dr. Livesey opens up the packet, finding a book and a paper inside. The writing in the book is difficult to understand, but it clearly notes sums of money, and sometimes locations as well. After everyone studies it, Mr. Trelawney says that Flint must have used the book to record the loot he collected over many years. Next, the little group looks at the paper. It is a map to hidden treasure.

Immediately, Dr. Livesey and Mr. Trelawney begin making excited plans for going after the treasure. Trelawney will fund and lead the mission. The treasure is buried on an island, so he will buy a ship and hire a crew of sailors. Livesey will be ship’s doctor, and Jim will come along as cabin boy. Trelawney prattles about how easy the journey will be and how much money they will all find at its end.

Hearing his friend’s excited chatter, Dr. Livesey begins to look grave. He says that there is someone involved in the mission who scares him. Mr. Trelawney, clearly outraged that anyone would threaten their mission, demands to know who it is. “You,” the doctor says simply. He explains that Trelawney talks too much and that this is sure to raise trouble with Captain Flint’s crew. Mr. Trelawney realizes that the doctor is right. He swears he will keep the matter secret, and Jim and the doctor do the same.