The narrator, who is the ship's second mate, is aboard "one of the fast clipper-ships running between London and Melbourne at the time of the big gold finds up at Bendigo." The captain, named Reynolds, complains to him of a strange whispering in his cabin, and asks if the second mate will trade cabins with him. The previous captain, Captain Avery, had previously died in the room, of no known cause. Although the second mate agrees to the switch, believing the captain's concern to be nonsense, in a few nights he is hearing a mysterious whispering as well. The ship carries a very valuable cargo of gold bullion, so the mate gives orders to open and examine the special compartment holding the gold, which is positioned just below the captain's cabin in the lazarette. He awakens the captain, and they enter the lazarette and examine the compartment. The whispering can clearly be heard, but again the source of it cannot be found. The second mate and captain open the sealed room, and find that the thirteenth of the sixty chests is missing! However, when the captain leaves and returns with the purser, and they examine the chests again, they are all present and accounted for. No explanation can be found.