The other Cryptogram

I'm not referring on this page to the 22 line version of the cryptogram which is widely regarded as a fake. Those who have read De La Roncière's book Le Flibustier mystérieux: Histoire d'un trésor caché, (published in 1934 and available now in French for Kindle), will know that La Buse left us not one cryptogram, but two! The second one does not get much coverage on the web, but perhaps it should:

I certainly can't propose a solution to this cryptogram. At first glance it looks like it might indeed be directions to take you straight to the treasure, but if it is based on latitude and longitude coordinates then we are off to a bad start because back then geographical coordinates, especially longitude, could not be measured with any accuracy. However, if this cryptogram gives the coordinates of a large geographical entity, like an island, then perhaps the remainder of the text can provide the additional detail necessary to locate the treasure...

In his book, De La Roncière describes this cryptogram as a 'rébus' which gives another way of approaching it, for a 'rébus' is defined as 'a mind game which consists of expressing words or phrases as letters, words, figures, drawings and signs whose phonetic reading reveals what one wants to hear. '

To read more about the two cryptograms, you'll have to buy the book.