Now,’ says Mackett, stopping in his work, ‘which side of the sloop shall I send the mast over?’

‘Over any side, with a murrain to thee, so thou makest haste,’ answered Jerry.

Mackett watched the roll of the seas narrowly, and just as the sloop lurched heavily, as a great ridge of water heaved up under her keel, he struck the finishing blow with such good will that the axe sunk a couple of inches into the wood, and with a crack like a musket-shot, the mast, with all its appurtenances of rigging and fluttering canvas, fell crashing into the sea, smashing to dust the light bulwarks of the sloop, and causing it to careen heavily over as the jagged and splintered end of the timber continued to rub and rasp against the side of the vessel, impelled by the heaving of the swell.

‘And now, Spaniards,’ said Jerry, ‘you may get to Truxillo as speedily as you like, and give our compliments to the good folks there.’

With that we all got into our boats again; most of the crew jeering at and flouting the disconsolate looks of the Spaniards, as they stood like men bewildered upon the deck of their crippled ship. Before I went over the side, however, I raised the head of the Spanish captain; the man was quite dead, and becoming stiff and cold already.

Our oars fell into the water, and the boats were speedily hoisted up to the davits of the ‘Saucy Susan.’ Then Jerry, going aft, touched his hat to Le Chiffon Rouge very ceremoniously, and presented him with the casket of despatches and the particular letter which he had read, the ship all this time lying to, but gradually drifting to leeward of the ‘Barco Longo,’ which now exposed but little surface to the wind. After a pretty long communion between these two worthies, Le Chiffon Rouge ordered the boatswain to call all hands, and presently the whole crew were grouped round the mainmast. Then the captain, taking off his hat, began to make one of his usual speeches, a part of his duty, in fact, which he appeared fond of, being of a long-winded nature, and given to using fine words on such occasions. The main points of what he now said were as follows:—

The ‘Saucy Susan,’ as they all knew, was bound on a cruise to the Mosquito and Honduras coast, but, happily, they were their own masters, and could change their cruising ground as often as they thought fit. Well, here were certain despatches newly captured from the ‘Barco Longo,’ and as one of them related to a rich Spanish ship which was shortly expected in these seas, the captain proposed that it be read aloud in English, for the benefit of Messieurs the adventurers, that, upon knowing the contents of the paper, they might determine as they thought fit.

The crew received this oration with signs of great satisfaction, and one or two cried out, ‘Ay, ay, translate the Don’s patter, and then we will consider.’ Upon this, Le Chiffon Rouge made a sign to Rumbold, who came forward, and placed the important letter in the pearl merchant’s hands. Rumbold looked at the manuscript, which was written in a fair hand, and then read out very fluently as follows;—

‘From my House at Ferrol.
Upon such a date.

‘Good and trusty Manual—