"I never said so," I answered; and then a bright thought coming to me, as to what would be an impregnable position to take up in all future inquiry, I boldly added, "I never touched it after you went away."

"Where can it be, then?" said Aleck; and yet, though it was clearly a hopeless task, we once again looked carefully for the missing treasure in both boat-houses. There was the "Fair Alice," my own beautiful little vessel, that had seemed the most perfect thing of its kind, until the arrival of the new one; but the other was nowhere to be found.

"Tell you what, Master Gordon," said old George, "the wind's been uncommon shifting and fanciful this morning, and we left her with sails set; depend upon it, sir, that she's been drifting out with the tide a bit, and the wind so off shore, as it is now, she'd be up towards the mouth of the Cove. We ought to have thought of the wind and the change of the tide; it will be well if she's not out to sea."

"Oh, no fear of that!" exclaimed Aleck, joyfully, "because I myself put the harbour-bar across this morning when I sailed her first;" and so saying, he bounded off along the rocks towards the mouth of the Cove, the rest of us following almost as fast.

One hasty glance and I knew that what I had expected had taken place; the ring which tightened the rope across, so as to constitute a barrier, was now under water—the rope, it must be understood, being arranged to lie along the bottom when not specially adjusted—the channel out to sea was perfectly unimpeded, and there was no trace of the little vessel which, an hour and a half before, had been sailing so merrily upon the water.

"O George!" exclaimed Aleck, "see the rope is down; it must have gone out to sea; it can't be gone!"

But Aleck's face of sad conviction belied his words.

"It can't be gone!" he repeated; and yet the tears of disappointment were forcing themselves into his eyes, though he battled up bravely against his trouble, and tried to believe still that there was some mistake.

Then we betook ourselves to searching in every nook and corner of the Cove, exploring impossible places amongst the rocks, and once again returning to look through the boat-house; I, hypocritically, as active as others, lest there should be any suspicion raised.

"Master Willie," said Groves at last, as if a bright thought had struck him, "I know what it must be, sir. You're up to a prank sometimes—in fact, rather often—and you've hidden away the yacht, for there's been no one else in the Cove but you; though where you can have put it I'm puzzled to say, seeing there's not a place fit to hide a walnut-shell I haven't looked in, not to say a schooner yacht drawing half a foot of water."