They slid and scrambled down the rocks and were nearing the bottom when an ejaculation of mingled astonishment and dismay escaped from the boy.

“What is it, Gib?” the girl asked anxiously. “Has the skeery something happened already?”

“The punt. ’Taint thar. The tide rose sooner’n I was countin’ on and like’s not that boat o’ mine is sailin’ out to sea.”

For one panicky moment the girl stood very still, her hand pressed on her heart. Then she recalled something that her father once had said: “When danger threatens, keep a clear head. That will do more than anything else to avert trouble.”

The boy, shading his eyes, was searching for the escaped punt far out on the shining waters, but Nann, looking about her, made a discovery. Then she laughed gleefully. The boy turned toward her in astonishment. Then, being very quick witted, he too understood. “You don’ need to tell me,” he said, “I’m on! We changed our location, so to speak, when we went to look at the wreck, and that fetched us down at a different place on this here side.”

Nann nodded. “I do believe that we’ll find the punt beyond the rocks yonder,” she hazarded. And they did. Ten minutes later the boy had pushed the boat safely over the submerged shoal. The rising tide carried them swiftly out of danger of the hidden rocks. Although Nann said nothing, she kept intently gazing into the dark green water. She would far rather meet any number of ghosts on land, she assured herself, than even catch a glimpse of one of those dreadful sea monsters.

It was nearly one o’clock when Dories, who was standing on the porch of the cabin, saw the flat-bottomed boat returning, and she ran down to the shore to meet her friend.

“Did you find a clue?” she called as Nan leaped ashore.

“I don’t believe so,” was the merry response. “We found an old whitening skeleton of some ill-fated boat, but I’m not going to believe it is the Phantom Yacht. Not yet, anyway.” Then Nann turned to call to the boy who was pushing his punt away from the rocks, “See you tomorrow, Gib, if you come this way. Thank you for taking me sailing.”

As soon as the girls had turned back toward the cottage, Dories exclaimed, “Nann, I believe that I have thought of a splendid way to trap the ghost tonight, but I’m not going to tell you until just before we go to bed.”