So anxious had Leicester grown that he seemed to have forgotten the ladies.

But he had not, for presently, after a colloquy with the skipper, he shrugged his shoulders and came up to Violet, who was standing, not in the least wet or frightened, by the forecastle.

"What is the matter?" she asked.

"Nothing much," he said, with a smile. "I have resigned command, that's all. My skipper knows this coast better than I do, and I have left him to steer us right."

"Is there any danger of going wrong, then?" she asked.

"Well——" he hesitated.

At that moment the skipper shouted out something that sounded dreadfully sharp and stern in the wind, Leicester caught Violet's arm and drew her to him, glancing as he did so to Bertie and Fitz, who were both guarding Lady Ethel.

The yacht sprang forward under the press of sail which the skipper had ordered to be put on.

"Right now," said Leicester, cheerily. "We shall fly home to Penruddie; I can almost see the white cliffs. Ah!" he broke off, sharply, "port your helm! Breakers ahead! Great Heaven! we are on the north reef!"

He sprang to the helm, Violet paled with a sudden fear, cowered, and dropped to her knees.