“Old fool that I am,” he cried, “sitting here and not keeping a look-out! Half asleep I must have been and in such tricky weather, too.”

He sprang up and was at Billy’s side in one movement. What pain such activity must have cost him it would be hard to tell; his weather-beaten face turned almost pale, and drops of moisture stood on his forehead. He seized the tiller and gave Billy a sharp succession of orders, which the poor boy was too bewildered to more than half understand.

“Cast off that rope, not that one, no, no, the other, quick, oh, if only I could reach it!”

He groaned aloud, not so much with the pain he must have felt, but with the helpless impatience of knowing himself to be unequal to the crisis. The deeper blue streak of water that Billy had pointed out, became rapidly darker and darker until it was grey, then black, and came rushing toward them at furious speed. The little catboat swung round to meet it. Billy tugged manfully at the sheet and noticed, with sudden consternation, that the strands of the rope had been frayed against the cleat and showed a dangerously weak place.

“What shall I do?” he cried. “Look, quick—” but he spoke too late.

The squall struck them, the sheet parted with a crack like a pistol shot and in an instant the great sail was flapping backward and forward over their heads like a mad thing. The heavy boom swung over and then back with sickening jerks, the old rotten mast groaned, creaked, then suddenly, with a splintering crash, went overboard dragging with it a mass of cordage and canvas.

In wild haste Captain Saulsby and Billy strove to cut away the wreckage, but they were not quick enough. The boat heeled over farther and farther, the water came pouring in over the gunwale. There was a harrowing moment of suspense, then their little craft turned completely over, throwing them both into the water, amid the tangle of sail and rigging.

CHAPTER IV

CAPTAIN SAULSBY’S WATCH

For full half a minute Billy was quite certain that he was drowned and did not like it at all. The wet ropes and the heavy canvas clung to him, apparently determined that once he went down he should never come up again. For a gasping moment he managed to get his head above water, had a sharp, clear vision of the wide sea, the cloudy sky and Appledore Island with its green slopes and wooded hills: then he went down again. His next attempt was more fortunate, however, for he came up clear of the wreckage and not far from the boat, which was still afloat, bottom upwards. He swam to her in a few strokes and, after one or two efforts, managed to clamber up her slippery hull. What was his joy and relief, on scrambling high enough to peer over the centreboard, to see Captain Saulsby slowly and laboriously crawling up the other side.