The Happy-go-lucky sailed with a fresh breeze and a flowing sheet from St. Maloes the evening before the Arrow sailed from Barn Pool. The Active sailed from Portsmouth the morning after.

The yacht, as we before observed, was bound to Cowes, in the Isle of Wight. The Active had orders to cruise wherever she pleased within the limits of the admiral's station; and she ran for West Bay, on the other side of the Bill of Portland. The Happy-go-lucky was also bound for that bay to land her cargo.

The wind was light, and there was every appearance of fine weather, when the Happy-go-lucky, at ten o'clock on the Tuesday night, made the Portland lights; as it was impossible to run her cargo that night, she hove-to.

At eleven o'clock the Portland lights were made by the revenue cutter Active. Mr. Appleboy went up to have a look at them, ordered the cutter to be hove-to, and then went down to finish his allowance of gin-toddy. At twelve o'clock the yacht Arrow made the Portland lights, and continued her course, hardly stemming the ebb tide.

Day broke, and the horizon was clear. The first on the look-out were, of course, the smugglers; they, and those on board the revenue cutter, were the only two interested parties—the yacht was neuter.

'There are two cutters in sight, sir,' said Corbett, who had the watch; for Pickersgill, having been up the whole night, had thrown himself down on the bed with his clothes on.

'What do they look like?' said Pickersgill, who was up in a moment.

'One is a yacht, and the other may be; but I rather think, as far as I can judge in the gray, that it is our old friend off here.'

'What! old Appleboy?'

'Yes, it looks like him; but the day has scarcely broke yet.'