“Now, boys,” he shouted, “if we can get the launch back into the water we may escape after all. Who will lend me a hand?”

The men needed no second bidding, but sprang to their young leader’s assistance, and worked with all the energy of despair. Man after man fell under the deadly hail of fire from the hulk, but as fast as they fell others took their places, until at last, under their furious exertions, the little steamer began to quiver, and then moved slightly backward off the boom. There was an ominous cracking of timber for a few seconds, as some part of her splintered planking caught in the obstruction, and then, with a rending, tearing noise, it gave way, and the launch slid into the water of the bay, shipping a ton or two of it over her stern as she splashed in. But she was afloat once more, and could she only come unscathed through that inferno of bullets, the few remaining members of her crew might, even yet, hope to escape at last.

“Into the boat with you,” cried Jim; “into the boat, all but four men. You, Terry, get to your engines, and give me all the steam you can, while the others bale the boat clear of all that water. Now, you four men,” he went on, “I am going to ask you to help me in a very dangerous task. I am not going to leave this ship with my duty unfinished. I intend to torpedo her, at all hazards! Cut loose that spar at once, and we will place it along the boom in such a way that the torpedo touches this ship’s side. I will then cut a short length of fuse, and attach it to the explosive, so that it will burn for about a minute. That will just give us time to get out of reach before the powder blows up, and will not leave the Peruvians sufficient to displace the torpedo. Now then, grapple hold of the spar, you four men, and stand by to push all together when I give the word. Be ready, Terry, my boy, to go ahead with your engines directly we scramble on board, for a second’s delay may mean that we shall all be blown to smithereens. Give me that piece of fuse, Carlos. There, that has fixed that up,” continued Douglas, as he cut and placed the slow match in the opening provided for it. “Now then, all together—lift!”

As Jim gave the word the men gripped the spar, lifted it, and pushed it forward until the pointed barrel-like apparatus at its further extremity touched the ship’s side. The Peruvians up above were by this time aware of what the Chilians contemplated, and turned all their attention to the men engaged upon the dangerous task of fixing the spar, thus giving those in the launch a welcome respite.

But owing to the hulk’s high bulwarks and her great amount of “sheer,” they could not fire directly into Jim’s party, and the bullets plugged harmlessly into the boom about a yard behind the Chilians. Jim then ordered the men to place all their weight upon the spar, and this having been done, he clambered nimbly along it until he came to the torpedo. Then he rearranged the fuse, struck a match and applied it.

There immediately began a violent splutter of sparks, accompanied by a fizzing noise, and Jim knew that no power on earth could now avert the imminent explosion. Like a cat he worked his way backwards along the spar, which bent and heaved under his weight, until presently he stood once more upon the beam.

“Now, there’s no time to waste,” gasped Douglas, as the five men stood in the shelter of the hulk’s tall sides. “We must make a rush all together, and trust to getting aboard the launch unhit. But if any of us are wounded, the wounded must remain where they are; for any attempt at rescue will mean the death of us all. Now then—go!”

As one man the five brave fellows sprang forward, hoping to reach the launch before the Peruvians were ready for them. But the latter were on the look-out, and as the men left their shelter, rifles and machine-guns cracked and roared once more. Two men fell, literally riddled with shot, but the others scrambled aboard the launch, and Jim gasped out, “Go ahead, Terry!” not a moment too soon.

The launch had not got more than fifty yards away when there was an appalling explosion, and the whole side of the hulk seemed to fall bodily inward. She heeled over, and almost instantly plunged into the depths of the bay, the waters of which at once closed over her, dragging down the living and the dead, in the fearful vortex which she created.

Jim then sent up a blue rocket to call the other boats away, for it was hopeless to attempt anything farther that night, and half an hour later he was rejoined, just as day was dawning, by the Almirante Cochrane launch, which was almost in a worse state than his own. She brought word that the two monitors had been the Manco Capac and Atahualpa, and that the Hereschoff torpedo-boat, under Juarez, had blown up the latter, but had herself been destroyed by the Manco Capac. Three men only had been rescued from her crew, and these were on board the Cochrane’s boat, which had herself lost nearly three-quarters of her men. Taking it all round, however, the attacking force had not done so badly, having destroyed a two thousand-ton ironclad and sunk a hulk full of men and guns, with a loss of one small torpedo-boat, and seventeen men killed.