"He knows what we are up to. He has challenged us," Harry Mitchell exclaimed with great satisfaction. "Now, boys, we've got to nail him before he passes Yelholme."

"His boat goes very fast; she is light too, and he has her well in hand," Tom remarked critically as the Osprey drew nearer, skimming the waves as airily and swiftly as any bird.

Yelholme, to which reference had been made, lay near the course Yaspard was on. If the Laulie could not intercept Yaspard before he reached the little island she would lose ground by being obliged to tack a good deal, while he, having the wind with him, would easily get ahead.

"If it becomes a chase we haven't a chance," said Harry, "so we must try and cut him off at the holme."

But Yaspard knew pretty well what their tactics were likely to be, and acted accordingly.

It is not possible to describe with any degree of accuracy the very clever way in which the boats tried to circumvent each other; how the Osprey dodged here and there, striving to outrace the other, and how the Laulie gallantly defeated every attempt so made. At last Yaspard, seeing that nothing but a very bold effort had any chance of success, determined to try a delicate manoeuvre. His boat, being smaller and lighter than the Laulie, could venture much nearer a skerry or holme. He resolved to run straight for Yelholme. He knew that the other boat would do likewise, but approaching from another point, would be obliged to lower sail and trust to the oars. He hoped he could keep "on wing," and round the holme in safety before the Laulie had got on the same course. Accordingly he altered his tactics, and sent his skiff careening toward the holme as if he meant to dash right into it.

"What on earth is he up to now?" Bill exclaimed in wonder; "he will be under our stern in a jiffy if he holds on like that."

"If he passes astern he will reach the holme and be round it before us. We must not allow that; drop the sail, Bill," said Harry.

Down went the Laulie's sail, and in a short time she was rowing swiftly for the same point that the Osprey seemed bent on gaining. Yaspard did not alter his course one bit until he was within talking distance of the enemy, and dangerously near the holme.

"Don't be rash, man," Harry sung out. "You will be flung on the holme by that undertow on the lee side."