"Look out there," warned Jack, for Noddy, in his indignation, had sprung to his feet, entirely forgetting the tiller. The Curlew broached to and heeled over, losing "way." The Speedaway came swiftly on. In an instant there was a ripping, tearing sound and a concerted shout of dismay from the boys as the sharp bow of Judson's larger, heavier craft cut deep into the Curlew's quarter.
"Now you've done it!" cried Billy Raynor.
"I—er—it was an accident," cried Donald, as the two boats swung apart, and there was some justification for this plea, as the Speedaway was also damaged, though not badly.
"It was no accident," cried Jack, but he said no more just then. He was too busy examining the rent in the Curlew's side.
Still shivering, like a wounded creature, from the shock of the impact, the Curlew, with the water pouring into the jagged rip in her side, began slowly to sink!
CHAPTER III.
CAPTAIN SIMMS OF THE "THESPIS."
Silence, except for the inrush of water into the damaged side of the Curlew, followed the collision. The three lads on the sinking craft gazed helplessly at each other for a few seconds.
"Get away as quick as you can," whispered Donald's father to the boy who had wrought the damage, and now looked rather scared. The Speedaway swung out and her big mainsail began to fill.