The three boys moved forward as stealthily as did the man whose actions had aroused their suspicions. Presently they saw him cut across a small patch of lawn and strike into a narrow path which led among some trees.
With every care to avoid making any noise, the three boys followed. The path led to the edge of a cliff, down the face of which a flight of stone steps ran down to the water's edge. The man descended these.
"What can he be? A smuggler," suggested Billy.
"I don't see any boat down there, if he is," rejoined Jack in low tones.
Suddenly a sharp, low exclamation came from Noddy, who had been looking out over the lake.
He caught Jack's arm and pointed.
"Look, boys, a yacht!" he breathed.
"Heading in this way, too," rejoined Jack. "It looks like—but no, it cannot be."
"Cannot be what?" asked Billy, caught by something in his companion's voice.
"Cannot be the Speedaway."