But the captain was already out of earshot. Muldoon and two other sailors were at the oars of the boat as he tumbled into it, followed by Jack, who, in his haste, did not stop to ask permission to come. Luckily, the shark, instead of taking a straight course out to sea, was dashing round and round in circles. This gave them a chance to save Billy’s life, for had the great fish pursued a straight course, Raynor’s fate would undoubtedly have been sealed.

“Row for your lives, men,” urged the captain, standing erect, pistol in hand, awaiting the first opportunity for a shot at the shark.

“Shure thare’s no nade to till us thot, captain, dear,” cried Muldoon. “We’ll git the poor lad if we have to pull our own heads off.”

The shark now made a swift dash for the bow of the Sea Gypsy. Behind him, at a distance of about seventy-five feet, poor Billy’s body could be seen being rushed through the water with a “wake” behind it like that of a fast steamer. Jack could see his chum’s face, which was ashen white. But from the glimpse he had of it, the young wireless man was sure that Billy was still alive, marvelous though that seemed. For half the time, owing to the manner in which he was attached to the shark, the unfortunate lad’s head was under the surface of the water.

Bang! Captain Sparhawk’s pistol spoke as the shark crossed the bow of the boat which had been instantly turned to follow the creature’s new tactics.

“Missed,” he groaned.

“No,” cried Jack, an instant later. “See, the water is red behind him! You hit him.”

“Yes, but I fear not mortally. These creatures have an amazing grip on life,” was the despondent reply.

And now a fresh element entered into the scene. Round the bow of the yacht, toward which the shark, with its human burden, was dashing, there suddenly appeared a long, slender canoe with two lithe young native figures propelling it. It was Anai and his friend, the sworn allies of the boys.

For an instant, as the extraordinary scene presented itself to them, they stood like bronze figures. Then the full meaning of the impending tragedy appeared to strike them. With a simultaneous cry each grasped his great iron-wood knife and without the slightest hesitation leaped overboard.