In half an hour they had made half a mile. But, strange to say, the black point still rose above the waves.

John looked attentively, and in order to make it out, borrowed Paganel’s telescope.

“That is no reef,” said he, after a moment; “it is something floating, which rises and falls with the swell.”

“Is it part of the mast of the MACQUARIE?” asked Lady Helena.

“No,” said Glenarvan, “none of her timbers could have come so far.”

“Stay!” said John Mangles; “I know it! It is the boat.”

“The ship’s boat?” exclaimed Glenarvan.

“Yes, my lord. The ship’s boat, keel up.”

“The unfortunate creatures,” cried Lady Helena, “they have perished!”

“Yes, Madam,” replied John Mangles, “they must have perished, for in the midst of these breakers in a heavy swell on that pitchy night, they ran to certain death.”