At first they were too far away for him to make out who they were. Then, as the morning sun fell full upon their faces, he recognized them.

They were Nick Carter, Chick, and Patsy Garvan!

The motor boat swept past, causing the yawl to rock violently in its back wash.

Rayne bent over and appeared to be tying the lace of his shoe. His face was thus entirely concealed from the occupants of the motor boat.

When the danger of recognition was past, he hissed to his two perspiring oarsmen:

“Make it in eight minutes, and I’ll give you a dollar apiece!”

The little yawl fairly leaped through the water, as the men put in all the strength and activity they could muster.

“They’re going to the ship,” muttered Rayne. “I’ve got to be out of the way quickly. There may be a way of signaling shore. If there is anything like that to be done, that infernal Nick Carter will know how to do it.”

CHAPTER IV.

A PUZZLE FOR THE SKIPPER.