"Your father and I together did it. Now, boys, if you will form a ring we will explain."

"Three cheers for Mr. Walker first," suggested Tony.

They were given, and three more for Captain Sedley.

"My lads, I heard all about your giving up the fleet to help Mr. Munroe out of trouble. It was noble—heroic, and I have since taken pains to inform myself as to the manner in which you conducted yourself after the brave sacrifice. As far as I can learn, not a regret has been expressed at the mode in which your money was applied. Here is your reward," and he pointed to the boats. "They are the gift of Captain Sedley and myself. I am sorry that these Rovers have taken your other boats; but it enables us to observe the difference between good boys and bad boys. Nay, Master Hardy, you need not blush; for, though you have erred, you have behaved heroically; you risked your life to escape from them; you are forgiven."

This speech was received with shouts of applause, and Charles Hardy stepped forward with tears in his eyes to thank the kind gentleman for his generosity towards him.

"Now, boys," said Captain Sedley, "we are going to recover the lost boats."

"Hurrah!" shouted all the boys.

"Two of these boats, you perceive, carry twelve oars each. The crew of the Zephyr will man the Bluebird."

The Zephyrs obeyed the order.

"The crew of the Butterfly will man the Rainbow," continued Captain
Sedley.