"I am the principal of this institution."

"Possibly I shall be able to entertain these visitors alone, Randolph, and you may go on board with your ship's company," said Captain Gildrock, a little later, while he was waiting for the young gentleman from New York to study up his next question.

Matt had twelve students to instruct in the art of sailing a boat, and he directed them to take their places in the two boats that were waiting for them.

"Well, boss, we are ready to see what you have got to show," said Spickles.

"Well, my young cub, I don't know that things here will interest you, but I will show you all you may wish to see," continued the captain, as he conducted the strangers to the office, under the schoolroom. "We register all students here when they come. If they have any money, we keep it for them in that steel safe."

"Is that a steel safe?" asked Mr. Spickles. "Upon my word, I thought it was a wooden one."

"You thought it was made of the same material as your head; but I assure you it is not. Nothing so soft would answer the purpose," answered the principal, who did not always stand on his dignity, though he had plenty of it.

Messrs. Chuckworth and Mackwith turned away, and indulged in audible smiles. Associated with Mr. Spickles, they were often the victims of his peculiar humor, and they were not at all sorry to have him put under the harrow. They enjoyed the remarks of the principal more than Spickles did.

"Then, it is really a steel safe; and I suppose you are afraid the students will steal your money, or you wouldn't have a steel safe," continued Mr. Spickles, chuckling as though he thought he had made a pun.

"Well, no; we hardly expect the students to rob the safe, for they are taught not to steal; but some of these visitors might have a taste for that sort of thing. I sometimes have a thousand dollars in that safe, besides small sums belonging to the students. In fact, I believe I have two thousand dollars in it at this moment: that is the reason why I prefer a steel safe to a wooden one."