"Time!" called Sam.

"Twelve, forty-five, two," added Frank.

"Twelve, forty-five, two," repeated Donald, writing down the time.

By this time the Skylark had come about, not by gybing,—for the wind was too heavy to make this evolution in safety,—but had come round head to the wind, and now passed under the stern of the Penobscot.

"Skylark!" reported the commodore.

A few minutes later the Sea Foam did the same. The Phantom came in a minute after the Sea Foam, and for a few moments the judges were very busy taking the time of the next four boats. The Juno did not arrive till half past one, and she was the last one. As fast as the yachts rounded the Penobscot, they went off to the line and picked up their cables and anchors. The captains of the several craft which had sailed in the race then boarded the Penobscot to ascertain the decision of the judges.

"You waxed me badly, Robert," said Ned Patterdale, who was mortified at the defeat of the Sea Foam, though he kept good-natured about it.

"I still think the Skylark can't be beaten by anything of her inches," replied Commodore Montague.

"I am rather disappointed in the Sea Foam," added Ned.

Donald heard this remark, and he was much disturbed by it; for it seemed like a reproach upon the skill of his father, and an imputation upon the reputation of Ramsay and Son. If the yachts built by the "firm" were beaten as badly as the Sea Foam had been, though she had outsailed the Phantom, it would seriously injure the business of the concern. The defeat of the Sea Foam touched the boat-builder in a tender place, and he found it necessary to do something to maintain the standing of the firm. He knew just what the matter was; but under ordinary circumstances he would not have said a word to damage the pride of the present owner of the Sea Foam.