"I am sorry you are not satisfied with her, Ned," said Donald.

"But I expected too much of her; for I thought she was going to beat the Skylark," replied Ned Patterdale. "I think you encouraged me somewhat in that direction, Don John."

"I did; and I still think she can beat the Skylark."

"It's no use to think so; for she has just beaten me four minutes and a half; and that's half a mile in this breeze. Nothing could have been more fairly done."

"It was all perfectly fair, Ned; but you know that winning a race does not depend entirely upon the boat," suggested Donald, hinting mildly at his own theory of the defeat.

"Then you think I didn't sail her well?" said Ned.

"I think you sailed her very well; but it could not be expected that you would do as well with her as Bob Montague with the Skylark, for he has sailed his yacht for months, while you have only had yours a few weeks. This is a matter of business with me, Ned. If our boats are beaten, we lose our work. It is bread and butter to me."

"If it was my fault, I am sorry she was beaten, for your sake, Don John; but I did my best with her," replied Ned, with real sympathy for his friend.

"Of course I am not going to cry over spilt milk."

"Do you really think the Sea Foam can beat the Skylark?"