"I think there is. Don John generally knows what he is about. He don't very often say what he can do, but when he does, he means it."

"The commodore is too much for him."

"Perhaps he is, but I have hopes of the Sea Foam. Don John is building the Maud for me, and I have some interest in this race. I don't want a yacht that is to be beaten by everything in the fleet. If the Skylark is too much for the Sea Foam, the chance of the Maud won't be much better."

The judges discussed the merits of the two yachts for half an hour longer, and there was as much difference of opinion among them as among the rest of the spectators of the race.

"There's one of them!" shouted Frank Norwood, as the Sea Foam emerged from the cloud of mist which accompanied the rain.

"Which is it?" demanded Rodman.

"I can't make her out," replied Norwood, for the yacht was over a mile distant.

"But where is the other? One of them is getting badly beaten," added Rodman.

"That must be the Skylark we see."

"I don't believe it is. It is so thick we can't make her out, but her sails look very white. I think it is the Sea Foam."