Standing in the stern-sheets, Captain Holloway waited for the end. It was not long in coming. With the White Ensign still fluttering proudly in the breeze, the "Terrier" dipped more and more till ten feet of the after-part of her keel was visible. For a brief instant the towering mass seemed to hang irresolute, then with hardly a splash the hull disappeared from sight, leaving only the after-mast from the truck to the hounds above the surface.

Raising his hand to the peak of his cap the captain gave his former command a last salute, then resuming his seat, bade the men "give way."

All the inhabitants of the village were on the shore ready to offer hospitality to the crew, many of whom had discarded most of their clothing before jumping from the ship. One petty officer, three able seamen, and a stoker were missing—doubtless killed outright by the explosion. Four men were seriously injured, while a score more were suffering from wounds and shock.

"Hanged if I can quite realize it," remarked Captain Holloway, as he walked with Aubyn towards the village. "I remember going down to my cabin and grabbing a spare cap. There were two drawers in my locker. In one was fifty half-sovereigns, and in the other over three hundred pounds in notes. The gold is in my trousers' pocket, but, although I recollect seeing the notes, I've let the whole lot go to Davy Jones. Strange, eh? Why, what's the matter with you, man?"

He turned and grasped Terence by the shoulders just in time to prevent him from falling to the ground in a dead faint.

CHAPTER XV.

VICE VERSÂ.

"Telegram for you, mum."

Mrs. Aubyn put down her newspaper and took the orange-coloured envelope which her sister's maid had just brought in on a tray. Telegrams were rather unusual at "Anchor Cottage," and the freckled, red-haired girl, with eyes and mouth wide open, stood consumed with ill-concealed curiosity.