"True; but I have my strength," was the reply, as Mr. McKay stealthily girded on a leather belt in which hung a formidable sheath-knife. It was not the thought of being cast on the waters that troubled him. Death, should it come, would be swift and merciful. But should they survive the dangers of the reef there was the probability of far greater peril.

Though he forbore to mention the fact to Ellerton, Mr. McKay thought of the sharks, and with a fervent unspoken prayer to save them from these creatures, he stood ready for the cabin door to be opened.

Meanwhile Terence and Andy had cut themselves free from their lashings. Twenty yards away the reef showed its teeth as if waiting for its prey.

Then with a noise like the rattle of musketry, which drowned the thunder of the breakers, the staysail burst asunder, and the yawl, in spite of the helmsman's efforts, flew up into the wind.

Down in the trough of a murderous sea she sank. A rapid glance astern showed the glistening reef towering several feet above the little craft, the white foam pouring down the honeycombed ridges as if the rock were baring itself to strike a harder blow.

"The door!" gasped Andy, as a gigantic roller bore down upon the reef.

Terence unfastened the cabin door, and as Mr. McKay appeared, holding Ellerton and Quexo in his powerful grip, the yawl seemed to stand on end. Then, borne on the breast of the roller, the little craft was tossed like a cork right over the rocks, her keel scraping the lee side of the reef by barely a yard!

The next instant the vessel was rolling sluggishly in the sullen swell within the lagoon, with two feet of water in her cabin, yet still afloat and in comparative safety.

"Don't wait to bale out!" shouted Andy. "You take the helm, pater. Run her up into the wind and we'll anchor."

The ground swell inside the lagoon was too great to allow the yawl to run alongside the usual jetty. They would have to wait till low tide, when the reef would be sufficiently exposed to serve as a breakwater.