"It's certainly an act of piracy," assented Gerald. "I should not be surprised if within a week an international squadron is sent in pursuit of us. Yes, Jack, it's rank piracy."
And even while Tregarthen was thus expressing himself, Captain Brookes, with the coolest audacity imaginable, had hoisted the white ensign to the gaff as the Olive Branch glided rapidly away from the outraged German ship.
(To be continued)
[a/]
[Illustration: third instalment]
BY PERCY F. WESTERMAN
GERALD TREGARTHEN, sub-lieutenant of H.M.S. Calder, being on leave, sails from Poole with his old school chum Jack Stockton on board the latter's yacht Playmate. In mid-Channel the yacht is run down; the two friends are rescued, and find themselves on board a mysterious cruiser—the Olive Branch—commanded by Captain Brookes. Finding that Tregarthen is a British naval officer, Captain Brookes announces his intention of keeping him on board, and, after due deliberation, Gerald decides to fall in with the captain's plans, as far as his sense of loyalty will permit.