Almost as the words left his lips there came a shattering crash and a sheet of flame leapt up from the other trawler. A shell had pitched full upon her armoured wheel-house, and exploding had not only blown it away, with the steersman, but opened up the whole deck. The poor little trawler, with her steering gear smashed, swung round to starboard, and it was only by the smartest seamanship that the 'Maid' avoided running her down.

'She's done,' said Roy, as he ran forward. 'She's sinking!'

He was right. The big shell had knocked her all to pieces. Grimball saw this too, and in response to his rapid order, the 'Maid's' engines stopped, and four stalwart fellows ran to the dinghy which lay in chocks on her deck.

In a trice they had flung her over the low rail into the sea; two sprang in and pulled hard for the rapidly sinking 'Swan.'

All the time the guns ashore were rapping and roaring. The sea was thick with spouts of foam as shells big and little struck the surface.

'This infernal searchlight!' growled Roy. 'They're rotten shots, but they're getting the range now.'

They were. Just as the dinghy drew alongside the 'Swan,' another 6-inch plunged straight into her, amidships. It must have exploded in the engine-room. The 'Swan' and all in her vanished from the face of the waters, and when the smoke cloud lifted, the dinghy, upside down, with one man clinging to it, was all that was left.

'A rope. Give us a rope!' shouted Roy. Some one ran forward, but even as they did so a smaller shell caught the funnel of the 'Maid' and carried two thirds of it away. With it went the man with the rope.

At the same moment the survivor who was clinging to the dinghy let go his hold. Stunned by the concussion of the previous shell, he was sinking into the depths.

'I can't stand that,' cried Roy, and with one spring was overboard and striking out hard for the drowning man.