He turned to take up the oars. What he saw lying over the port gunwale of the boat made him gasp, grip Billy's wrist and utter a scream of terror!

"We're cotched!"

The squid had fastened one of its tentacles to the punt. The other was poised above the stern, ready to fall and fix its suckers. The onward movement of the punt was explained.

Billy knew the danger, but he was not so terrified as to be incapable of action. He was about to spring to the stern to strike off the tentacle that already lay over the gunwale; but as he looked down to choose his step he saw that one of the eight powerful arms was slowly creeping over the starboard bow.

He struck at that arm with all his might, missed, wrenched the ax from the gunwale, and struck true. The mutilated arm was withdrawn. Billy leaped to the stern, vaguely conscious in passing that another arm was creeping from the water. He severed the first tentacle with one blow. When he turned to strike the second it had disappeared; so, too, had the second arm. The boat seemed to be free, but it was still within grasp.

In the meantime the squid had awakened to furious activity. It was lashing the water with arms and tail, angrily snapping its great beak and ejecting streams of black water from its siphon-tube. The water was violently agitated and covered with a black froth.

In this the creature manifested fear and distress. Had it not been aground it would have backed swiftly into the deep water of the basin. But, as if finding itself at bay, it lifted its uninjured tentacle high above the boat. Billy made ready to strike.

By this time Bobby had mastered his terror. While Billy stood with uplifted ax, his eyes fixed on the waving tentacle overhead, Bobby heaved mightily on the oars. The boat slowly drew away from that highly dangerous neighborhood. In a moment it was beyond reach of the arms, but still, apparently, within reach of the tentacle. The tentacle was withdrawn a short distance; then like a flash it shot towards the boat, writhing as it came.

Billy struck blindly—and struck nothing. The tentacle had fallen short. The boat was out of danger!