"We didn't think of it," said Mr. Mizzen. "We had plenty of dippers, and we never thought of anybody's throwing them overboard."

"No! no!" cried all the skippers and mates together. "We never thought of that!"

"Then bring out the life-preservers at once!" said Aunt Amanda. "And be quick about it!"

"We haven't any," said Mr. Mizzen. "What would have been the use of life-preservers if the dippers were all on board? We never thought we would need them."

"No! no!" cried all the skippers and mates together. "We never thought of that!"

"Then think of something now," said Aunt Amanda. "Don't you see the ship's settling deeper in the water?"

The ship was in fact deeper in the water. It was sinking rapidly. The deck began to list so much towards the stern that it was difficult to stand on it. The ship was making no headway whatever. The breeze was even lighter than before, and the sails were hanging limp. It would have taken a stiff wind indeed to have moved that water-logged boat; and it lay as if moored to a float, going up and down heavily in the long swell.

"Do you—er—think," said the Old Codger with the Wooden Leg, "that we are in—er—danger?"

"Danger!" cried Aunt Amanda. "Something must be done! Are you going to let us drown without turning a hand?"

"There's only one thing to do," said Mr. Mizzen, "and I don't know whether it will work or not; but we can try it. Boys, bring up all the mattresses from the cabins, and a coil of rope! Look alive, now!"