"Bless me heyes," said Mr. Punch, "hit's a flying-fish, as ever was."

"Is it, really?" said Freddie. "Did he really fly?"

"How wonderful is nature!" said the Sly Old Codger. "Such an opportunity to improve the mind! My little friend, I trust you will profit by what you have seen. It is very educational; very educational indeed."

"Ahem!" said the Old Codger with the Wooden Leg. "What do you suppose—er—ahem!—if you will pardon me—what are those little things sparkling out there on the surface of the water?"

"Hit's a school of sardines!" said Mr. Punch. "Hi know them wery well; when I was a lad—"

"There must be millions of them," said Freddie. "Just look!"

The tiny fish were leaping by thousands on the surface of the water, immediately in the path of moonlight; and they flashed and sparkled as they leaped.

"Hi believe there's a great fish arfter them," said Mr. Punch.

"Maybe a whole regiment of big fish," said Toby. "By crackey, there's one now!"

As he spoke, a black fin cut the water near the sardines, and they became more agitated than ever; from the size of the fin, it must have been a very great fish indeed; and along the upper edge of the fin was