For an instant I hesitated.

"No," I said, at length. "I don't think she is. I mean, not in that way."

"What way, then?"

"Well, I've formed a bit of a theory, that seems wise one minute, and cracked the next. Of course, it's as likely to be all wrong; but it's the only thing that seems to me to fit in with all the beastly things we've had lately."

"Go on!" he said, with an impatient, nervous movement.

"Well, I've an idea that it's nothing in the ship that's likely to hurt us. I scarcely know how to put it; but, if I'm right in what I think, it's the ship herself that's the cause of everything."

"What do you mean?" he asked, in a puzzled voice. "Do you mean that the ship is haunted, after all?"

"No!" I answered. "I've just told you I didn't. Wait until I've finished what I was going to say."

"All right!" he said.

"About that thing you saw tonight," I went on. "You say it came over the lee rail, up on to the poop?"