ive him credit for any lumber he might need; but Donald proudly
declared that he should pay cash for all he bought, and he wanted the
lowest cash prices. On his return to the shop, he entered, in the
account-book his father had kept, the amount he had expended. The work
went bravely on, for his two journeymen were interested in his success.
They were glad to get employment, and desired that the young
boat-builder should not only build a fine yacht, but should make money
by the job. The stem-piece and stern-post were set up, and gradually the
frame began to assume the shape of a vessel. Donald watched the forming
of the yacht very carefully, and saw that everything was done according
to the model and the scale.

On Saturday morning Mr. Rodman, accompanied by a friend who was a
ship-builder, visited the shop to inspect the work. The frame, so far as
it had been set up, was carefully examined, and the expert cordially
approved all that had been done, declaring that he had never seen a
better job in his life. Of course Donald was proud of this partial
success.

"I have had some doubts, Don John," laughed Mr. Rodman; "but I am
entirely satisfied now."

"Thank you, sir. I have had no doubts; I could see that frame in my mind
as plainly before a stick had been touched as I do now."

"You have done well, and I am quite sure that you will make a yacht of
it. Now, if you will give me a receipt for one hundred dollars, I will
let you have so much towards the price of the Maud, for I suppose you
want to pay your men off to-night."

"I have money enough, sir, to pay my men, and I don't ask you for any
money yet," replied the young boat-builder.

"But I prefer to pay you as the work progresses."

Donald did not object, and wrote the receipt. He was a minor, and his
mother, who was the administratrix of her husband's estate, was the
responsible party in the transaction of business; but he did not like to
sign his mother's name to a receipt, and thus wholly ignore himself,
and, adopting a common fiction in trade, he wrote, "Ramsay and son,"
which he determined should be the style of the firm. Ramsay might mean
his father or his mother, and he had already arranged this matter with
her. Mr. Rodman laughed at the signature, but did not object to it, and
Donald put the money in his pocket, after crediting it on the book.

This was the day appointed for the first regatta of the Yacht Club. The
coming event had been talked about in