looks all rubbish. No
one can make this out."

"Spell it over," said his father, and the boy began.

"H-o-r-s-i-m-s-p-o-o-t-e-t-y-de-b-i-t-h-e-t-o-p-e."

"What does that spell? It's all one word."

"Read it again," said Gwyn, excitedly; and Joe repeated the letters.

"I know. Can't you see?" cried Gwyn, laughing.

Joe shook his head, and the two old officers looked nonplussed.

"What is it, Gwyn?" said his father. "Speak out, if you know."

"Ore seems pretty tidy by the top."

"No; nonsense!" cried the Colonel.

"It is, father," said Gwyn. "You read it over again, Joe."

The letters were once more repeated, and the Major exclaimed,--

"That's it, sure enough."

"Then there must be something in it," cried Colonel Pendarve. "The
place is being talked about, and this fellow, who is evidently
experienced in such matters, has been sent on to act as a spy. But how
does he know about the depth?"

"Line's all knotted in six-feet lengths, sir," said Joe.

"Then I'm much obliged to him for taking the measures; but let's try for
ourselves. You would like to see the depth tried, Jollivet."

"I? No, certainly not. Why should I?" cried the Major, testily.

"Because I presume you will take some interest in seeing me succeed if I
go on with the venture."

"Oh! Well, yes, of course. Going to try now?"

"I am," replied the Colonel. "Will you boys let down the leaden sinker?
Be careful, mind. Will you hold the reel, Joe? and then Gwyn can count
the knots as the line runs down."

"All right, sir," cried Joe; and the Major took his place by the wall to
look on while, after stationing themselves, Gwyn counted three knots, so
as to get a little loose line, then took tight hold and pitched the lead
from him, letting the stout cord run between his finger and thumb, and
counting aloud as it went down, stopping at thirty by tightening his
grasp on the line.

"He's wrong, father; thirty fathoms, and there's no water yet."

"Try a little lower, boy."

The line began to run again, and there was a faint plash before half of
another fathom had been reeled off.

"Not so very far out," said the Major, as Gwyn went on counting and the
reel turned steadily on, Joe turning one finger into a brake, and
checking the spool so that it would not give out the line too fast.

On went the counting, the words coming mechanically from Gwyn's lips as
he thought all the while about his terrible fall, and wondered how deep
d