"Betrayed," cried Ralph, clapping his hand to his forehead. A moment
later two soft-boiled eggs devastated the snowy whiteness of the
_Seamaid's_ deck.

Despite their precautions, Lady Margaret had been spirited away during
the night. As soon as he had recovered from the shock of the discovery,
Ralph ran to Lord Tamerton and acquainted him with the terrible news.
There was a period of agonised and fruitless discussion.

"Wait! I have an idea," exclaimed Ralph presently. He pressed an
electric bell, and a steward appeared almost simultaneously.

"Jenkins, fetch me a race card," said Ralph.

"Yes, Sir," replied the steward. "I anticipated your request and have it
here."

Ralph and Lord Tamerton bent their heads over the card.

"See," said the former. "It is as I hoped. Among the entries for the
Island Cup we have the _Watersnake_, owner Sir Ernest Scrivener. He will
sail her himself, that is certain. It is equally certain that he has
Madge on board. If I know anything of him he will not let her out of his
sight. Fred, by yonder centreboard I swear that before the race is over
we will win her back."

_Bang!_ It was the signal for the competitors to line up for the great
race for the world-famous Island Cup.

***

Of all the thousands who pressed themselves against the straining booms
none realised that the race was for a prize far more precious than a
mere cup of gold valued at two thousand guineas.

The _Watersnake_ was in front, a clear hundred yards separating her from
the pursuing _Seamaid_. All the other yachts lagged hopelessly in the
rear.

Scattering the foam at their bows, the two boats rushed along the blue
lane of clear water which lay between the booms. Ralph, at the wheel of
the _Seamaid_, gazed anxiously forward. Could they do it?

"Let loose the spinnaker," he commanded gruffly. "Haul on the signal
halyard. Lower the keelson."

The orders were swiftly executed, and the _Seamaid_ leaped forward with
a bound. The distance between the two vessels rapidly lessened.

"Fred," said Ralph, "you must take the wheel for a time. I'm going
forward to board the _Watersnake_."

Lord Tamerton obediently grasped the wheel, while Ralph ran forward and
crept along the bowsprit. The intervening space was now very small.
Bracing himself for the effort, he shot through the air and landed upon
the deck of the _Watersnake_. The first object which met his gaze was
Lady Margaret, her wrists bound, lying be