stay and have
breakfast with us. I bet you didn't have anything before you left?'

'I had a crust of bread,' said Marjorie reluctantly. 'Elspeth keeps
everything locked up at night, and I couldn't wait.'

'Come along,' said Allan. 'You'll be in the best place for seeing what
the _Heroic_ is about.'

The argument was irresistible and Marjorie yielded.

'Never mind Cheeky,' said Allan; 'he won't wander far.'

The bridle was taken off the shaggy little pony whom Marjorie had not
waited to saddle, and Marjorie and Allan went down the hill.

Reggie and Harry were already out of doors, Harry addressing himself
with sparkling eyes to Reggie, who was unusually silent. When Allan
came in view together with Marjorie, Reggie studied the pair
inquiringly and received a reassuring nod from Allan.

'Seen the _Heroic_?' began Harry; 'I say, if the men get their leave
to-day do you think they will let us come with them?'

'We might show them the interesting places on the island,' said Reggie,
with a sidelong glance at Allan.

'Oh, I say, what fun,' exclaimed Harry; 'I'd take them to the
Smugglers' Caves and let them explore.'

Reggie looked at Allan again.

'I wouldn't do that, if I were you, Harry,' said Allan. 'You don't
know much about the caves yourself yet, you know, and they're most
awfully dangerous; great holes full of water where you don't expect
them, and rocks that might fall on the top of you and crush you to
pieces; and then the smugglers might be lying in ambush round the
corners, you know.'

Tricksy, who had come out to join the others, opened her eyes very
widely at this account of the hidden perils of the caves.

'Look,' cried Reggie, 'they're signalling something from the _Heroic_.'

A string of flags had suddenly floated out from the _Heroic's_ masthead.

'Wait, and I'll fetch a spy-glass,' said Allan, running towards the
house.

'Something about telling something to Father,' he said, after studying
the signals for awhile; 'I can't make out the rest.'

They looked at each other with frightened eyes.

'Here, Reggie,' said Allan, handing him the glass, 'you try.'

Reggie looked, then shook his head.

'Can't make anything of it,' he said.

'Perhaps they want us to come on board again,' said Harry. 'You might
give me the glass for a minute, Reggie.'

'They can't have been exploring already?' suggested Marjorie, in a
voice designed only for Allan's and Reggie's ears.

'Don't know,' said