is unlikely in the
extreme that we shall ever know who did it. I shall pay you all
winning money, for that you did not win was no fault of yours. One
thing I will wager, though I am not a betting man, and that is,
that the next time we meet the Phantom we shall beat her, by as
much as we should have done today, but for this accident."

The appearance of the Osprey as she sailed into the anchorage,
without topmast or bowsprit, excited great attention; and many of
the yachtsmen came on board to inquire how the disaster had
happened. To save going through the story a score of times, Frank
had the broken pieces of the bobstay bar brought up and laid on the
deck near the tiller, and in reply to inquiries simply pointed to
them, saying:

"I think that tells the tale for itself."

All were full of indignation at the dastardly outrage.

"What are you going to do, Major?"

"I am not going to do anything, except take it ashore and hand it
to the Sailing Committee. That it has been cut is certain. As to
who cut it, there is no shadow of evidence."

"If I were in Carthew's place," one of them said, "I should decline
to take the Cup under such circumstances, and would offer to sail
the race over again with you as soon as you had repaired damages."

"I should decline the offer if he made it," he said, quietly. "It
is probable that we shall meet in a race again some day, and then
we can fight it out, but for the present it is done with. He has
won the Queen's Cup, and I must put up with my accidents."

The effect produced by the facts reported to the committee, and
their examination of the broken bar, was very great. Such a thing
had not been known before in the annals of yachting, and the
committee ordered a poster to be instantly printed and stuck up
offering a reward of 100 pounds for proof that would lead to the
conviction of the author of the outrage.

Frank returned on board at once, and sent off a boat, towing behind
it the broken bowsprit and topmast to Cowes, with instructions to
Messieurs White to have two fresh spars got ready, by the following
afternoon if possible.

He did not go ashore again until he landed, at half-past ten, at
the clubhouse. Every window was lit up, and dancing had begun an
hour before. Frank at once obtained a partner, in order to avoid
having to talk the unpleasant business over with yachting friends.

Presently he sat down by the side of Lady Greendale.

"I am so sorry, Frank," she