iven point? But how can we find any?"

"Oh, easily enough; something or anything--a bubble'll do, or we can
pitch out a bit of wood."

Upon this Featherstone descended from his perch, and came near to
examine the proceedings, while the other two, eager to take advantage
of the new excitement, soon joined him. By this time Melick had
finished his paper boats. There were four of them, and they were made
of different colors, namely, red, green, yellow, and white.

"I'll put these in the water," said Melick, "and then we can lay our
bets on them as we choose. But first let us see if there is anything
that can be taken as a point of arrival. If there isn't anything, I
can pitch out a bit of wood, in any direction which may seem best."

Saying this, he went to the side, followed by the others, and all
looked out carefully over the water.

"There's a black speck out there," said Oxenden.

"So there is," said Featherstone. "That'll do. I wonder what it is?"

"Oh, a bit of timber," said Melick. "Probably the spar of some ship."

"It don't look like a spar," said the doctor; "it's only a round spot,
like the float of some net."

"Oh, it's a spar," said Melick. "It's one end of it, the rest is under
water."

The spot thus chosen was a dark, circular object, about a hundred
yards away, and certainly did look very much like the extremity of
some spar, the rest of which was under water. Whatever it was,
however, it served well enough for their present purpose, and no one
took any further interest in it, except as the point toward which the
paper boats should run in their eventful race.

Melick now let himself down over the side, and placed the paper boats
on the water as carefully as possible. After this the four stood
watching the little fleet in silence. The water was perfectly still,
and there was no perceptible wind, but there were draughts of air
caused by the rise and fall of the yacht, and these affected the tiny
boats. Gradually they drew apart, the green one drifting astern, the
yellow one remaining under the vessel, while the red and the white
were carried out in the direction where they were expected to go, with
about a foot of space between them.

"Two to one on the red!" cried Featherstone, betting on the one which
had gained the lead.

"Done," said Melick, promptly taking his offer.

Oxenden made the same bet, which was taken by Melick and the doctor.

Other bets were now made as to the direction which