The smoking-room of the Marine Hotel at Carmeltown was crowded with yachtsmen on the evening after the channel regatta. Marston and Wyndham occupied a small table, the former trying to read a newspaper while the latter looked about. The big room echoed with voices, a haze of tobacco smoke drifted round the pillars, and now and then a peal of laughter marked the end of an Irish yachtsman's tale. For all that, Wyndham's face was rather grim, and Marston, looking up by-and-by, thought he was brooding.

"Hallo! Here's Elliot," he exclaimed. "S'pose he came across on the mailboat. I heard her whistle not long since. Thought he was going to stop and see if they could salve Deva. Anyhow, I'd like to hear about the collision and it looks as if he was making for us."

"Yes," said Wyndham. "I imagine he wants to see me."

Elliot crossed the floor, stopping now and then when somebody spoke to him, and after a time reached Marston's table, where he sat down.

"I've been trying to get to you for some minutes, but the Irishmen wouldn't let me pass. The news of my bad luck soon got across," he remarked."We didn't get much news," said Marston. "What about the boat?"

"She's gone; cut down to the bilge and sunk in six fathoms. No chance of salvage and the navigation board is going to blow her up."

Marston said he was sorry and asked about the collision.

"To begin with, I want a drink," said Elliot, who called a waiter and then resumed: "It was dark and hazy, and we were creeping up to the anchorage at Kingstown with all sail set. I was at the tiller, but the wind was very light and she would hardly steer; the tide was carrying her along. Jevons, looking out under the boom, said he saw a steamer's lights, but just then I heard a North-Wall boat in the fog. You know the noise they make when they're steaming fast, and the fog's pretty bad when those boats slow up. I knew she wasn't far off when I saw her lights; red, white, and green all together. That meant we had to do something quick."

Marston nodded. When a steamer's three lights are seen she is heading direct for the observer.

"Our flare wasn't handy, and the first match broke," Elliot resumed. "Reckon I was awkward and not very cool. However, I got a light and it was a relief when her whistle indicated that she was changing her course; but while I was fumbling with the matches I forgot the other boat. So did Jevons; he owned it afterwards. The North-Wall man went past us, like a train, lights all over the passenger decks and a four-foot wave rolling off the bows. She left us dazzled and rather shaken, and then Jevons shouted that the other fellow was close ahead."Elliot stopped and drained his glass, and when he went on his voice was hoarse. "We were crossing her bows, close-hauled on the starboard tack. Our business, of course, was to carry on, but our lights were low and not very bright, and as a rule, it's prudent to give a steamer room. Anyhow, I shoved down the helm to bring her round, and told Jevons to get out the big oar when I found her slow. The wind was light and she was plunging on the North-Wall boat's wake. She came headto, and then a roller hit her bows and she fell off. Jevons was trying to pull her round, and for two or three moments I saw the steamer's forecastle. She was a big, clumsy craft, going light, and looked as high as a house.

"Then there was a crash and the mast went. I saw our side deck crumble and the other's stem cut through to the cabin top. Mast and boom were over the side, and when the round of her bow filled our cockpit I knew it was time to go. By good luck, we had towed the dinghy and the steamer held up Deva until we got on board. Then as we cut the painter the old boat broke away, and the steamer went on, over the top of her. I imagine she stopped, because we heard her whistle in the fog, but we'd had enough of her and pulled for the beach. We landed at Kingstown, and I think that's all."

Marston sympathized and ordered drinks. Elliot drained his glass and turned to Wyndham.

"Well," he said, "she was insured and I want another boat. What's your price for Red Rose?"

"Red Rose is not for sale," Marston interposed.

"Then why did Forwood tell me you wanted an offer?"Marston looked at Wyndham, who nodded. "It's all right, Bob; I'm going to sell." Then he turned to Elliot and stated a sum.

"A moderate price!" the other remarked. "I'll admit it's less than I thought. Is she sound?"

"She is not," Wyndham replied. "Port side's weak where the strain of the rigging comes; she needs some new timbers. The covering board ought to be relaid all round. Keel's shaky aft; the deadwood ought to be lifted——"

He indicated the repairs he thought necessary and Elliot looked at him with surprise.

"Since you want to sell, aren't you taking a rather unusual line?"

Wyndham smiled. "I allowed for defects when I fixed the price. The carpenter's job will be expensive, but if it's properly done, the boat will afterwards be nearly as good as new. I think you can rely on this."

Marston gave his partner a puzzled glance and Elliot said, "After your frankness, I'll buy her and take my chance."

"I imagine it's a safe investment," Wyndham rejoined.

For a few moments Elliot was quiet and then he fixed his eyes on Wyndham and said in a thoughtful voice, "Red Rose is fast and you sailed her cleverly. All the same, I never understood how you beat us when you won the Commodore's cup."

"I imagine I went the wrong side of the Knoll buoy," Wyndham answered coolly. "Perhaps this gave us some advantage, because the tide runs longer near the coast."Marston moved abruptly, but Wyndham went on: "I'm not certain; but if you had filed a protest, I wouldn't have claimed the prize. Bob thought he saw something in the haze. It might have been a gull, but it might have been the buoy. Anyhow, we went on and the tide carried us along the shore."

The short silence that followed had a hint of strain. Wyndham knew Elliot knew his winning the race had appealed to Flora's imagination. Moreover, he thought Elliot had wanted to marry Flora and would have had Chisholm's support. Marston saw they had got on awkward ground, and felt embarrassed.

"After all you did beat us and you were not sure it was the buoy," Elliot said, in a quiet, meaning voice. "It's too late to file a protest now. Besides, we were talking about the boat——"

"I'll put her on the hard, if you'd like a proper survey before you decide."

"No," said Elliot. "I don't think it's needful. Your statement satisfied me. I'll buy her."

He went off and Wyndham gave Marston a smile. "You look surprised, Bob."

"Let's have another drink," said Marston, who called a waiter and then resumed awkwardly: "Elliot played up pretty well. I like the fellow; he's a sportsman, but after all I think it was a gull we saw. Anyhow, we won't bother about it again. Why have you sold Red Rose?"

"It ought to be obvious. A yacht costs something and my keeping an expensive toy wouldn't be justified just now."

"Romantic exaggeration! You're frankly ridiculous," said Marston with some warmth. "Wyndhams' isn't going broke."

Wyndham picked up the newspaper and indicated an advertisement. "I really think I'm logical. Perhaps, this ought to persuade you I've made up my mind."

"Preposterous!" Marston exclaimed, throwing down the paper. "Your pretty new house? Besides, it's Flora's house as well as yours!"

"Flora agrees," said Wyndham quietly.

Marston got up and his face was red. "Looks as if you don't mean to let me help much. It's senseless exaggeration; things aren't as bad as you make out. However, I've had enough. I'll get angry if I stay."

"You ought to approve; I imagined you liked a thorough job," Wyndham rejoined, and Marston frowned as he crossed the floor.

Men spoke to him as he passed their tables, but he did not stop and going to the drawing-room found Flora alone. When he came in she put down her book and indicated an easy chair.

"Stop and talk to me, Bob. I was beginning to feel neglected," she said. "But what has happened? You look annoyed."

"I am rather savage," Marston admitted. "Think I'll stand until I get cool. Do you know Harry has sold Red Rose?"

"I knew he wanted to sell her," Flora said quietly.

"This is not all. D'you know about the ridiculous advertisement he's put in the newspaper?"

"Of course! I don't altogether see why you are surprised."Marston hesitated. He did not want to admit he had been surprised, and, after studying Flora thought he could not urge that Wyndham's reformation might be overdone.

"Anyhow, you can see why I'm annoyed," he said. "I'm Harry's partner and am going to marry your oldest friend."

"I have not forgotten this and it helps me to be frank. You're generous, Bob, but Harry has done wrong and must pay. He cannot make good at another's cost."

"The trouble is, you must pay. Your house, for example! You planned it, you worked out all the colors, and thought where everything ought to go. The house is beautiful, you're proud of it, and a woman's home means much to her."

Flora turned her head for a moment, but when she looked up again her eyes shone.

"I would sooner be proud of my husband. I am proud now and am going to be prouder. Harry has pluck and meeting obstacles spurs him on. Our part is to encourage him, while he struggles up hill. I know he'll reach the top."

"With a wife like you, he ought to go far," said Marston quietly. "I'm sorry you won't let me help in the way I want, but s'pose I must agree. Don't know if I'm romantic, but I've felt the world's a better place since I knew you and Mabel."

He went off and soon afterwards Chisholm came in, carrying a newspaper.

"What does this mean?" he asked, indicating an advertisement. "Telford showed me the paper. Wanted to know why you were selling the house. I couldn't tell him. Is Harry getting rich so fast that it isn't big enough?"

Flora smiled. "The story's rather long, but I think you must be told. If we stay here, somebody may come in. Let's go to the breakwater."

She got her hat and crossing a street they reached a long granite wall that ran out to sea. The languid swell beat against the massive, dovetailed blocks, the moon was rising above the gray hills, and when they had passed the landing place there was nobody about. By-and-by Chisholm indicated a mooring post and, when Flora sat down, leaned against the granite parapet.

"My dear," he said, "I've been puzzled recently; had a notion something was wrong. For all that, Wyndhams' was obviously prosperous, Harry's an indulgent husband, and I wouldn't own I'd grounds for bothering, until I saw this advertisement. Well, sometimes it's rash to meddle, but I'm anxious. Tell me all you can."

Flora told him and after she stopped he was quiet for a time. The moonlight touched his face and she saw the lines get deeper. The old Commodore was deeply moved, but she was glad he did not look stern.

"I've got a knock and know how you were hurt. You bear it well," he said. "To some extent, the fault is mine. When Harry wanted to marry you I doubted but gave way. I ought to have been firm."

"You are not accountable," Flora replied. "I wanted you to approve, but I meant to marry Harry. I loved him, though I knew his drawbacks. But this doesn't matter; I love him now."Chisholm looked at her with knitted brows and she saw he was suffering for her sake.

"You are very staunch, but I knew this. You say Harry means to make reparation. Now he's found out, his repentance is strangely thorough."

"You must not be bitter," said Flora quietly.

"Very well. Let's be practical. Your husband's job will be hard and long. He must carry his load, but part will fall on you. It's already doing so."

"That is just. Much of the fault was mine. I trusted Harry, and after all I trust him better; but at the beginning this was not enough. I wanted you and our friends to know him; to own he had talent and see my pride in him was founded well. In a way, it was a mean ambition. I wanted him to get rich. Not because I'm greedy——"

"I think I understand," Chisholm remarked. "Perhaps we use the money standard oftener than we ought. It's not high, but all the same, to earn money demands some useful qualities." He paused and added with a sigh: "I am poor and know."

"You are a dear! Your honesty is worth much more money than you could have earned. Then you're not hard, as some honest people are. You will not be hard to Harry now he is trying to make amends?"

"Far from it! What right have I to hurt a broken man?"

Flora smiled. "Harry is bruised, but not broken. Then, you see, I made his temptation stronger. When I ought to have held him back I half-consciously urged him on. It was for my sake he broke rules we try to keep, and I mustn't grumble if some of his punishment falls on me."

"After all, you did not know what you did."

"I ought to have known; I am his wife. But I think you understand, and there's no more to be said."

Chisholm got up. "A nasty knock, but we can bear it. You have pluck and one can't be beaten when one is not afraid."

They went back silently and near the end of the wall met Wyndham going to the landing steps. Chisholm stopped and gave him his hand.

"Flora has told me all," he said. "Your friends will stand by you."