ety, and was welcomed by Mr Twigg, who
took him to his own house that they might discuss together the subject
in hand.

"A sad affair this, the loss of our good ship. We expected to realise a
fine percentage by her cargo, and now we not only lose that, but our
friends refuse to pay the insurance," observed the merchant. "You
surely, Captain Tracy, must be convinced that she went down in the
hurricane, or has been captured and destroyed by the enemy."

"I am not at all convinced of either one or the other," answered Captain
Tracy, bluntly. "She was, or, I may venture to say, she is, as
stout-built a ship ever floated, and I hold to the opinion that she
would not have foundered while any other craft could keep above water.
I hear, indeed, that two or three vessels which were caught in that same
hurricane, though severely damaged, got at last safely into port. Mr
Ferris wrote word, as you are aware, sir, that, after a thorough
examination of the coast, no signs were discovered of her having been
driven on shore, as all the vessels wrecked were identified and she was
not among them. If she had been captured by the enemy, her master, Owen
Massey, would have found means to communicate with us and let us know
that he and his people were prisoners. By a letter from my son, I hear
that there are still some picarooning villains infesting those seas, but
they generally attack smaller fry than the _Ouzel Galley_. She was, as
you are aware, well armed and well manned, and I can answer for it that
Owen Massey would not have been taken by surprise, and would have beaten
off in a fair fight any such craft, as he would any privateer of equal
or, I may venture to say, of considerably superior force. His orders
were to avoid fighting if he could do so with due regard to his safety--
and I never knew him disobey orders from the time he first came to sea
with me."

"Then, from what you say, Captain Tracy, your opinion is opposed to the
interests of the firm," observed Mr Twigg, in a tone which showed that
he was somewhat annoyed.

"I express the opinion I hold, sir, and you never found Gerald Tracy say
or do anything contrary to the interests of his employers," answered the
captain firmly. "What you want to obtain, sir, is a rightful decision;
and my belief and hope is that, if the insurance money were paid to you,
you would have to refund it."

"You only say what is true, captain, and you will pardon me for my
remark," excla