, and the first
thing he saw was the dinghy. By a miracle, she was floating unharmed among
a mass of wreckage, but Othman was not in her.

Ken looked round, and saw the old Pacha dangling in the water alongside
the swaying steamer. He was tied to her by the rope of which one end was
around his body, while the other was still fast to the ship's rail.

It was a ghastly fix, for it was clear that the steamer was sinking fast.
Another moment, and down she would go, dragging the unfortunate old man
with her and Ken too. He knew well enough that, as she sank, she was bound
to pull him also down into the vortex, and that from this great eddy he
would never have the strength to rise. His one chance for life was to swim
away as hard as he could go.

[Illustration: 'Ken sprang over.']

But Ken was not the sort to leave a job half-done. It was both or neither,
and treading water he fumbled frantically in his pockets for his knife.

With a sigh of relief, his fingers closed upon it; he whipped it out, and
opening it with his teeth struck out with all his strength for Othman.

It is no easy matter to cut a slack rope with a small clasp knife,
especially when the blade is none too sharp. Ken felt as though he would
never get it through.

He heard shouts from the submarine, but could not distinguish words. The
steamer was settling fast. Already her rail was almost level with the
water.

The last strand parted, and dropping the knife, Ken seized Othman, who by
this time was quite insensible, and made for the dinghy with all his
remaining strength.

He reached it, and got one arm over the stern. But that was all he could
do. It was out of the question for him to lift Othman into the boat. He
could not even climb in himself. He was completely done, and could only
hang on, panting so that every breath he drew was pain.

From the steamer came the sound of a fresh explosion. The air, confined
below, was forcing up her decks. Ken knew that now it was only a question
of seconds before she sank, knew, too, that escape was out of the
question. The dinghy was bound to be drawn down, and it was not as if the
submarine had a second boat which she could send to the rescue.

'All right, Ken. Hold tight. I've got you!'

It was Roy's cheery voice, and Ken suddenly realised that he was there in
the water alongside.

'Look out!' Ken managed to gasp. 'You'll only be dragged down too.'

'Not a bit of it,' Roy answered, as he raised himself