ready to give
up the first prize to the Sea Foam."

The party in the cabin of the Penobscot heartily applauded the conduct
of the commodore.

"You are very kind and generous, Bob," replied Donald, deeply moved by
the magnanimity of the commodore.

"When I am whipped, I know it as well as the next man. The silver vase
belongs to the Sea Foam."

"Not at all," protested Donald. "This last race was not for the vase,
and you won the first one fairly."

"Of course the vase belongs to the commodore," added Rodman. "The judges
have already awarded and presented the prizes."

This was the unanimous sentiment of all concerned, and Robert consented
to retain the first prize.

"I say, Don John," continued the commodore, removing his wet coat and
cap, "I want to have an understanding about the affair. While I own that
the Skylark has been beaten, I am not so clear that the Sea Foam is the
faster boat of the two."

"I think she is, commodore," laughed Donald; "though I believe I
understand your position."

"We made an even thing of it till we came up with Turtle Head--didn't
we?"

"Yes, that's so. If either gained anything for the moment, he lost it
again," replied Donald.

"Then, if we made exactly the same time to Turtle Head, it seems to me
the merits of the two boats are about the same."

"Not exactly, commodore. You forgot that the Skylark has to give time to
the Sea Foam--one and three-tenths seconds per mile; or about eight
seconds from here to the Head."

"That's next to nothing," laughed Robert. "But I was a length ahead of
you."

"I let you gain that, so that I could go to windward of you."

"You made your first point by running nearer to the rocks than I like to
go, by which you cut off a little of the distance; and inches counted in
so close a race."

"That's part of the game in sailing a race."

"I know that, and it's all perfectly fair. I lost half my time when the
squall came. I thought it was going to be heavier than it proved to be."

"I threw the Sea Foam up into the wind when it came," said Donald.

"But you didn't drop your peak, and I lost two minutes in doing it. Now,
Don John, I can put my finger on the four minutes by which you beat me;
and I don't think there is any difference between the two yachts."

"You forget the allowance."

"That's nothing. In all future regattas the result will depend more upon
the sailing than upon the boats."

"I think you are quite right, Bob; and the