to read.

For the benefit of the reader, who may desire a closer insight into
Cappy's Machiavellian nature, be it known that a sinker is a heavy,
close-grained clear redwood butt-log, which, if cut in the spring,
when the tree is alive with sap, is so heavy it will not float in the
millpond; hence the term sinker. A vessel laden with lumber sawed from
sinkers, therefore, will carry just fifty per cent. of her customary
cargo; and unless the freight rate be extremely high, she cannot make
money.

"Do you know, Skinner," Cappy announced presently, "I think you'd better
hunt up a steady job for me! Dadding it, boy, I never knew there was so
much fun in business until I had practically retired! Really, Skinner, I
must take more interest in my affairs."

"Here's something to sharpen your teeth on, Mr. Ricks," the general
manager replied, and presented the cablegram he had been holding for
five minutes.

Cappy took it and read, thereby becoming aware for the first time, that
he had in his employ an individual by the name of Matthew Peasley.

Cape Town, February 15, --.

Bluestar, San Francisco:

Captain knifed Kru boy argument boat fare. Instruct consignees
honor my drafts as captain.

Matthew Peasley, Mate.

"The murdering black hound!" Cappy murmured in an awed voice. "If he
hasn't gone and killed the best skipper I ever had! Poor Kendall! Why,
Noah and I were good friends, Skinner. Every time the Retriever touched
in at her home port I always had Noah Kendall up to the house for
dinner, and we went to the theatre together afterward. Thank God! It
isn't a week since his life insurance premium fell due and I had the
cashier pay it."

Cappy sat gazing dejectedly at the carpet.

"Poor old Cap'n Noah!" he soliloquized aloud. "Twenty-five years you
sailed under the Blue Star, and in all that time there was never once
when I had to jack up and tell you to 'tend to business. And, Noah, you
could make a suit of sails last longer than any man I ever knew; but you
did have a hell of a temper." And having delivered this touching eulogy
on the late Captain Kendall, Cappy roused himself and faced Skinner.

"I should say I have a job on my hands," he announced, "with the finest
sailing ship in the fleet down in South Africa without a skipper!
Skinner, I'll tell you what you do, my boy: You dictate the nicest
letter you know how to dictate to Noah's widow, up i