sy stowage in the shelter of a dock or harbour, did not occur to
us; they were obstructionists, blocking our speedy passage with their
warps and nets and gear. Although most masters grudgingly steered clear,
there were those in our ranks who elected to hold on through the fleets,
unconcerned by the confusion and risk to the fishermen's gear that
their passage would occasion. There were angry shouts and protests; the
gear and nets were often the sole property of the fishermen; serious
losses were sustained.

At war, we have incurred debts. When peace comes and the seas are free
again, we shall have memories of what we owe to the fishermen in all the
varied services they have paid to us. The minesweepers toiling in the
channels, that we may not meet sudden death; patrols riding out bitter
weather in the open to warn us from danger, to succour and assist the
remnants of our manning when a blow goes home. War has purged us of many
old arrogant ways. When next we meet the fishing fleet at peaceful work
in the channels, we shall recall the emotion and relief with which we
sighted their friendly little hulls bearing down to protect us in a
menaced seaway. We shall 'keep clear o' th' gear when th' nets is
down.'

[Illustration: SOUTHAMPTON WATER]

VIII

THE RATE OF EXCHANGE

THE Bank of England official, who had been a close attendant on the
bridge during the early part of the voyage, seems now to be reassured.
We are nearing land again. Another day should see us safely berthed at
New York, where--his trust discharged--a pleasant interval should open
to him ere returning to England. The gold and securities on board are
reason for his passage; he is with us as our official witness, should
the activity of an enemy raider compel us to throw the millions
overboard. Nothing has happened. The 'danger zone' has been passed
without event. Stormy weather on the Grand Banks has given way to light
airs and a smooth sea as we steer in to make our landfall.

Together on the navigation bridge, we are discussing the shipment.
". . . It is the exchange, Captain," he says. "The exchange is against
us. These huge war purchases in the States cannot be balanced by the
moderate exports we are able to send over. When we left Liverpool the
sovereign was worth four dollars, seventy-one cents in America. I don't
know where it is going to end. We can't make securities. There must be a
lim----" Drumming of the wireless telephone cuts in on