's tactics. He let us get tired out,
and then beat us. But we haven't got the fleet yet, fellows, and we are
a pack of fools to count the chickens before they are hatched."

"You said George has no objections," replied Joseph, glancing anxiously
at Tony.

"He has not, but he wants to consult Captain Sedley before he consents."

The boys looked a little disconcerted at this intelligence, and a
momentary silence ensued.

"Do you think he will object, Tony?" asked one.

"I am pretty sure he will not."

"Have you said anything to Frank about it?"

"Yes; and he says the Zephyrs will put their money with ours, if we get
the fleet."

"Hurrah! I _know_ his father will consent!"

"I have even got a hint from him that he should not object," added Tony,
very quietly.

"That is glorious! We shall certainly have the fleet then!" shouted
Joseph Hooper.

"I am pretty sure there will be no trouble about it. Almost everybody is
willing to admit now that the clubs are a good thing; that they keep the
fellows out of mischief, and stimulate them to do their duty at home and
at school. So much for our strict regulations. If we can get more boats,
and form more clubs, everybody concerned will be the better for it."

"That's the idea."

"We can get four small boats for our money--can't we?" asked one of the
boys.

"Frank thought we had better get different sized boats," replied Tony.

"For different kinds of service," added Joseph, demurely.

"Say, one eight-oar boat, one six-oar, and two four-oar," said Tony.

"That would be first rate! Then we could take in twenty-two fellows."

"Twenty-three; the commodore would not be the coxswain of any boat, but
command the whole."

The boys grew so nervous and excited during this fine discussion, that
they could hardly keep their seats. In imagination the fleet was already
afloat, and the broad pennant of Commodore Sedley was flying on board
the Zephyr.

"How long before we can get the boats, Tony?" asked a little fellow,
his eyes snapping with delight at the glorious anticipation.

"Perhaps they can be bought ready made. We need not wait for new ones.
In a few weeks, at least before vacation---- Hallo, Paul! I am glad you
have come."

Little Paul looked very sad as he entered Butterfly Hall. With a faint
smile he received the greetings of his friends.

"All aboard!" shouted Tony, as he rose front his chair. "You haven't got
your uniform on, Paul."

"I can't go with you,