, and the others
followed in quick succession. The sheets were hauled in, and the
yachts were able to lie close-hauled for Ventnor. The three leading
boats maintained their respective places, but drew out from each
other, and when they passed Ventnor the Osprey was some five
lengths ahead of the Phantom.

"Don't be downcast, ladies," Carthew said, gaily. "We have a long
way to go yet, and once round the point we shall have to turn till
we pass the Needles."

The sea was now getting a good deal rougher. The wind was against
tide, and the yachts began to throw the spray over the bows. Bertha
was struck with the confidence with which Carthew had spoken, and
watched him closely.

"We shall get it a good deal worse off St. Catherine's Head," he
went on. "There is a race there even in the calmest weather, and I
should advise you to get your wraps ready, for the spray will be
flying all over her when we get into it."

They were now working tack and tack, but the Osprey was still
improving her position, and as they neared St. Catherine's Head she
was a good quarter of a mile to the good. Still Carthew maintained
his good temper, but Bertha could see that it was with an effort.
He seemed to pay but little attention to the sailing of the
Phantom, but kept his eyes intently fixed upon the Osprey.

"I should not be surprised at some of us carrying away a spar
before long," he said. "The wind is freshening, and we shall have
to shift topsails and jibs, I fancy."

They were now lying far over, and the water was two or three planks
up the lee deck. Each time the cutter went about, the ladies
carried their footstools up to windward, when the vessel was for a
moment on an even keel. When there they were obliged to sit with
one hand over the rail, to prevent themselves from sliding down to
leeward as the vessel heeled.

"There goes the Chrysalis's topmast," the skipper exclaimed
suddenly. "That does for her chance. I think I had better get the
jib header ready for hoisting, Mr. Carthew; the spar is bending
like a whip."

"Yes, I think you had better get it up at once, captain. It is no
use running any risk."

As the Phantom's big topsail came down, the Osprey's was seen to
flutter and then to descend.

"He has only been waiting for us," the captain said.

Carthew made no reply. He was still intently watching the craft
ahead.

"It is just as well for him," the captain went on. "He will be in
the race directly."

Berth