se the broadside guns but
three times, in each of which they came suddenly round the corner into a
bay where we were lying at anchor."

As they had had notice of the owner's intention to come down, the officers
were all in their new uniforms, and after Captain Pinder had shown his
guests round the ship, they sat down together to dinner in the cabin.

"You have plenty of freeboard, I see," Mr. Embleton said, as, after
returning on deck, he looked over the side.

"Yes, I never will load down my ships," Mr. Hewson said, "and will never
take cargo within twenty per cent of their full carrying power. I have as
little as possible stowed either quite forward or quite aft, so that they
have not only plenty of freeboard, but are buoyant in a heavy sea. I am
sure it pays. I don't insure my ships, and I have not lost one in the last
sixteen years. The insurance money saved makes up for the loss of freight,
and I have the satisfaction of knowing that I have done all in my power to
ensure the safety of my officers and men."

"And very good policy, Hewson," Mr. Embleton said warmly. "I see scores of
ships passing inside the Goodwins so loaded down that I would not be on
board in a heavy gale for all the money in the bank, and the state of
their sails often shows that they are badly cared for in all other
respects. The system of insurance is no doubt a good one, but it has been
so scandalously abused that it may safely be said that it has largely
increased the annual number of wrecks and loss of life. Were it not for
insurance, owners would, in their own interest, be driven to see that
their ships were made in every respect seaworthy, well provided with gear
of all kinds, well manned, and above all, not overloaded. Insurances are
responsible for a large proportion of our marine disasters."

As, if the wind continued favourable, the _Tiger_ would drop down the
river as soon as she got out of dock, which would be at a very early hour
the next morning, it was necessary that Stephen should be on board that
evening. He, however, went back with his father to Mr. Hewson's, spent the
afternoon at Exeter 'Change seeing the wild beasts, and returned by eight
o'clock to the ship.

The _Tiger_ made a quick voyage to Calcutta. She rounded the Cape without
encountering bad weather, and was only twice obliged to shorten sail
during the whole passage. Stephen enjoyed his life exceedingly. He was in
the first officer's watch, and became a great f