lden star
flying merrily at the mast-head, her white sail spread, her jolly crew
all alert and "on the war-path."

She was cruising about the entrance to the fiord, with the obvious
intention of preventing the _Osprey_ from reaching her own lawful
domain.

Up Yaspard sprung, and keenly surveyed the enemy's position and his
own, calculating his "chances" with as much anxiety as if life and
honour were at stake. He did not dream of turning aside, or trying to
reach any harbour of refuge save his own voe; but he knew that to pass
the _Laulie_ in safety would require considerable manoeuvring and
daring seamanship.

With utmost pleasure, and

"The stern joy that warriors feel
In foemen worthy of their steel,"

he drew from the locker his black Viking flag and ran it aloft, smiling
as the ugly thing spread itself in the breeze.

Thor watched this performance with profound gravity and attention; and
when Yaspard resumed his position Sir Raven solemnly hopped away and
took up a position on the bow, with his weather-eye sagaciously fixed
upon the black flag high overhead. He had so lately suffered so much
from dark-hued things flying above him that he was suspicious of that
pennon's intentions, and felt it necessary to observe its movements
with the closest heedfulness.

Yaspard, however, put another construction on the bird's behaviour.
"You're a genuine old brick!" he said; "a real Viking's raven, and no
mistake, Thor. Now I call that very fine of you, to take your proper
place on my prow. They'll think I've trained you to it. What prime
fun this is, to be sure!"

Thor lifted his shoulders, bent forward his head, and croaked as
dismally as ever his congeners croaked over a field of the slain in
days gone by; and Yaspard nodded to him, then gave entire attention to
the management of his boat.

CHAPTER XII.

"ENOUGH AND TO SPARE OF BALE IS IN THY SPEECH."

We may be sure that the _Laulie's_ crew watched our hero's movements
with quite as much interest as he noted theirs, and when his
battle-flag was seen they shouted for joy.

"He knows what we are up to. He has challenged us," Harry Mitchell
exclaimed with great satisfaction. "Now, boys, we've got to nail him
before he passes Yelholme."

"His boat goes very fast; she is light too, and he has her well in
hand," Tom remarked critically as the _Osprey_ drew nearer, skimming
the waves as airily and swiftly as any bird.

Yelholme, to which refer