thought. "It
will wear off."

"Help!"

The single, half-choked cry for aid reached the ears of Jack and Billy
when they were almost at the anchored boat, which was the objective
point of the race.

"Great Caesar!" burst from Jack. "What's up now?"

He turned round just in time to see Noddy's arms go up in the air. Then
the red-headed lad sank out of sight like a stone.

"He can't be fooling, can he?" exclaimed Billy nervously.

"He wouldn't be so silly as to do that," rejoined Jack, who was already
striking out for the spot where Noddy had vanished. Billy followed him
closely.

They were still some yards off when Noddy suddenly reappeared. He was
struggling desperately, and his eyes seemed to be popping out of his
head. His arms circled wildly, splashing the water helplessly. Then he
disappeared once more.

"Heavens, he is drowning," choked out Jack. "We must save him, Billy."

"Of course we will, old boy," panted Billy, upon whom the pace was
beginning to tell.

Jack reached the spot where the disturbed water showed that Noddy had
gone down for the second time. Just as he gained the place Noddy shot up
again. He was totally unconscious and sank again almost instantly.

Like a flash Jack was after him, diving down powerfully. He grasped
Noddy round the chest under the arms.

"Noddy! Noddy!" he exclaimed, as they shot to the surface. But the lad's
eyes were closed, his face was deadly white, and his matted hair lay
over his eyes. A terrible thought invaded Jack's mind. What if Noddy
were dead and had been rescued too late?

"Here, give me one of his arms. We must get him ashore as quickly as we
can," cried Billy.

"That's right; he's a dead weight. Oh, Billy, I hope that he isn't----"

A moan came from Noddy. Suddenly he opened his eyes and grasped at Jack
wildly, with five times his normal strength. The movement was so
unexpected that Jack was dragged under water. But the next moment
Noddy's drowning grip relaxed and they rose to the surface.

"He's unconscious again," panted Jack. "He'll be all right, now. Take
hold, Billy, and we'll make for the shore."

It was an exhausting swim, but at last they reached shallow water, and,
ceasing swimming, carried Noddy to the beach. They anxiously bent over
him.

"We must get that water out of his lungs," declared Jack, who knew
something of how to treat the half-drowned.

Luckily, an old barrel had drifted ashore not far off, and over this
poor Noddy was