Melick now let himself down over the side, and placed the paper boats on the water as carefully as possible. After this the four stood watching the little fleet in silence. The water was perfectly still, and there was no perceptible wind, but there were draughts of air caused by the rise and fall of the yacht, and these affected the tiny boats. Gradually they drew apart, the green one drifting astern, the yellow one remaining under the vessel, while the red and the white were carried out in the direction where they were expected to go, with about a foot of space between them. "Two to one on the red!" cried Featherstone, betting on the one which had gained the lead. "Done," said Melick, promptly taking his offer. Oxenden made the same bet, which was taken by Melick and the doctor. Other bets were now made as to the direction which they would take, as to the distance by which the red would beat the white, as to the time which would be occupied by the race, and as to fifty other things which need not be mentioned. All took part in this; the excitement rose high and the betting went on merrily. At length it was noticed that the white was overhauling the red. The excitement grew intense; the betting changed its form, but was still kept up, until at last the two paper boats seemed blended together in one dim spot which gradually faded out of sight. It was now necessary to determine the state of the race, so Featherstone ordered out the boat. The four were soon embarked, and the men rowed out toward the point which had been chosen as the end of the race. On coming near they found the paper boats stuck together, saturated with water, and floating limp on the surface. An animated discussion arose about this. Some of the bets were off, but others remained an open question, and each side insisted upon a different view of the case. In the midst of this, Featherstone's attention was drawn to the dark spot already mentioned as the goal of the race. "That's a queer-looking thing," said he, suddenly. "Pull up, lads, a little; let's see what it is. It doesn't look to me like a spar." The others, always on the lookout for some new object of interest, were attracted by these words, and looked closely at the thing in question. The men pulled. The boat drew nearer. "It's some sort of floating vessel," said Oxenden. "It's not a spar," said Melick, who was at the bow. And as he said this he reached out and grasped at it. He failed to get it, and did no more than touch it. It moved easily and sank, but soon came up again. A second time he grasped at it, and with both hands. This time he caught it, and then lifted it out of the water into the boat. These proceedings had been watched with the deepest interest; and now, as this curious floating thing made its appearance among them, they all crowded around it in eager excitement. "It looks like a can of preserved meat," said the doctor.