"Come," said Ralph, taking her hand. "There is no time to lose, and none of the crew must be allowed to see you. We don't know whom we can trust." Snatching her in his arms, he carried her easily up the frail rigging, his mountain training showing in every step he took. Five minutes later he returned alone and dropped noiselessly to the deck. He looked round cautiously; there was nobody in view except Lord Tamerton. "It's all right, Fred," he whispered. "Let us turn in." They descended the broad staircase arm-in-arm. No sooner had they disappeared than a dark figure crept with a low chuckle from underneath a coil of rope and dropped silently over the yacht's counter. A phosphorescent gleam disturbed the darkness of the water. *** Early next morning Ralph Wonderson ran nimbly up the rigging of the _Seamaid_, carrying a tray loaded with toast, eggs, tea and marmalade. He tapped at the door of the crow's-nest. There was no response. After a pause he tapped again and cautiously pushed open the door. The crow's-nest was empty! "Betrayed," cried Ralph, clapping his hand to his forehead. A moment later two soft-boiled eggs devastated the snowy whiteness of the _Seamaid's_ deck. Despite their precautions, Lady Margaret had been spirited away during the night. As soon as he had recovered from the shock of the discovery, Ralph ran to Lord Tamerton and acquainted him with the terrible news. There was a period of agonised and fruitless discussion. "Wait! I have an idea," exclaimed Ralph presently. He pressed an electric bell, and a steward appeared almost simultaneously. "Jenkins, fetch me a race card," said Ralph. "Yes, Sir," replied the steward. "I anticipated your request and have it here." Ralph and Lord Tamerton bent their heads over the card. "See," said the former. "It is as I hoped. Among the entries for the Island Cup we have the _Watersnake_, owner Sir Ernest Scrivener. He will sail her himself, that is certain. It is equally certain that he has Madge on board. If I know anything of him he will not let her out of his sight. Fred, by yonder centreboard I swear that before the race is over we will win her back." _Bang!_ It was the signal for the competitors to line up for the great race for the world-famous Island Cup. *** Of all the thousands who pressed themselves against the straining booms none realised that the race was for a prize far more precious than a mere cup of gold valued at two thousand guineas. The _Watersnake_ was in front, a clear hundred yards separating her from the pursuing _Seamaid_. All the other yachts lagged hopelessly in the rear. Scattering the foam at their bows, the two boats rushed along the blue lane of clear water which lay between the booms. Ralph, at the wheel of the _Seamaid_, gazed anxiously forward. Could they do it? "Let loose the spinnaker," he commanded gruffly. "Haul on the signal halyard. Lower the keelson."