the midst of the hurricane season, when even the hopeful builder and owner of the yacht had pronounced these seas unfit for her. We ran out of food, and were quite given up for lost in Honolulu: people had ceased to speak to Belle[N] about the Casco, as a deadly object. But the perils of the deep were part of the programme; and though I am very glad to be done with them for a while and comfortably ashore, where a squall does not matter a snuff to any one, I feel pretty sure I shall want to get to sea again ere long. The dreadful risk I took was financial, and double-headed. First, I had to sink a lot of money in the cruise, and if I didn't get health, how was I to get it back? I have got health to a wonderful extent; and as I have the most interesting matter for my book, bar accidents, I ought to get all I have laid out and a profit. But second (what I own I never considered till too late), there was the danger of collisions, of damages and heavy repairs, of disablement, towing, and salvage; indeed, the cruise might have turned round and cost me double. Nor will this danger be quite over till I hear the yacht is in San Francisco; for though I have shaken the dust of her deck from my feet, I fear (as a point of law) she is still mine till she gets there. From my point of view, up to now the cruise has been a wonderful success. I never knew the world was so amusing. On the last voyage we had grown so used to sea-life that no one wearied, though it lasted a full month, except Fanny, who is always ill. All the time our visits to the islands have been more like dreams than realities: the people, the life, the beach-combers, the old stories and songs I have picked up, so interesting; the climate, the scenery, and (in some places) the women so beautiful. The women are handsomest in Tahiti; the men in the Marquesas, both as fine types as can be imagined. Lloyd reminds me, I have not told you one characteristic incident of the cruise from a semi-naval point of view. One night we were going ashore in Anaho Bay; the most awful noise on deck; the breakers distinctly audible in the cabin; and there I had to sit below, entertaining in my best style a negroid native chieftain, much the worse for rum! You can imagine the evening's pleasure. This naval report on cruising in the South Seas would be incomplete without one other trait. On our voyage up here I came one day into the dining-room, the hatch in the floor was open, the ship's boy was below with a baler, and two of the hands were carrying buckets as for a fire; this meant that the pumps had ceased working.