The Osprey had a good position at present; though, with the wind aft, this was of comparatively little consequence. She was nearly in a line with the mark boat nearest to the shore, and some hundred and fifty yards from it. "Haul in the main sheet," Hawkins said quietly, and the men stationed there hauled on the rope until he said, "That will do, we must not go too fast." He went on, turning to Frank (who had just called out, "Twenty seconds gone"): "I think that we shall about do." The latter nodded. "A bit more, lads," the skipper said ten seconds later. "That will do." "Fifteen seconds more," Frank said presently. "Slack away the sheet, slack it away handsomely. Up foresail, that is it," shouted the skipper. As the boom ran out, and the foresail went up, the Osprey glided on with accelerated speed, and the end of the bowsprit was but a few yards from the starting line when the gun fired. "Bravo, good start," Frank said, as he looked round for the first time. The eight yachts were all within a length of each other, and a cheer broke from the boats around as they sped on their way. For a time there was but little difference between them, and then the cutters began to show a little in front. Their long booms gave them an advantage over the schooners and the yawl when before the wind; the spinnaker was not then invented, and the wind was not sufficiently dead aft to enable the schooners to carry their mainsail and foresails, wing and wing; or for the yawl's mizzen to help her. As they passed Sea View the cutters were a length ahead, the Phantom having a slight advantage over her sisters. They gained no further, for the schooners fell into their wake as soon as they were able to do so, thus robbing them of some of their wind. The Osprey, having the inside station, kept straight on, and came up with the cutters as they were abreast of the end of the island. All were travelling very fast through the water. "We shall be first round the Nab, sir," Hawkins said in delight. "The schooners are smothering the cutters, but they are not hurting us." "Give her plenty of room when we get there," Frank said. The skipper nodded. "I won't risk a foul, sir, you may be sure." The three ladies on board the Phantom were seated on footstools under the weather bulwark--although as yet the yachts were travelling on an almost even keel. Miss Haverley and Lady Olive uttered exclamations of satisfaction as the Phantom slowly drew ahead of the others, and were loud in their disgust as they saw the effect of the schooner's sail behind them on their own speed. "I don't call it fair," the former said; "if a vessel cannot sail well herself, that she should be allowed to damage the chances of others. Do you, Bertha?" "I don't know. I suppose it is equally fair for all, and that we should do the same if a boat had got ahead of us. Still, it is very tiresome, but it is just as bad for the other cutters."