Ned was a little vexed at the remarks of his friend, and rather indignant at his assumed superiority as a boatman. Donald was usually very modest and unpretentious. He was not in the habit of claiming that he could do anything better than another. Generally, in boating matters, when he saw that a thing was done wrong, he refrained from criticising unless his opinion was asked, and was far from being forward in fault-finding. Though he was an authority among the young men in sailing boats, he had not attained this distinction by being a critic and caviller. Ned was therefore surprised, as well as indignant, at the comments and the assumption of Donald; but a little reflection enabled him to see the boat-builder's motive, which was anything but vanity. He had some of this weakness himself, and felt that he had sailed the Sea Foam as well as any one could have done it, and was satisfied that the Skylark was really a faster yacht than his own. The race was plain sailing, with a free wind nearly all the way, and there was not much room for the exercise of superior skill in handling the craft. At least, this was Ned's opinion. If the course had been a dead beat to windward for ten miles, the case would have been different; and Ned had failed to notice that he had lost half the distance between the Skylark and the Sea Foam when he rounded the stake buoy. It was a fact that among the large party on board the Penobscot, the boats of the firm of Ramsay and Son were just then at a discount, and those of the Newport builders at a corresponding premium. Donald was grieved and vexed, and trembled for the future of the firm of which he was the active representative. But he figured up the results of the race, and when the captains of all the yachts had come on board of the judges' boat, he announced the prizes and delivered them to the winners, with a little speech. The silver vase was given to the commodore, with liberal and magnanimous commendations both of the yacht and her captain. The marine glass was presented to Edward Patterdale, as the winner of the second prize, with some pleasant words, which did not in the least betray the personal discomfiture of the chairman. There was a further ceremony on the quarter-deck of the Penobscot, which was not in the programme, and which was unexpected to all except the officers of the club. "Captain Laud Cavendish, of the Juno," said the chairman of the judges, who stood on the trunk of the yacht, where all on board, as well as those in the boats collected around her, could see him. Laud stepped forward, wondering what the call could mean.