"Not exactly, commodore. You forgot that the Skylark has to give time to the Sea Foam--one and three-tenths seconds per mile; or about eight seconds from here to the Head." "That's next to nothing," laughed Robert. "But I was a length ahead of you." "I let you gain that, so that I could go to windward of you." "You made your first point by running nearer to the rocks than I like to go, by which you cut off a little of the distance; and inches counted in so close a race." "That's part of the game in sailing a race." "I know that, and it's all perfectly fair. I lost half my time when the squall came. I thought it was going to be heavier than it proved to be." "I threw the Sea Foam up into the wind when it came," said Donald. "But you didn't drop your peak, and I lost two minutes in doing it. Now, Don John, I can put my finger on the four minutes by which you beat me; and I don't think there is any difference between the two yachts." "You forget the allowance." "That's nothing. In all future regattas the result will depend more upon the sailing than upon the boats." "I think you are quite right, Bob; and the fellow who makes the most mistakes will lose the race. But when the Maud is done she is going to beat you right along, if she has anything like fair play," laughed Donald. "She may if she can," replied Robert. The reputation of Ramsay & Son, boat builders, was greatly increased by the result of the race. If Edward Patterdale was a little mortified to have it demonstrated that the Sea Foam had lost the first prize by his own want of skill and tact in sailing her, he was consoled by the fact that Commodore Montague, who had the credit of being the best skipper in Belfast, had been beaten by his yacht. When the shower was over the party went on shore, and Donald hastened to the shop to attend to business. He found that his men had done a good day's work in his absence, and he related to Kennedy all the particulars of the two races. "It would have been a bad egg for you if you had not been present," said Kennedy, much interested in the story. "In these regattas the sailing of the yacht is half the battle, and these young fellows may ruin your reputation as a boat-builder, if you don't look out for them." "When I heard Ned Patterdale say he was disappointed in the Sea Foam, I felt that our business was nearly ruined. I think I have done a good thing for our firm to-day." "So you have, Donald; and when the Maud is finished, I hope you will sail her yourself in the first race she enters." "I will, if Sam Rodman consents."