As the Phantom crossed under the lee of the Osprey, the three ladies waved their handkerchiefs to Frank, who took off his cap.

“May the best yacht win,” Bertha called out, as the vessels flew quickly apart.

“We could not want a better day, George,” Frank said.  “We can carry everything comfortably, and there is not enough wind to kick up much of a sea.  As far as we are concerned, I would rather that the wind had been either north or south, so that we could have laid our course all round; as it is, we shall have the wind almost dead aft till we are round the Nab, then we shall be close-hauled, with perhaps an occasional tack along the back of the island, then free again back.  There is no doubt that the cutters have a pull close-hauled.  I fancy with this wind the schooners will be out of it; though if it had been a reach the whole way, they would have had a good chance.

“Four minutes are gone.”

He was holding his watch in his hand, and after a short pause called out, “Five seconds gone.”

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.