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"That man throws away his property with utter recklessness; and I should not be surprised if he ended his life in the almshouse. I will not ask any explanation of the conduct of Captain Shivernock. Laud Cavendish is not a man of means. Did he tell you, Donald, where he got his money to buy a boat worth three hundred and fifty dollars?"

Sealing this note in an envelope, he called at the house of the strange man, on his way to the place of meeting. Mrs. Sykes said that Captain Shivernock was in his library.

You can ask her," sneered Sykes. As the housekeeper sat on the piazza enjoying the cool evening breeze, Donald decided to avail himself of this permission, for he desired to know how well the two stories would agree. He saluted the lady, who gave him a pleasanter reception than her bearish husband had accorded to him. "Mr. Sykes told me that Captain Shivernock was away from home," said Donald.

It was no use to say, in the absence of that gentleman, that Captain Shivernock had given him the bill. It would be equally foolish to tell the Haddock Ledge story in the absence of the generous stranger, who had declined to give his name, though he was kind enough to say that he had spent a few days in Belfast.

"Does that prove anything?" he asked, as he tossed the paper on the desk, within reach of the inquisitor. "It proves that Captain Shivernock sold the Juno to you, and consequently he has not owned her since the date of this bill," replied the nabob, as he read the paper. "Is it likely, then, that Captain Shivernock lets Laud have the use of her for taking care of her?" demanded Donald, warmly.

Perhaps it did not make the least difference to the young man whether or not he ascertained why Laud Cavendish had been digging on the Head, or why Captain Shivernock happened to be on the island, apparently without any boat, at that time in the morning.

But he is used up, anyhow, whether we find the box or not, for he tells one story and Captain Shivernock another; and I think Captain Patterdale believes what I say now. But the race comes off to-day, and if I lose it, I am used up too." The boat-builder left the house, and went on board of the Maud, which lay off the shop. Samuel Rodman was on deck, and they hoisted the mainsail.

Undoubtedly he had done an immense amount of heavy thinking within the last two hours, and as he was not overstocked with brains, it wore upon him. It was nearly ten o'clock in the evening, but late as it was, Laud walked directly to the house of Captain Shivernock.

The money in his pocket, and that for which the Juno could be sold, would be capital enough to enable him to carry on the business of boat-building. But he was determined to see Captain Shivernock that very day in regard to the boat. Perhaps the strange man would give him a job to build a centre-board yacht, for he wanted one. "Hallo! Juno, ahoy!" shouted Laud Cavendish.

They did not know whether or not Captain Shivernock had given Laud the use of the Juno, but presumed he had, for the young man was in the house with him half the night, about ten days before. Thus far everything looked well for Laud; and the Sykeses partially confirmed his statements. "Now, Captain Patterdale, I have answered all your questions, and I wish you would answer mine.