Shortly after three o\'clock Mr. Graham, Findlay, and Hayes trudged into Bude. They were tired and slightly footsore, but the prospect of taking possession of their gift yacht made them forget the effects of their long tramp.

On making inquiries for the yacht yard the Scoutmaster was directed to the canal, the lower part of which forms the wet dock of Bude Harbour. Outside the lock gates the harbour practically dives right out, and is accessible only at certain states of the tide. Originally the canal ran from Bude to Launceston, but, with the exception of a stretch of about a couple of miles, that waterway has fallen into decay.

"Where is the Spindrift, I wonder?" asked Findlay, when they arrived at the bridge crossing the canal.

No yacht was to be seen. There were a couple of coasting craft—topsail schooners both—and a few small boats lying in the basin. In the outer harbour a brigantine had taken the ground, and was lying with a pronounced list to starboard. Beyond that there was nothing that could possibly be taken for the Spindrift.

"We\'ll soon find out where she is," rejoined Mr. Graham. "Here\'s the office of the yacht yard."

One of the partners of the firm received the arrivals with cordiality.

"Yes, she\'s lying well up the canal," he replied, in answer to the Scoutmaster\'s question. "All the gear is on board, and we\'ve filled the tanks with fresh water. You have merely to provision your ship and start away as soon as the tide serves. Oh, no: there is nothing to pay. Mr. Collinson instructed us that the account was to be sent on to him. We did so, and received a cheque in settlement this morning."

"By the by," said Mr. Graham, "has a Sea Scout named Desmond—one of our troop—called here this morning?"

"No—at least I think not," was the reply. "I was out for about an hour, so he may have looked in. I\'ll ask the foreman."

The foreman, on answering the summons, volunteered the information that he had seen a Scout hurrying along the other side of the canal.

"I didn\'t take much notice, sir," he added, "seeing as there be plenty of them lads up-along in the holidays."

"Then perhaps he went straight on board," suggested Mr. Graham. "Did you notice that he limped a little?"

"Seein\' as how you mentions it, sir," replied the foreman, "I think he did."

"That\'s Desmond," declared the Scoutmaster with conviction. "Well, we\'ll go aboard. She\'s not locked up, by any chance?"

"No," replied the yacht agent. "We left the cabin door open to give plenty of fresh air. We\'ve a couple of hands working on a boat alongside, so everything will be quite safe, even if your Sea Scout isn\'t on board."

Five minutes later the Sea Scouts had their first glimpse of the Spindrift. She was a powerful, able-looking craft, looking spick-and-span with her freshly painted topsides and newly varnished spars and cabin-top. Apparently her sails had been hoisted for airing purposes during the morning, for the sail covers were off and the canvas loosely furled.

For the moment, it must be confessed, Desmond was forgotten. In their eagerness to inspect their new possession Scoutmaster and Sea Scouts jumped on board and went below.

"What a decent cabin!" exclaimed Hayes. "Almost as big as the Ocean Bride\'s."

"But not quite so high," added Findlay, speaking feelingly, for he had just seen a galaxy of stars through his head coming in contact with a deck-beam.

"Two bunks," continued Hayes.

"Four," corrected Jock. "Those seats form bunks, and there are two swinging cots above them. And here\'s the fo\'c\'sle. Quite a posh affair."

It was certainly larger than the average run of fo\'c\'sle in craft of that size. One portion was partitioned off, forming a pantry to starboard and a galley to port. On either side were "sparred" lockers, giving plenty of fresh air, while above were two folding cots. Right for\'ard was the chain-locker, while the floor space was occupied by a miscellaneous assortment of ropes, blocks, navigation lamps, bucket and mop, and other articles of a yacht\'s equipment.

Meanwhile Mr. Graham had gone ashore to interview the two workmen concerning Desmond. Already he was pretty certain that the Patrol Leader hadn\'t been on board. Had he been so he would have carried out the Scoutmaster\'s instructions and rested his foot. None of the leather cushions in the cabin bore traces of having been sat upon recently; nor was there any sign of Desmond\'s kit. Having once been on board he was not likely to have gone off without leaving his blankets and other baggage behind him.

T............