It is uncovered.

No doubt he counts on his superior sailing powers, and means to give us a shot and show us his heels.

Well, we shall see." "There goes his flag," observed the second lieutenant.
"What! eh! It's the Union Jack!" exclaimed Mulroy.
"I doubt not that your own captain commands the schooner," said Henry, who had, of course, long before this time, made the first lieutenant of the Talisman acquainted with Montague's capture by the pirate, along with Alice and her companions.

"You naturally mistrust Gascoyne; but I have reason to believe that, on this occasion at least, he is a true man." Mulroy returned no answer; for the two vessels were now almost near enough to enable those on board to distinguish faces with the telescope.
A very few minutes sufficed to remove all doubts; and a quarter of an hour later, Montague stood on his own quarter-deck, receiving the congratulations of his officers, while Henry Stuart was seized upon and surrounded by his friends Corrie, Alice, Poopy, the missionary, and Ole Thorwald.
In the midst of a volley of excited conversation, Henry suddenly exclaimed, "But what of Gascoyne?
Where is the pirate captain ?" "Why, we've forgotten him" exclaimed Thorwald, whose pipe was doing duty like a factory chimney.

"I shouldn't wonder if he took advantage of us just now to give us the slip!" "No fear of that," said Mr.Mason.