If we were to give them a handsome beating there, it would show everyone that they would have had no chance of winning the Cup if it had not been for the accident." "No, I don't suppose that we shall meet again this season, and indeed I don't know that I shall do any more racing myself, except that I shall feel it as a sort of duty to enter for the Squadron's open race.
"I think, by the course she is laying, that the Phantom is off to Southampton.

Perhaps she is going to meet somebody there.

Anyhow, she is not likely to be back until we have started for Cowes." Frank sat for some time with the paper in his hand, but, although he glanced at it occasionally, his mind took in nothing of its contents.

Again and again he watched the Phantom.

Yes, she was certainly going to Southampton Water.
From what Bertha had said to him the evening before, he had received a strong hope that she would reject Carthew.