"The race won't really begin until we are round the Nab, and after that we shan't hamper each other.

I am quite content with the way that we are going." The Osprey rounded the lightship two lengths ahead, the Phantom came next, three lengths before the Chrysalis, and the others followed in quick succession.

The sheets were hauled in, and the yachts were able to lie close-hauled for Ventnor.

The three leading boats maintained their respective places, but drew out from each other, and when they passed Ventnor the Osprey was some five lengths ahead of the Phantom.
"Don't be downcast, ladies," Carthew said, gaily.

"We have a long way to go yet, and once round the point we shall have to turn till we pass the Needles." The sea was now getting a good deal rougher.