him under the revised King's Regulations. He accepted Dacres' resignation, without having to wait for Admiralty authority; and before noon on the same day Dacres ceased to be an officer of his Majesty's navy.  

"Look here, Dacres," exclaimed Commander Bourne impetuously, "you're a young rotter. You remember what I said: 'If there's any serious bother I, your commander and fellow conspirator, will stand by you.' To that you agreed; so I'm off to the flagship to bear my share of the brunt."  

Dacres looked at the commander for a few moments, then, doing what he would not have dared to do but an hour previously, he tapped him familiarly on the shoulder.  

"Look here, Bourne," he said, "you are no longer my superior officer, so the deal's off. If you attempt to put your finger in my pie I'll give you the biggest hiding you've ever had in your life. So don't make matters worse, and I'll be thankful to one of the best pals I've ever had in the Service."  

Bourne agreed reluctantly. He had fully intended to interview the Admiral, but now he was somewhat relieved to find that Dacres had vetoed the proposal. The commander's prospects were no longer in danger; and since Bourne's chances of promotion depended solely upon merit—for he had no outside influence—he was genuinely grateful for the principal culprit's magnanimity.  

That same afternoon the squadron, with the exception of the "Royal Oak," weighed and proceeded to sea. The "Royal Oak" had developed slight engine-room defects and was left behind in order to effect necessary repairs.  

Thus an opportunity occurred of giving a demonstration that otherwise could not have taken place; for as Dacres went over the side of the battleship for the last time the officers turned out on the quarter-deck to bid him good luck, while by a purely spontaneous impulse the men gave three rousing cheers for the youngster whom they could no longer regard as one of the ship's company of H.M.S. "Royal Oak."    

CHAPTER IV.

THE MYSTERIOUS AIRSHIP.

  ON his homeward voyage Basil Dacres had plenty of opportunities for pondering over his future plans. Having once taken the plunge he was not a fellow to repine. His thoughts were of the future and not of the past.  

"In any case," he thought, "I'll be as independent as I can. I don't want to come to 

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