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 HE small boat had to make two journeys between the shore and the Kestrel before all were aboard.

The schooner, by now, was within about five miles of the reef, and running as straight for it as wind would allow. She had to beat up against the breeze, but the advantage of a strong tide was with her. The Kestrel, at the moment her anchor was lifted, was roughly about eight miles off the schooner, and three from the reef.

"Damned if I know what he's up to if he isn't trying to make the reef," said Trent, as the head sails bellied and the little craft turned her nose out from Tao Tao. He was scanning the distant schooner through glasses, but beyond confirming his previous suspicion that she was Moniz's boat, he could make nothing out.

"Is there any question of legal ownership of this particular patch of shell?" Keith asked.

"It wouldn't make much difference if I had a bill of sale from the oysters themselves," Trent replied bitterly. "As a matter of fact I think the reef is just within three miles of Tao Tao, in which 47