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48 case the fisheries would be mine; but nobody's ever taken the trouble to pace it off. People like Moniz don't stand on ceremony or law, or stuff like that, in the middle of the Sulu Sea, if they think there's the prospect of making a young fortune in a hurry. I believe I have a legal right to the fisheries there; and I'm dead sure I've got a moral right to 'em, because nobody thought of trying for pearls there before I did."

"It's going to be a close race," Joan declared, thrilled as she watched the manœuvring of the two boats. The Kestrel would have been able to make the reef first but for the tide which was running hard against her.

"Yes, too close for my fancy," said Trent. "If he'd had another few minutes' start he could easily have landed on the reef first, and maybe held it. It's the luckiest thing in the world that you happened to spot her, Keith. I was a fool not to have anticipated some such move."

The schooner was now a mile off the southern extremity of the reef, and bearing down on it fast. Keith kept the Kestrel on her port tack as long as he dared, carrying her some distance beyond the reef, and then swung round, to cut in between the reef and the schooner. He had judged his distance nicely, for while the Portuguese trader was still four hundred yards off the coral ledge, the Kestrel was rapidly getting into position to intercept her.