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 commander of the Panther had an extremely cogent reason to commend very heartily the action of a former officer of this vessel. To be exact and fair, it was an act upon which the safety of this vessel and her crew depended.”

A little polite applause filled the slight interval in the speech. Caradoc colored somewhat and the captain continued.

“It is pleasant to me to announce that His Majesty, through the Admiralty, has seen fit to reward this act by tendering Caradoc Smith-Wentworth his commission as first lieutenant in His Majesty's navy.”

A real outburst of applause greeted this announcement, but the captain held up his glass and raised his voice for silence.

“And I have the further pleasure to tender to Mr. Smith-Wentworth, at his Majesty, George the Fifth's, express command, the Victoria Cross for conspicuous bravery upon the field of battle.”

“Let us drink his health!” he finished above the congratulatory uproar that broke out on the announcement.

The men held their goblets at arm's length.