selves with the last good dinner they were likely to have ashore for a considerable time. After a stiff glass of grog, to which even Teddy Bender did not object under the melancholy circumstances, they took a solemn vow they would never again make mercantile speculations without consulting persons of judgment, paid their bills, went to see a ludicrous Chinese play, at which they laughed so immoderately that they were turned out, and narrowly escaped being locked up by the police, and finally got on board the Laughing Waters just in time to say good-night to Captain.

Bartlett before he turned in.

"Now then, you Rawlings and Bender, just attend at the gangway there! Don't you see Mr. Carton's gig coming alongside?" shouted the chief officer about noon on the day of departure, as he perceived the Hong Kong agent coming to pay his last visit to the Captain before the Laughing Waters started on her long voyage for Marseilles. The middies, who had been hard at work ever since 4 a.m. that morning, helping to get things ready for a start, ran to the side to see the man-ropes, etc., were all right for the agent's climb up the ship's side. Mr. Carton ran up as lightly as though he was a midshipman himself, and was followed by a bronzed soldier-like gentleman, in a cavalry undress uniform, who was introduced to the

skipper as Captain Blunt. The midshipmen were at once called away to the numerous duties that had still to be performed on board, and it was quite two hours more before the chief officer was able to report to the Captain that all was ready to set sail, and be away on the voyage. Billy and Teddy were leaning against the main rigging, perspiring profusely, and resting themselves after the severe labours of the day, when the skipper, Mr. Carton, and Captain Blunt came out of the cuddy, and stood under the break of the poop, having a final talk over important matters. Of course the middies could have heard every word of it from where they were if they had chosen; but neither of them were eavesdroppers; and even if they had been, there was little in "freight charges," custom dues," manifests," and so on, to interest them. At length the confabulation came to an end.

"Call Mr. Carton's gig, Rawlings!" ordered the skipper; and Billy ran off to see to it, coming back in a moment, to say all was ready.

Oh, by the way, Captain Bartlett, I was nearly forgetting a little matter of my own," said Mr. Carton, turning back when he had already said "good-bye: " "I bought a lot of splendid carbuncles"-how the two midshipmen pricked their ears now, and listened with all their power!—"yesterday morning from that

fat old Chinese opposite the Union Jack-what's his name?"

"Kiun Hang," answered Captain Blunt.

“Ay, Kiun Hang; well, Bartlett, my friend Captain Blunt here was in Rajpootana, where they came from, for a long time, knows all about them, and says they're worth every penny of the two hundred dollars I gave for them"-how the two poor midshipmen groaned! "Now my wife has picked out the best, and written directions how they are to be set, and I want you, when you are lying at Marseilles, to send them up to this address in Paris to be done, and forward them to me by safe hand, if you do not get a cargo back here yourself. Here's the letter, and here are the stones. 'Jove! the paper's all coming to pieces. Best tear it off altogether, and do them up in a safe parcel yourself. We were in such a deuced hurry this morning, we had no time to secure them."

"Best let go the foresail now, sir?" interrupted the chief officer coming up: "I fear we shall miss this breeze."

"Oh then I'll be off. Good-bye, Captain Bartlett, good-bye, and a pleasant voyage! Come along, Blunt. And the two went over the side, and were rowed rapidly away.

"Here, you Bender," called the skipper, "take these

gimcracks while I get the ship under weigh. Best take 'em-confound the parcel! it's all coming to bits; Rawlings you take some-into the cuddy, and wait there till I come, lest you should be dropping them about the decks."

The Captain ran up on the poop to give his orders; in five minutes the sails were set, the moorings slipped; in a few seconds more the canvas caught the smart breeze; the Laughing Waters forged slowly ahead; gradually she got a way on her, and leaned over to port as the sails completely filled; and in quarter of an hour from the time the agent left her decks, the fine ship was making a fast and true course away from Hong Kong.

In that quarter of an hour the two middies found that every one of the carbuncles were the ones they had sold for fifty-five dollars, and it is needless to say they did not bless either Kiun Hang, Wong, or Mr. Peter Slyker.

"A

CHAPTER III.

THE LAST OF THE CARBUNCLES.

T the old diggins' at last, Teddy! And oh ain't I just joyful!" cried Billy Rawlings, as the anchor of the Laughing Waters plunged down into

the waters round Hong Kong, after some nine months' absence. After unloading at Marseilles, and some little delay, she had picked up a valuable return cargo for Victoria, and Captain Bartlett returned with the carbuncles, beautifully cut and set, and brilliant as the rainbow, from the skilful jeweller in Paris, to whom they had been sent. But no Mr. Carton or Captain Blunt came on board to welcome the ship back; the former had been called by business to take a trip to Shanghai; while the latter was supposed to be with the Commander-in-chief, at some outlandish island of which no man could pronounce the name-so the agent's clerk, who came on board for the papers, told them.

"And I'm joyful too, Billy," said Bender; “but I'd be a deal happier if I saw my way to making that old ruffian Kiun Hang disgorge the money he made out of us."

"Ay, so would I; but you know we can't. Every one says that that confounded stamped receipt we gave him put him on the right side of the fence. We deliberately, and in the presence of witnesses, sold him our things, and there's an end of it."

"But we'll ask him for something more on account, surely?"

"Ask him! We might ask him until doomsday, and