"That would be first rate! Then we could take in twenty-two fellows."

"Twenty-three; the commodore would not be the coxswain of any boat, but
command the whole."

The boys grew so nervous and excited during this fine discussion, that
they could hardly keep their seats. In imagination the fleet was already
afloat, and the broad pennant of Commodore Sedley was flying on board
the Zephyr.

"How long before we can get the boats, Tony?" asked a little fellow,
his eyes snapping with delight at the glorious anticipation.

"Perhaps they can be bought ready made. We need not wait for new ones.
In a few weeks, at least before vacation---- Hallo, Paul! I am glad you
have come."

Little Paul looked very sad as he entered Butterfly Hall. With a faint
smile he received the greetings of his friends.

"All aboard!" shouted Tony, as he rose front his chair. "You haven't got
your uniform on, Paul."

"I can't go with you, Tony," replied Little Paul, in a gloomy tone.

"Not go with us! Why not? What is the matter?"

"I must leave the club too," he added, in a husky voice.