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Geoff Ensor and Bernard Woodward were due to go on a sailing holiday on a twelve ton yawl, the Norna. Unfortunately, as they wait on the Greenbank Steps in Falmouth, news comes through that the owner of the Norna has met with a motoring accident and so the trip has to be called off. Desperately disappointed at this unexpected change in their plans, the two lads leap at the chance of sailing the Arran Dhu round to the Solent. The owner of the Arran Dhu has urgent business in London and so he is prepared to let the boys make the voyage to Cowes on their own.
In a storm the Arran Dhu is on its beam ends and the two lads struggle to cut away the mainmast and then the Golden Vanity arrives.