"The preparations being complete, the two private soldiers stepped aside and each drew away the plank upon which he had been standing..."See in text(I)
Up to this point, all has been silence, rigidity, and solemnity. Now, there is a little necessary movement. This stillness creates strong contrast between the opening scene and what transpires immediately after the condemned man falls from the bridge.
"Death is a dignitary who when he comes announced is to be received with formal manifestations of respect, even by those most familiar with him..."See in text(I)
The soldiers are about to execute the man they have taken prisoner. The execution is being conducted in a formal manner in accordance with military tradition.
"laying his course by the rounding sun..."See in text(III)
The sun would follow a course from the east around to the south and then set in the west. So Farquhar would have a good idea of the four cardinal directions. This is how he attempts to navigate back to his home.
"I must keep my eye upon the gun; the smoke will apprise me--the report arrives too late; it lags behind the missile..."See in text(III)
Since light travels faster than sound, he would see the smoke from the cannon before he would hear the sound of it firing. The smoke would be his cue to dive underwater, which explains why he tells himself he must keep his eye on the gun.
The cannoneer could not tell where to aim because Farquhar had been flung "...behind a projecting point which concealed him from his enemies." Nevertheless, the cannoneer took a chance that one of the iron balls might hit his target.
"As he is about to clasp her he feels a stunning blow upon the back of the neck; a blinding white light blazes all about him with a sound like the shock of a cannon--then all is darkness and silence..."See in text(III)
At this moment, Peyton's neck is broken as he is hanged. Part III of the story consists of the thoughts and feelings that flash through his mind from the time the sergeant "stepped aside" until the moment of Peyton's death. Upon a second reading, there are numerous clues in part III that suggest this part of the story is not a depiction of reality.