certain properties—the calculation which he never finished; and underneath was a mass of miscellaneous papers, among them his will, dated the day after Billy left Selwoode, in which Frederick R. Woods bequeathed his millions unconditionally to Margaret Hugonin when she should come of age.

Her twenty-first birthday had fallen in the preceding month. So Margaret was one of the richest women in America; and you may depend upon it, that if many men had loved her before, they worshipped her now—or, at least, said they did, and, after all, their protestations were the only means she had of judging. She might have been a countess—and it must be owned that the old Colonel, who had an honest Anglo-Saxon reverence for a title, saw this chance lost wistfully—and she might have married any number of grammarless gentlemen, personally unknown to her, whose fervent proposals almost every mail brought in; and besides these, there were many others, more orthodox in their wooing, some of whom were genuinely in love with Margaret Hugonin, and some—I grieve to admit it—who were genuinely in love with her money; and she would have none of them.

She refused them all with the utmost civility, as I happen to know. 

How I learned it is no affair of yours.

For Miss Hugonin had remarkably keen eyes, which she used to advantage. In the world about her they discovered very little that she could admire. She was none the happier for her wealth; the piled-up millions overshadowed her personality; and it was not long before she knew that most people regarded her simply as the heiress of the Woods fortune—an unavoidable encumbrance attached to the property, which divers thrifty-minded gentlemen were willing to put up with. To put up with!—at the thought, her pride rose in a hot blush, and, it must be confessed, she sought consolation in the looking-glass.

She was an humble-minded young woman, as the sex goes, and she saw no great reason there why a man should go mad over Margaret Hugonin. This decision, I grant you, was preposterous, for there were any number of reasons. Her final conclusion, however, was for the future to regard all men as fortune-hunters and to do her hair differently.

She carried out both resolutions. When a gentleman grew pressing in his attentions, she more than suspected his motives; and when she eventually declined him it was done with perfect, courtesy, but the glow of her eyes was at such times accentuated to a marked degree.

Meanwhile, the Eagle brooded undisturbed at Selwoode. Miss Hugonin would allow nothing to be altered.

'The place doesn't belong to me, attractive,' she would tell her father. 'I belong to the place. Yes, I do—I'm exactly like a little cow thrown in with a little farm when they sell it, and all my little suitors think so, and they are very willing to take me on those terms, too. But they shan't, attractive. I hate every single solitary man in the whole wide world but you, beautiful, and I particularly hate that horrid old Eagle; but we'll keep him because he's a constant reminder to me that Solomon or Moses, or whoever it was that said all men were liars, was a person of very great intelligence.'

So that I think we may fairly say the money did her no good.

If it benefited no one else, it was not Margaret's fault. She had a high sense of her responsibilities, and therefore, at various times, endeavoured to further the spread of philanthropy and literature and theosophy and art and temperance and education and other laudable causes. Mr. Kennaston, in his laughing manner, was wont to jest at her varied enterprises and term her Lady Bountiful; but, then, Mr. Kennaston had no real conception of the proper uses of money. In fact, he never thought of money. He admitted this to Margaret with a whimsical sigh.

Margaret grew very fond of Mr. Kennaston because he was not mercenary.

Mr. Kennaston was much at Selwoode. Many people came there now—masculine women and muscleless men, for the most part. They had, every one of them, some scheme for bettering the universe; and if among them Margaret seemed somewhat out of place—a butterfly among earnest-minded ants—her heart was in every plan they advocated, and they found her purse-strings infinitely elastic. The girl was pitiably anxious to be of some use in the world.

So at Selwoode they gossiped of great causes and furthered the millenium. And above them the Eagle brooded in silence.

And Billy? All this time Billy was junketing abroad, where every year he painted masterpieces for the Salon, which—on account of a nefarious conspiracy among certain artists, jealous of his superior merits—were invariably refused.

Now Billy is back again in America, and the Colonel has insisted that he come to Selwoode, and Margaret is waiting for him in the dog-cart. 

The glow of her eyes is very, very bright. Her father's careless words this morning, coupled with certain speeches of Mr. Kennaston's last night, have given her food for reflection.

'He wouldn't dare,' says Margaret, to no one in particular. 'Oh, no, he wouldn't dare after what happened four years ago.'

And, Margaret-like, she has quite forgotten that what happened four years ago was all caused by her having flirted outrageously with Teddy Anstruther, in order to see what Billy would do.

IV

The twelve forty-five, for a wonder, was on time; and there descended from it a big, blond young man, who did not look in the least like a fortune-hunter.

Miss Hugonin resented this. Manifestly, he looked clean and honest for the deliberate purpose of deceiving her. Very well! She'd show him!

He was quite unembarrassed. He shook hands cordially; then he shook hands with the groom, who, you may believe it, was grinning in a most unprofessional manner because Master Billy was back again at Selwoode. 

Subsequently, in his old decisive way, he announced they would walk to the house, as his legs needed stretching.

The insolence of it!—quite as if he had something to say to Margaret in private and couldn't wait a minute. Beyond doubt, this was a young man who must be taken down a peg or two, and that at once. Of course, she wasn't going to walk back with him!—a pretty figure they'd cut strolling through the fields, like a house-girl and the milkman on a Sunday afternoon! She would simply say she was too tired to walk, and that would end the matter.

So she said she thought the exercise would do them both good.

They came presently with desultory chat to a meadow bravely decked in all the gauds of Spring. About them the day was clear, the air bland. 

Spring had revamped her ageless fripperies of tender leaves and bird-cries and sweet, warm odours for the adornment of this meadow; above it she had set a turkis sky splashed here and there with little clouds that were like whipped cream; and upon it she had scattered largesse, a Danae's shower of buttercups. Altogether, she had made of it a particularly dangerous meadow for a man and a maid to frequent.

Yet there Mr. Woods paused under a burgeoning maple—paused resolutely, with the lures of Spring thick about him, compassed with every snare of scent and sound and colour that the witch is mistress of.

Margaret hoped he had a pleasant passage over. Her father, thank you, was in the pink of condition. Oh, yes, she was quite well. She hoped Mr. Woods would not find America—

'Well, Peggy,' said Mr. Woods, 'then, we'll have it out right here.'

His insolence was so surprising that—in order to recover herself—Margaret actually sat down under the maple-tree. Peggy, indeed! Why, she hadn't been called Peggy for—no, not for four whole years!

'Because I intend to be friends, you know,' said Mr. Woods.

And about them the maple-leaves made a little island of sombre green, around which more vivid grasses rippled and dimpled under the fitful spring breezes. And everywhere leaves lisped to one another, and birds shrilled insistently. It was a perilous locality.

I fancy Billy Woods was out of his head when he suggested being friends in such a place. Friends, indeed!— you would have thought from the airy confidence with which he spoke that Margaret had come safely to forty year and wore steel-rimmed spectacles!

But Miss Hugonin merely cast down her eyes and was aware of no reason why they shouldn't be. She was

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