"Perhaps I was a bit of a fool to bring it," Billy admitted. "But—it came in jolly handy!"

"Still, that doesn't account for it all. What is it, Billy? Can't you tell me?"

Billy shook his head slowly, uncertainly. "No, Jack—not yet. I promised I'd tell you, but—I won't. I don't want to alarm you without need, see? I may be wrong about this—all this business. The bag, the revolver, all our little adventure may be quite meaningless, and I don't want to be dragging you after any mares' nests—not yet awhile. But if anything happens—"

"Don't mind me," said Jack, weakly. "The Sphinx is a sort of uncle of mine. I'm good at riddles! No more explanations, Billy. I'm in a knot with them already. Don't overload my young mind any further." And he laughed, quite falling in with his pal's present reluctance to divulge, and dismissed the subject.

All the same, he realized that there was indeed something behind Billy's reticence. The two were good friends; anything in the ordinary way they shared as a matter of course. But this—this was something important, something serious. Strangely enough, he had an odd feeling that this term was going to be a remarkable one—and certainly it was opening well. Billy had hinted at further events. What was he to expect? Truly there might be adventures in the near future.

Or yet, on the other hand, perhaps the whole affair was nothing at all—a mere mare's nest, as Billy had said. Either way, there was nothing to be gained by thinking any more about it.

When, finally, they reached the College, there were lots of things to be done, and they spent the afternoon in the study that they shared with two other fellows. Last term the two study-mates had left the College, and consequently there would be two new boys this term.

"Nobody here," said Billy Faraday, opening the door and glancing round the room. "Place looks bare, doesn't it, with all their things gone?"

"Wonder who's going to step into their shoes?" queried Jack thoughtfully.

"No idea." Billy was absorbed in unlocking his cupboard, and Jack, glancing over his shoulder, saw the light fall on the blue barrel of that mysterious revolver.