Of course he must go down to the Moonbeam. He had four horses there, and must sell at least three of them. One hunter he intended to allow himself. There were Brag, Banker, Buff, and Brewer; and he thought that he would keep Brag. Brag was only six years old, and might last him for the next seven years. In the meantime he could see a little cub-hunting, and live at the Moonbeam for a week at any rate as cheaply as he could in London. So he went down to the Moonbeam, and put himself under the charge of Mr. Horsball.

And here he found himself in luck. Lieutenant Cox was there, and with the lieutenant a certain Fred Pepper, who hunted habitually with the B. and B. Lieutenant Cox had soon told his little tale. He had sold out, and had promised his family that he would go to Australia. But he intended to "take one more winter out of himself," as he phrased it. He had made a bargain to that effect with his governor. His debts had been paid, his commission had been sold, and he was to be shipped for Queensland. But he was to have one more winter with the B. and B. An open, good-humoured, shrewd youth was Lieutenant Cox, who suffered nothing from false shame, and was intelligent enough to know that life at the rate of £1,200 a year, with £400 to spend, must come to an end. Fred Pepper was a young man of about forty-five, who had hunted with the B. and B., and lived at the Moonbeam from a time beyond which the memory of Mr. Horsball's present customers went not. He was the father of the Moonbeam, Mr. Horsball himself having come there since the days in which Fred Pepper first became familiar with its loose boxes. No one knew how he lived or how he got his horses. He had, however, a very pretty knack of selling them, and certainly paid Mr. Horsball regularly. He was wont to vanish in April, and would always turn up again in October. Some people called him the dormouse. He was good-humoured, good-looking after a horsey fashion, clever, agreeable, and quite willing to submit himself to any nickname that could be found for him. He liked a rubber of whist, and was supposed to make something out of bets with bad players. He rode very carefully, and was altogether averse to ostentation and bluster in the field. But he could make a horse do anything when he wanted to sell him, and could on an occasion give a lead as well as any man. Everybody liked him, and various things were constantly said in his praise. He was never known to borrow a sovereign. He had been known to lend a horse. He did not drink. He was a very safe man in the field. He did not lie outrageously in selling his horses. He did not cheat at cards. As long as he had a drop of drink left in his flask, he would share it with any friend. He never boasted. He was much given to chaff, but his chaff was good-humoured. He was generous with his cigars. Such were his virtues. That he had no adequate means of his own and that he never earned a penny, that he lived chiefly by gambling, that he had no pursuit in life but pleasure, that he never went inside a church, that he never gave away a shilling, that he was of no use to any human being, and that no one could believe a word he said of himself,—these were specks upon his character. Taken as a whole Fred Pepper was certainly very popular with the gentlemen and ladies of the B. and B.

Ralph Newton when he dropped down upon the Moonbeam was made loudly welcome. Mr. Horsball, whose bill for £500 had been honoured at its first day of maturity, not a little, perhaps, to his own surprise, treated Ralph almost as a hero. When Ralph made some reference to the remainder of the money due, Mr. Horsball expressed himself as quite shocked at the allusion. He had really had the greatest regret in asking Mr. Newton for his note of hand, and would not have done it, had not an unforeseen circumstance called upon him suddenly to make up a few thousands. He had felt very much obliged to Mr. Newton for his prompt kindness. There needn't be a word about the remainder, and if Mr. Newton wanted something specially good for the next season,—as of course he would,—Mr. Horsball had just the horse that would suit him. "You'll about want a couple more, Mr. Newton," said Mr. Horsball.

Then Ralph told something of his plans to this Master of the Studs,—something, but not much. He said nothing of the sale of his property, and nothing quite definite as to that one horse with which his hunting was to be done for the future. "I'm going to turn over a new leaf, Horsball," he said.

"Not going to be spliced, squire?"

"Well;—I can't say that I am, but I won't say that I ain't. But I'm certainly going to make a change which will take me away from your fatherly care."

"I'm sorry for that, squire. We think we've always taken great care of you here."

"The very best in the world;—but a man must settle down in the world some day, you know. I want a nice bit of land, a hundred and fifty acres, or something of that sort."

"To purchase, squire?"

"I don't care whether I buy it or take it on lease. But it mustn't be in this county. I am too well known here, and should always want to be out when I ought to be looking after the stock."