Suddenly Denry was accosted by a young man.

"Hello, Machin!" cried the young man. "What have you shaved your beard off for? I scarcely knew you."

"I just thought I would, Swetnam," said Denry, who was obviously discomposed.

It was the youngest of the Swetnam boys; he and Denry had taken a sort of curt fancy to one another.

"I say," said Swetnam confidentially, as if obeying a swift impulse, "I did hear that the Signal people meant to collar all your chaps this afternoon, and I believe they have done. Hear that now?" (Swetnam's father was exceedingly intimate with the Signal people.)

"I know," Denry replied.

"But I mean—papers and all."

"I know," said Denry.

"Oh!" murmured Swetnam.

"But I 'll tell you a secret," Denry added. "They are n't to-day's papers. They 're yesterday's, and last week's, and last month's. We 've been collecting them specially and keeping them nice and new-looking."