"She has learnt her lesson," Glenda observed cynically.

Girls nudged each other meaningly as Miss Julian entered the assembly hall for prayers, carrying sheets of foolscap under her arm. Irene was observed to be looking a little pale and strained. Had this new girl really been in earnest over her boasting, or was it merely a great game of bluff she was putting up to scare them all? Nat was gloomily resigned to her fate and had even ceased trying to remember whether she had or had not headed that last page of her history paper.

The short Sixth Form position list was soon finished. The Sixth, without exception, smiled cheerily from beginning to end of the reading. No one in the Sixth took exams with great seriousness; as long as they pulled through comfortably they were content. They all knew that Madge would be top—her fluent flow of English would secure this position for her; Pam was intelligent, but careless and happy-go-lucky; Deirdre and the other three were not in the least "brainy."

Now it was the Fifth Form's turn. At Miss Julian's first words the tension left Irene's face and a sigh of relief passed her lips. How hard she had studied this last month! Now came her reward. In her mind the Principal's words still rang joyously.

"Irene has maintained her position at the top. I must congratulate her, especially as the mistresses report that she has been working very hard. If she continues in the same way I am sure she will bring honour to the school when the Oxford Senior results are announced. Lorna is second with seventy per cent, two per cent behind Irene, and Glenda and Ida are bracketed third."

The Fifth Stole stealthy and amazed glances at each other as name after name fell from the Principal's lips and still Monica Carr's was not among them. When the list was finished the girls looked at each other with stunned incredulity. Monica's name came last, actually the very last! Nat was fourth from bottom, a feat which left her wondering all through the proceedings which followed how she had possibly achieved it. By the time Miss Julian had finished with the lowest form Nat had decided that she could not, after all, have omitted to head that last page of the history paper.

The Principal did not attempt to read out the lists of the separate subjects, but the head girl of each form was called out to receive them, so that she might pin them up in the classrooms. There the girls were allowed a good ten minutes' grace before the entry of the mistress, to read the lists.

Hubbub reigned in the Fifth formroom. No one appeared to be bothering much over their own marks; all were chiefly concerned with those of the absent Monica, and all seemed to be talking at once.

"Just fancy! I never thought for a minute she would be top, but it's rather a come-down to find herself at the bottom!"

"Great was the fall thereof, n'est-ce pas, likewise nicht-wahr! That's what comes of boasting!"