Ned Corbett himself was the speaker, though probably those who had known him at home or in Victoria would have hardly recognized him. All the three gold-seekers had altered much in the last month, and standing in the bright sunlight of early morning the changes wrought by hard work and scanty food were very apparent.

Bronzed, and tired, and ragged, with a stubble of half-grown beards upon their chins, with patches of sacking or deer-skin upon their trousers, and worn-out moccasins on their feet, none of the three showed signs of that golden future which was to come. Beggars they might be, but surely Crœsus never looked like this!

"We shall make it to-day, Ned," remarked Chance, taking off his cap to let the cool mountain breeze fan his brow.

"We may, if we can drag him along, but he is very nearly dead beat;" and the direction in which Ned glanced showed his companion that he was speaking of a limp bundle of blue rags, which had collapsed in a heap at the first sign of a halt.

"Why not leave Phon to follow us?" asked Steve in a low tone. Low though the tone was, the bundle of blue rags moved, and a worn, shrivelled face looked piteously up into Ned's.

"No, no, Steve," replied Corbett. "All right, Phon, I'll not leave you behind, even if I have to pack you on my own shoulders."

Thus reassured, the Chinaman collapsed once more. There was not a muscle in his body which felt capable of further endurance, and yet, with the gold so near, and his mind full of superstitious horrors, he would have crawled the rest of the journey upon his hands and knees rather than have stayed behind.

"Thank goodness, there it is at last!" cried Corbett a minute later, shading his eyes with his hand. "That smoke I expect rises from somewhere near our claims;" and the speaker pointed to a faint column of blue which was just distinguishable from the surrounding atmosphere.

"I believe you are right, Ned. Come, Phon, one more effort!" and Steve helped the Chinaman on to his legs, though he himself was very nearly worn out.

Ned took up the slender pack which Phon had carried until then, and added it to the other two packs already upon his broad shoulders. After all the three packs weighed very little, for Ned's companions had thrown away everything except their blankets, and Steve would have even thrown his blanket away had not Ned taken charge of it. Ned knew from experience that so long as he sleeps fairly soft and warm at night a man's strength will endure many days, but once you rob him of his rest, the strongest man will collapse in a few hours.