Max's mouth twisted in its most cynical smile. "I wonder," he said.

Sir Kersley said no more. Beyond the bare fact of his brief engagement and its rupture, Max had confided in him not at all. He had left him to infer that she had been caught by a nearer attraction in his absence—an inference which her present engagement to his brother had seemed to confirm. And Sir Kersley had been far too considerate to probe for further enlightenment. But he was not privately by any means satisfied with regard to the matter of Max's long and fruitless journey. He was not accustomed to seeing Max beaten, and the spectacle hurt him.

He urged his opinion no further, for it was evident that Max was firmly determined to withstand it; but when Max had gone he sat and contemplated the matter with a troubled frown. There seemed to be something he had not fathomed behind Max's silence.

As for Max he departed for the docks with that air of grimness that had somewhat grown on him of late. Though bound upon a welcoming errand, he knew that it was not going to be a particularly easy one.

He was somewhat late in arriving, and the great steamer had already come to her moorings. Among the waiting crowd he discerned Dr. Jim and Muriel, but he did not make his way to them. He knew they would meet later, and he was not feeling sociable that afternoon.

So he stood aloof and waited, searching the many faces that lined the deck-rails for the one face that alone he longed to see. He spied her at last, and was conscious of a momentary pang that he fiercely stifled. She was standing there at the rail above him, waving her handkerchief to Dr. Jim. Nick was on one side of her, also madly waving and yelling with futile energy. On the other side stood Noel. And at sight of him Max's grim face softened to tenderness.

"There's grit in the boy," he murmured.

For Noel, with a black shade covering his bandaged eyes, was obviously as merry as any there. He was holding Peggy Musgrave perched on his shoulder, and his thin, brown face was upturned and laughing. There seemed to be some joke going on between them, for Peggy was also chuckling vigorously, and as Max watched she slipped a caressing hand round Noel's chin and tenderly kissed him.

Daisy and Will Musgrave were standing next to them, but they were plainly not thinking of Peggy or her cavalier. They were very close together and hand in hand.

It was nearly an hour later that Max joined the party as they came ashore. Noel's pleasure at meeting him was very obvious. He gripped him by both hands.