Masters looked as if he would gladly slay him. But he was determined to continue. Moments were flying as they discussed matters, and if they were to skate at all they must clear up this mystery.

"Supposing that's so. Well, in any case, these woods are out of bounds and we're trespassing. Unless we can slip out on to the ice without that cad Canning seeing us, why——"

"Skating's out of the question," groaned Clive. "Look here, you fellows. I'll slip on my skates, wait for Canning to turn his head, and then go swinging past him. If I signal you on, you'll know skating's allowed, and can slip on to the ice one by one as I've done. Eh?"

They agreed to the proposition. Clive, moreover, was successful, and in a little while was diligently waving them on. And then his chums followed, all contriving to escape the eye of the smoking Canning, except Masters.

"Oh, Masters, that you?" he demanded, swinging his head as that young hopeful happened to emerge from the wood and approach the ice. "Been trespassing, eh? Been into the wood?"

There could be no denial. Masters could merely glance at Mr. Canning as if he wished the most dreadful thing to happen to him.

"Yes, sir," he said curtly.

"Then you've forgotten our little conversation, and the lines you've no doubt waiting at the school to give to me. Let me see. Yes. 'There's a time and a place for everything.' Those were the words. Well, they're true of this occasion. This isn't the time for trespassing when Mr. Delarth has so kindly given the school permission to skate on his lake. He particularly wished that there should be no disturbance of the covers. Masters, you must have sadly forgotten the lesson I attempted to teach you. Let me have those words written an additional five hundred times by to-morrow afternoon."

"There's a beast!" said the unfortunate delinquent, when he rejoined his friends. "I'd fifty times rather be sent to the Head with a note and take a whacking. This impot business is breaking my spirit."

But you wouldn't have thought so had you seen him ten minutes later. He was hurtling over the surface of the lake at lightning speed, with a string of boys on either side of him. It was an hour later when there came a shout from a far corner. Clive, dashing in that direction, saw that the white surface of the ice was broken and flooded. There were dark heads floating above the water. One was that of a girl. Susanne's face was amongst them. Trendall's, too, fat and oily.