"Joyce had wealthy parents, who allowed him a liberal amount of pocket money. He was one of those fellows who cut a big dash, who dress better than the other chaps, wear a lot of linen and scatter their money fairly freely. In fact, he was very liberal, particularly if he wished to secure the friendship of some particular fellow."

"Ah! I've met many similar men in everyday life. A little arrogant, conceited, don't you know; inclined to give themselves airs and be high and mighty. Often very shallow, and always fond of good things, and in particular of scattering their cash so as to make a good impression. Yes, they are to be met with here and there, and many are excellent fellows at heart. They lose their conceit later and settle down. Yes, they are their own enemies. No one takes them very seriously. His name was Joyce?"

"Yes, sir," replied Dudley. "He was all you say, and beyond thinking him stuck up and foolish I certainly never had a bad word to say about him. We were friendly, and often enough when he had run through his monthly allowance he would come to me and borrow a shilling or two."

"Ah! He overspent his allowance and borrowed. A bad plan!" exclaimed Mr. Blunt. "Never borrow and never lend unless under very exceptional circumstances. It leads to trouble, and often loses one a friend."

There was silence for a little while again, as Dudley pictured the lively, smooth-tongued Joyce, with his fine clothes, and his great display of collar and cuff, while Mr. Blunt no doubt was occupied with his own thoughts. Perhaps he could tell tales of lending and borrowing which had led to misery and trouble. He tossed the stump of his weed into the air, where the gale caught it and whisked it overboard. Then he turned again to Dudley and spoke abruptly.

"Joyce borrowed once too often," he said with decision. "He asked you to lend him something, and in some manner implicated you in this theft. He was the culprit."

"Without a doubt, sir," answered Dudley promptly. "I can say it to you safely, I know. Joyce was the thief. It was he who stole the money, and he it was who should have been expelled."

"Humph! You know that now. Did you know it then? Did you shield him?"

The questions were fired at our hero one after another, while the answers were awaited with eagerness, for Mr. Blunt was more than a little interested in the tale his young friend had to tell him.

"I am sure of it now. I am as certain that Joyce stole the money as I am that you and I are seated here. I guessed it at the time. There was scarcely any possibility that it could be anyone else. But I could not speak. If he was the thief he was there to admit it. He heard me accused, and if he was the culprit it was his duty to come forward."