"I am very glad indeed to hear that I have won the Perry Exhibition. I know in my own mind that I could never have beaten my friend Hodgson if I had not had Acton's help. I owe the winning of the Exhibition entirely to him, for he has read the whole of the classics with me and helped me in every way in his power. I cannot thank him enough for all he has done, but at least I owe him this open acknowledgment."

Corker looked no end pleased, and turned round and beamed on Biffen, whose good-natured easy face shone with pleasure and delight.

"Biffen," said good old Corker, audibly, "your house is fortunate in having Acton, and St. Amory such a good amateur coach in classics. Cock-house, too, bless me!"

And can you wonder that Biffen's, frenzied with delight, carried Raven and Acton shoulder high through the gas-lit streets?

Whilst the Biffenites were thus shouting their way home, one unhappy youth hurried to his room feeling as though the moon had fallen out of heaven and crushed him—Todd. After that night when he had made the bet with Cotton, he had neither worked for the Perry nor yet left it alone, but loafed about with Cotton as usual, and piffled with the work for the Exhibition. As a last-lap spurt, he had, in the last week or so, desperately stuffed himself with cunning tips leading twistingly to nowhere. Never had any one faced a serious examination with such a rag-bag of tips as Todd, and the examination had found him out with a vengeance. As he slunk along to his quarters, Corker's words were buzzing in his ears unendingly. "As for Augustus Vernon Robert Todd"—"ballon d'essai"—"Kindergarten!" Oh! it was a sickener, and how the fellows had laughed!

As for his bet with Cotton about cock-house, why, he had, when he saw those goals put on at the last moment, felt a cold shiver run down his back. He had crawled off the Acres a sick and sorry and miserable wretch. Cotton had, being rather riled at his chum's temper for the last month, hinted, in unmistakable terms, that the debt was to be paid on return after holidays. Todd contemplated the ravishing prospect of the future with unmixed feelings. Between the upper and nether millstones of the lost Exhibition and the lost bet he had been crashed, annihilated!

When he had shut the study door, in sheer despair of spirit, he laid his head on the table and—Well, did he blub? All I know is, the Rev. E. Taylor knocked at the door once, twice, thrice, and Todd heard him not. The house master came in and surveyed the bowed form of poor Gus with a good-natured smile, tempered with some scorn. He took the liberty of loudly poking Gus's decaying fire, whereat the young gentleman sprang up instanter.

"I knocked, Todd, but I suppose you were thinking too deeply to hear me."

"Sorry, sir," said Gus, hurriedly getting the master a chair, "and, as a matter of fact, I was thinking."

"Yes!"