But Wilf came up and he had to let her go—felt, indeed, no particular desire to detain her; for Caroline greeted her admirer with such real relief that he had no doubt of her feelings. She just caught hold of Wilf's arm and began at once to move in time to the music, while that gratified young man nodded jauntily over her shoulder to Wilson and sailed off, thinking himself very grown-up and experienced and important—a man with a female for whom he was responsible—one of the initiate.

Almost immediately after that Wilson went away, but it was three hours later before Caroline and Wilf, having danced their fill, emerged into the coolness of the midnight air. As they walked down the dim promenade together, Wilf was still talking about Wilson. "Some chaps say he is so stand-offish, but I always hold that people treat you as you treat them. And if the fellows say anything of the sort to me in the train, to-morrow, I shall just tell them they're wrong. Most pleasant, he can be, when he likes."

"Why shouldn't he be?" said Caroline. "You're as good as he is."

"I know that, but I haven't got what he has. You don't understand the world yet, Carrie, my dear," he said largely. "I tell you, that man can smell when there's going to be land in the market, if there's anything to be made out of it. Sort of second smell. Ha! ha!"

Carrie laughed. "Go on! You really are a one, Wilf!" But her encouraging laughter was a veil to hide her thoughts—the old veil used a thousand thousand times since life and love began.

"Look here, Carrie," Wilf began again, suddenly serious. "What man has done, man can do. I didn't mean to tell you yet, but I will." He lowered his voice, glancing round at the calm immensity of the moonlight night lest any one should hear him. "If I go on as I am doing, I shall be worth five thousand pounds before I die."

Carrie clutched his arm, looking into the smooth, boyish face so near her own, with its young curves and sharpnesses made wistful by the moonlight. She did not know why, but was suddenly filled with a sort of aching, protective pity when she heard those words mingling with the sound of the sea. It was Wilf's youngness and littleness in the face of that immensity. "Five thousand pounds before I die!" And the sea beating on the shore just the same——

But out of it all, the only words she found were: "I know you will, Wilf. You'll do more than that. Look how your governor spoke about your shorthand last week."

"And that brings me," continued Wilf, growing more and more solemn and important, "to what I really want to say. I'm going to get the ring to-morrow, Carrie, so you'd better lend me that old one of your mother's you have on, for a measure. I aren't going to ask you what stones you'd like, because I shall get diamonds. A dress ring without diamonds is nothing, and I mean my wife to have the best."

"Diamonds! Oh, Wilf!" said Carrie. But the first glow of surprise and pleasure passed almost before it was there. "Wife!" She didn't want that. She wasn't ready for that. "Don't think of such a thing. We can't be married for years and years. Besides, I don't want a ring. It—it hasn't got so far, yet. We have always been friends, but when it comes to settling down together for life—-"