So the next day, as soon as the clock had struck two, and he was free, Paul started off for the old elm, near the sand-pits. Punctual though he was, Wyndham was awaiting him.

"I'm so glad you've come, Percival," he said, as he came towards him and shook him warmly by the hand. "I've splendid news to tell you."

"The flag?" exclaimed Paul, speaking the thought that was uppermost in his mind.

"You've made a very good guess. Yes, the flag. I've got some very good news about it—very good news indeed. In fact, I rather fancy I know where it is."

"Where—where? Can we make for it?" exclaimed Paul, excited at the news.

"Wait a bit. Don't be in such a steaming hurry!" smiled Wyndham. "Before I say a word more, I must ask you not to make use of the information I'm going to give you against any of our fellows at Bede's."

Paul readily consented. To get possession of the flag was the chief thing he cared for. That accomplished, he could afford to be magnanimous.

"From the first I suspected that one of our fellows had a hand in it," went on Wyndham. "You remember that day when you were set upon by a dozen or so of the sweet cherubs from Bede's?"

"Only too well."

"Sorry to stir up painful memories. There was one amongst the number said to belong to the amphibia. Do you recollect that, too?"