“At Mrs Tallis's smartness. She has saved herself some hundreds of pounds by dismissing her stockmen, and leaving the calves un-branded. All the work and expense will fall on whoever buys the station.”

“Oh, I see!” and Kate smiled. “But, after all, I suppose——”

“That all is fair in love and war. And buying a cattle or sheep station is war in a sense between seller and buyer. I should have done the same thing myself, I suppose.”

“I don't believe you would,” said the girl frankly. “Mr Aulain told father and me that you were very Quixotic.”

“Aulain doesn't know what a hard nail I am in money matters sometimes, Miss Fraser. I'm a perfect Shylock, and will have my pound o' flesh—especially bullock flesh.”

“I know better, and so do you, father, don't you,” and her eyes smiled into Gerrard's. “Mr Aulain told us all about your selling a hundred bullocks to the French authorities at New Caledonia, and then, because half of them died on the stormy voyage to Noumea, you returned half the money. Was it your fault that the steamer was nearly wrecked, and the cattle died?”

“Aulain did not think that it might have only been a matter of my setting a sprat to catch a mackerel. You see I was anxious to establish a big cattle trade with the French people.”

Kate shook her head decisively, but there was an expressive look in her eyes that gave Gerrard great content.

Towards the afternoon the travellers saw a horseman coming towards them, and Kate recognised him as Tom Knowles, the overseer of Kaburie, for whom Gerrard had a letter from Mrs Tallis. He was a lithe, wiry little man of fifty, and Kate and her father exchanged smiles as, when he drew near, they saw that he was arrayed in his best riding “togs,” was riding his best horse, and that his long grey moustache was carefully waxed. He had long been one of Kate's most ardent admirers, and had a strong belief that he was “well placed in the running with Aulain and the parson” for the young lady's affections—and hand.

“Well, this is a pleasure,” he cried, as he rode up and shook hands with Fraser and his daughter; “I was coming over to Gully to spend an hour or two with you, Fraser, but, of course, you are coming to me?”