Peterman was leaning back in his chair. Nancy was occupying the chair beside the desk which had not known her for several months.

It was a moment of stirring emotions. For the girl it was that moment to which she had so long looked forward. To her it seemed she was about to vindicate this man's confidence in her, and offer him an adequate return such as her gratitude desired to make. And deep down in her heart, where the flame of ambition steadily burned, she felt she had earned the promised reward, all of it.

The man was concerned with none of these things. He was not even concerned for the girl's completed mission. It was Nancy herself. It was the charming face with its halo of red hair, and the delightful figure so rounded, so full of warmth and charm, which concerned him.

He had no scruple as he feasted his eyes upon her. He did nothing to disguise his admiration, and Nancy, full of her news and the thrilling joy of her success, saw nothing of that which a less absorbed woman, a more experienced woman, must unfailingly have observed.

"You've a big story for me," Peterman said, with a light laugh. "Have you completed an option on—Sachigo? You look well. You're looking fine. Travelling in Labrador seems to have done you good."

Nancy's smiling eyes were alight with delight.

"Oh, yes," she said. "It's done me good. But then I've had a success I didn't reckon on. Maybe it's made all the difference. It was a real tough journey. I'm not sure you'd have seen me back at all if it hadn't been for Mr. Sternford."

"How?"

The man's smiling eyes had changed. Their dark depths were full of sharp enquiry. Nancy read only anxiety.

"Why, we were sitting on deck, and it was storming. It was just terrible. We lurched heavily and shipped a great sea. Our chairs were flung into the scuppers by the rush of water, and I—why, I guess I was beaten unconscious and drowning when he got hold of me. He just fought his way to safety. I didn't know about it till I was safe down in the saloon. I woke up then, and he was carrying me—"