To-morrow he sailed for England. The thought of it afforded him none of the satisfaction with which he had always looked forward to that journey. Yet it meant no less to him now. On the contrary. It really meant more. It meant that his work was marching forward to the great completion which was to crown his labours, and the work of those others who had conceived the task.

It should have been a wonderful moment for him. The house of Leader and Company of London had thrown its doors open to him in welcome. Sir Frank Leader with his millions, his shipping, his great power, and the confidence which his name inspired in British commercial circles, would not fail. The prospect lying ahead, for all the threatened war, should have stirred him to a keen enthusiasm that achievement was within his grasp. But none of these emotions were stirring.

He felt if he could only see Nancy McDonald, that perfect creature with her amazing beauty and splendid courage, just to exchange a few words, just to receive her smiling "bon voyage," and even to hear her laughing declaration of her frank enmity, why—it would—But there was no chance now—none at all. He sailed to-morrow.

He had dreamed a wonderful dream since first he had beheld the charming fur-clad figure enter his office at Sachigo. He had realised, even in those first moments, the impish act of Fate. Nancy McDonald was the one woman in the world who could mean life—real life to him, and they were definitely arrayed against each other in the battle for commercial supremacy in which they were both engaged.

But Fate's act had only added to his desire. The whole thing had appealed to his combative instinct. It had left him feeling there was not alone the storming of the Skandinavia's stronghold to be achieved. There was also a captive, a fair, innocent captive held bound and prisoned within the citadel for him to set free. He wanted Nancy as he wanted nothing else in the world. Sachigo? Canada for the Canadians? These things were cold, meaningless words. He only thought of the dawning of the day that should see Nancy his wife, his everything in life.

He betook himself out on to the Terraces overlooking the slowly freezing waterway of the great St. Lawrence river. It was keenly cold, and the white carpet of winter's first snow remained unmelted on the ground. But the sun was shining, and the crisp air was sparkling, and the terraces were filled with fur-clad folk who, like himself, had found leisure for a half hour of one of the finest views in the world.

He paced leisurely down the great promenade towards the old Citadel with all its memories of great men, and the old time Buccaneers who had made history about its walls. He gazed upon it and wondered. Were they such bad old days? Were the men who lived in those times great men? Were they scoundrelly Buccaneers? Were their scruples and morals any more lax than those of to-day? Were they any different from those who walked under the shadow of the old walls? They were the questions doubtless asked a thousand times in as many minutes by those who paused to think as they contemplated this fine old landmark.

Bull found his own prompt answers. There was no difference, he told himself. The men and women of to-day were doing the same things, enduring the same emotions, fighting the same battles, living and loving, and hating and dying, just as life had ordained from the beginning of time. And as he stood there he wondered how long this round of human effort and passion must continue. How long this—

"Why, I hadn't an idea you were so interested in our old history as to be wasting precious time out here in the snow, Mr. Sternford."

The challenge was full of pleasant, even delighted greeting. And Bull snatched his cigar from his lips and bared his head.