"It sounds well," I said. "With partners like Mr. Frankston and yourself a man ought to be able to do something. I know almost every island where trade can be got, and the price to a cowrie that should be paid. There ought to be a fortune in it in five years. What a pity Hayston couldn't have had such a chance."

"He'd have had the cash, and the other partners the experience, in less than that time," said the captain, smiling sardonically. "He was a first-rate organiser if he had not been such a d—d scoundrel. He had some fine qualities, I allow; as a seaman he had no equal. In the good old fighting days he would have been a splendid robber baron. But in these modern times, where there is a trifle of law and order in most countries, even in the South Seas he was out of place."

"He was far from a model mariner," I said, "but it hurts me to hear him condemned. He had splendid points in his character, and no one but myself will ever know how much good there was mixed up with his recklessness and despair. I left him, but I couldn't help being fond of him to the last."

"It was a good thing for you that you did—a very good thing. You will live to be thankful for it. He was a dangerous beggar, and neither man nor woman could escape his fascination. However, that's all past and gone now. You're married and settled, remember, and you're to be Hilary Telfer, Esq., J.P., and all the rest of it directly, and the only sea-going business you can have for the future is to be Commodore of the Neutral Bay Yacht Club, or some such title and distinction. And now I've done for the present. You go and see what Miranda thinks of it. I won't agree to anything unless she consents."

Miranda was charmed with the idea of a mercantile marine enterprise, so much in accordance with her previous habits and experiences. The added inducement of living on the sea-shore, with a boat, a jetty, and a bathing-house, decided her. She implicitly believed in Captain Carryall's power and ability to make our fortune; was also certain that, with Mr. Frankston's commercial aid, we should soon be as rich as the Guldensterns, the Rothschilds of the Pacific. She surrendered herself thereupon to a dream of bliss, alloyed only at intervals by a tinge of apprehension that the great undiscovered country of Sydney society might prove hostile or indifferent.

So much she communicated to Miss Vavasour as she and Mrs. Craven were reclining side by side on their deck chairs, while the Florentia was gliding along on another day all sunshine, azure, and favouring breeze.

"Don't you be afraid, my dear," said the kind-hearted Mrs. Craven, "you and your husband are quite able to hold your own in Sydney society or any other; indeed, I shall be inclined to bet that you'd be the rage rather than otherwise. I wish I had you in Northamptonshire, I'd undertake to 'knock out' (as Charlie says) the local belles in a fortnight."

Miranda laughed the childishly happy laugh of unspoiled girlhood. "Dear Mrs. Craven, how good of you to say so; but, of course, I know I'm a sort of savage, who will improve in a year or two if every one is as kind as you and Miss Vavasour here; but suppose they should be like her," and she motioned towards Mrs. Percival.

This lady had never relaxed the coldness and hauteur towards Miranda and myself. She had been unable to modify her "Indian manner," as Captain Carryall and Mr. Vavasour called it, and about which they made daily jokes.

As she passed the little group, she bowed slightly and without relaxation of feature, going forward to the waist of the ship, where she sat down and was soon absorbed in a book. The three friends smiled at each other, and continued their conversation.