Little Joe Otter swam straight to the Big Rock and climbed up to the very highest part. He looked so excited, and his eyes sparkled so, that every one knew right away that something had happened.

"Hi!" cried Billy Mink. "Look at Little Joe Otter! It must be that for once he has been smarter than Buster Bear."

Little Joe made a good-natured face at Billy Mink and shook his head. "No, Billy," said he, "you are wrong, altogether wrong. I don't believe anybody can be smarter than Buster Bear."

[Illus]

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Reddy glared across the Smiling Pool at Peter.
Page 45.

Reddy Fox rolled his lips back in an unpleasant grin. "Don't be too sure of that!" he snapped. "I'm not through with him yet."

"Boaster! Boaster!" cried Peter Rabbit.

Reddy glared across the Smiling Pool at Peter. "I'm not through with you either, Peter Rabbit!" he snarled. "You'll find it out one of these fine days!"