“In other words, you hunt very much as does your cousin, Shadow the Weasel,” said Old Mother Nature.

Billy nodded. “I suppose I do,” said he, “but there's one thing he does which I don't do and that's hunt just for the love of killing.

“Once in a while I may kill more than I can eat, but I don't mean to. I hunt for food, while he hunts just for the love of killing.”

“You all saw how Billy catches fish,” said Old Mother Nature. “Now, Billy, I want you to swim over to the farther bank and show us how you run.”

Billy obeyed. He slipped into the water, dived, swam under water for a distance, then swam with just his head out. When he reached the bank he climbed out and started along it. He went by a series of bounds, his back arched sharply between each leap. Then he disappeared before their very eyes, only to reappear as suddenly as he had gone. So quick were his movements that it was impossible for one of the little people watching to keep their eyes on him. It seemed sometimes as though he must have vanished into the air. Of course he didn't. He was simply showing them his wonderful ability to take advantage of every little stick, stone and bush.

“Billy is a great traveler,” said Old Mother Nature. “He really loves to travel up and down the Laughing Brook, even for long distances. Wherever there is plenty of driftwood and rubbish, Billy is quite at home, being so slender he can slip under all kinds of places and into all sorts of holes. Quick as he is on land, he is not so quick as his Cousin Shadow; and good swimmer as he is, he isn't so good as his bigger cousin, Little Joe Otter. But being equally at home on land and in water, he has an advantage over his cousins. Billy is much hunted for his fur, and being hunted so much has made him very keen-witted. Mrs. Billy makes her home nest in a hole in the bank or under an old stump or under a pile of driftwood, and you may be sure it is well hidden. There the babies are born, and they stay with their mother all summer. Incidentally, Billy can climb readily. Billy is found all over this great country of ours. When he lives in the Far North his fur is finer and thicker than when he lives in the South. I wish Little Joe Otter were here. I hoped he would be.”

“Here he comes now,” cried Jerry Muskrat. “I rather expected he would be back.” Jerry pointed towards where the Laughing Brook left the Smiling Pool on its way to the Big River. A brown head was moving rapidly towards them. There was no mistaking that head. It could belong to no one but Little Joe Otter. Straight on to the Big Rock he came, and climbed up. He was big, being one of the largest members of his family. He was more than three feet long. But no one looking at him could mistake him for any one but a member of the Weasel family. His legs were short, very short for the length of his body. His tail was fairly long and broad. His coat was a rich brown all over, a little lighter underneath than on the back.

“What's going on here?” asked Little Joe Otter, his eyes bright with interest.

“We are holding a session of school here today,” explained Old Mother Nature. “And we were just hoping that you would appear. Hold up one of your feet and spread the toes, Little Joe.”

Little Joe Otter obeyed, though there was a funny, puzzled look on his face. “Whyee!” exclaimed Peter Rabbit. “His toes are webbed like those of Paddy the Beaver!”