Something, indeed, had happened to mar their happiness, and the cause of their depression was as follows:-- Soon after breakfast, when the contents of the post-bag had been distributed as usual, Mugford accosted his two chums, who were strolling up and down the quadrangle.

A look of abject misery was on his face, and in his hand he held an open letter.
"Hullo!" cried Jack Vance; "what's up?
You look as if you had lost a sovereign and found sixpence!" "Matter enough," murmured Mugford, whose heart was evidently in his mouth: "I'm going to leave." "Going to leave!" exclaimed Diggory; "what ever d'you mean ?" "Well, I don't mind telling you fellows," answered the other.

"You know my guv'nor isn't well off, and he says he's lost money, and can't afford to keep me at Ronleigh.

I know I'm no good, and you fellows'll get on all right without me, and--" The sentence not being completed, the two other boys glanced at the speaker's face, and from previous indications in the tone of his voice were not surprised to find that he was crying.

Two years appear a long time when one is on the bright side of twenty, and the friendship seemed to have lasted for ages.