Deringham had been unfortunate in his latest ventures, and could foresee considerable difficulty in extricating himself from a distinctly unpleasant position if the new heir decided to take immediate possession of his property.
The latter had, however, shown no great desire to do so, and Deringham had accepted a commission from the trustees to ascertain his intentions.
A company of which he was one of the promoters had also invested somewhat unhappily in Western mines, and Deringham, who purposed to see what could be done with the depreciated securities, intended that the expenses of his sojourn in the mountain province should be borne by the shareholders.

He had acquired considerable facility in the art of managing them, but the owner of Carnaby was an unknown quantity and Deringham was anxious.
Presently his daughter reined in her pony.

"Stop a moment, father.
That must be the ranch," she said.
The man drew bridle, and for a moment forgot his perplexities as he gazed at the scene before him.

Far down in the valley lay a still blue lake with a great white peak shining ethereally at its northern end.
Dark pines rolled about it, growing smaller and smaller up the hillside until they dwindled with spires clean cut against the azure into a gossamer filigree.

Between them and the water stupendous forest shrouded all the valley, save where an oblong of pale verdure ran back from the fringe of boulders and was traversed by the frothing streak of a river whose roar came up hoarsely across the pines in long pulsations.
That was all Deringham saw at first sight, but he realized that it was very beautiful, and then commenced to note details with observant eyes.
There was a sawmill beside the river, for he could faintly hear a strident scream and see the blue smoke drifting in gauzy wisps across the hill.