ALTON BLUNDERS Deringham spent several weeks at Somasco without arriving at any understanding with its owner.

This, however, did not cause him any great concern, because he had at his doctor's recommendation decided on a somewhat lengthy absence from England, and found himself regaining health and vigour with every day he passed in the pleasant valley.

He was also desirous of gaining time, because he had left negotiations for the formation of a company to take over an enterprise he was interested in in train, and, while these could proceed as well without him, a favourable termination would, by relieving him from immediate financial anxiety, enable him if it seemed advisable to adopt a firmer tone in any discussion respecting Carnaby.

Alton had in the meanwhile quietly avoided the subject.
Affairs were in this position when he sat one evening with his daughter on the verandah, glancing now and then down the valley.

It was very still and peaceful, and trails of white mist crept about the pines, while, though the paling light still lingered high up upon the snow, a crescent moon was growing into visibility against the steely blueness behind the eastern shoulder of a hill.