er. I'm a perfect Shylock, and will have my pound o'
flesh--especially bullock flesh."

"I know better, and so do you, father, don't you," and her eyes smiled
into Gerrard's. "Mr Aulain told us all about your selling a hundred
bullocks to the French authorities at New Caledonia, and then, because
half of them died on the stormy voyage to Noumea, you returned half the
money. Was it your fault that the steamer was nearly wrecked, and the
cattle died?"

"Aulain did not think that it might have only been a matter of my
setting a sprat to catch a mackerel. You see I was anxious to establish
a big cattle trade with the French people."

Kate shook her head decisively, but there was an expressive look in her
eyes that gave Gerrard great content.

Towards the afternoon the travellers saw a horseman coming towards them,
and Kate recognised him as Tom Knowles, the overseer of Kaburie, for
whom Gerrard had a letter from Mrs Tallis. He was a lithe, wiry little
man of fifty, and Kate and her father exchanged smiles as, when he drew
near, they saw that he was arrayed in his best riding "togs," was riding
his best horse, and that his long grey moustache was carefully waxed.
He had long been one of Kate's most ardent admirers, and had a strong
belief that he was "well placed in the running with Aulain and the
parson" for the young lady's affections--and hand.

"Well, this is a pleasure," he cried, as he rode up and shook hands with
Fraser and his daughter; "I was coming over to Gully to spend an hour or
two with you, Fraser, but, of course, you are coming to me?"

"Yes!" said the mineowner. "This is Mr Gerrard, Knowles. He has come to
see you on business, and we came with him."

The overseer, who had at first looked at Gerrard's handsome face with
some disapproval, at once became at ease, and in a few minutes, after
Gerrard had explained the object of his visit, the party put their
horses into a smart canter, and half-an-hour later came to a wide,
sandy-bottomed creek, fringed with huge ti-trees. On one of these, which
was on the margin of the crossing, was nailed a large black painted
board with an ominous inscription in white.

"LOOK OUT FOR ALLIGATORS."

"Mr Tallis had it put up," explained the overseer to Gerrard; "as two
men were collared by 'gaters here. But when the water is clear, and the
creek low, as it is now, there is no danger. It is when the creek is
high after rain, and the water muddy, that the crossing is risk