d waiting a moment. Then a
large smile broke out on his face, and he hurried across to a passage
opposite, found a friend's door open, and rushed in. The room was empty.
He flew across to the window and crouched down, peeping over the sill at
the opening on the other side of the court leading to Mr. Mackintosh's
staircase.

He was rewarded almost instantly. Even as he settled himself on the
window seat a black figure, with gown ballooning behind, hurried out and
whisked through the archway leading towards the street. He gave him
twenty seconds, and then ran out himself, and went in pursuit. Half-way
up the lane he sighted him once more, and, following cautiously on
tiptoe, with a handkerchief up to his face, was in time to behold Mr.
Mackintosh disappear into the little telegraph office on the left of
Trinity Street.

"That settles it, then," observed Frank, almost aloud. "Poor Jack--I'm
afraid I shan't be able to breakfast with him after all!"

(IV)

It was a little after four o'clock on the following morning that a
policeman, pacing with slow, flat feet along the little lane that leads
from Trinity Hall to Trinity College, yawning as he went, and entirely
unconscious of the divine morning air, bright as wine and clear as
water, beheld a remarkable spectacle.

There first appeared, suddenly tossed on to the spikes that top the gate
that guards the hostel, a species of pad that hung over on both sides of
the formidable array of points. Upon this, more cautiously, was placed
by invisible hands a very old saddle without any stirrups.

The policeman stepped back a little, and flattened
himself--comparatively speaking--against the outer wall of the hostel
itself. There followed a silence.

Suddenly, without any warning, a heavy body, discernible a moment later
as a small carpet-bag, filled to bursting, fell abruptly on to the
pavement; and, again, a moment later, two capable-looking hands made
their appearance, grasping with extreme care the central rod on which
the spikes were supposed to revolve, on either side of the saddle.

Still the policeman did not make any sign; he only sidled a step or two
nearer and stood waiting.

When he looked up again, a young gentleman, in flannel trousers, gray
jacket, boots, and an old deerstalker, was seated astride of the saddle,
with his back to the observer. There was a pause while the rider looked
to this side and that; and then, with a sudden movement, he had dropped
cl