lerk, who had just
purchased a fine ducal residence and estate from the results of his
reckless speculations. Ian knew all the Scotch lines, he had even full
faith in the _Caledonian_ when it was first proposed and could hardly
win any attention. "Every one said a railway between England and
Scotland would not pay, Mr. Ragnor," said Ian.

"I would have said very different," replied Conall. "It would be
certain to pay. Why not?"

"Because there would be _no returns_," laughed Ian, and then Conall
laughed also, and wished that Boris had been there to learn whatever
Ian might teach him.

"Hast thou speculated in railway stock yet," he asked.

"No, sir. I have not had the money to do so."

"How would thou buy if thou had?"

"I would buy when no one else was buying, and when everyone else was
buying, I would keep cool, and sell. A very old and clever speculator
gave me that advice as a steady rule, saying it was 'his only
guide.'"

This was the tenor of the men's conversation until near midnight, and
then Ragnor went with Ian to the door of his room and bid him a frank
and friendly good night. And as he stood a moment handfast with the
youth, his conscience troubled him a little and he said: "Ian, Ian,
thou art a wise lad about this world's business, but thou must not be
forgetting that there is another world after this."

"I do not forget that, sir."

"Bishop Hedley is a greater and wiser man than all the railway nabobs
thou hast spoken of."

"I think so, sir! I do indeed!" and the mutual smile and nod that
followed required no further "good night."

It was a lovely, silent night. The very houses looked as if they were
asleep; and there was not a sound either in the town on the brown pier
or the moonlit sea. It was a night full of the tranquillity of God.
Men and women looked into its peace, and carried its charm into their
dreams. For most fine spirits that dwell by the sea have an elemental
sympathy with strange oracles and dreams and old Night. In the
morning, Conall Ragnor was the first to awaken. He went at once to
fling open his window. Then he cried out in amazement and wonder, and
awakened his wife:--

"Rahal! Rahal!" he shouted. "Come here! Come quick! Look at the town!
It is hung with flags. The ships in the harbour--flying are their
flags also! And there is a ship just entering the harbour and her
colours are flying! And there are the guns! They are saluting her from
the garrison! It must be a ma