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the morning when the final results of all the examinations were to be posted on the bulletin board at Queen’s, Anne and Jane walked down the street together. Jane was smiling and happy; examinations were over and she was comfortably sure she had made a pass at least; further considerations troubled Jane not at all; she had no soaring ambitions and consequently was not affected with the unrest attendant thereon. For we pay a price for everything we get or take in this world; and although ambitions are well worth having, they are not to be cheaply won, but exact their dues of work and self-denial, anxiety and discouragement. Anne was pale and quiet; in ten more minutes she would know who had won the medal and who the Avery. Beyond those ten minutes there did not seem, just then, to be anything worth being called Time.

“Of course you’ll win one of them anyhow,” said Jane, who couldn’t understand how the faculty could be so unfair as to order it otherwise.

“I have no hope of the Avery,” said Anne. “Everybody says Emily Clay will win it. And I’m not going to march up to that bulletin board and look