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 be turned into substantial coin of the realm. There were the four or five second and third prizes that he had won in the sports, and there was his mother's gold watch. It he had worn throughout his schooldays; and it had struck him very much in the beginning that nobody had ever asked him why he wore a lady's watch; but there were some things about which even a new boy's feelings were respected, now he came to think of it. . . . He came to think of too many things that had nothing to do with the pressing question; of the other watch that he had won at the fair, and sold at the time for the very few shillings it would bring; of the mad way in which he had thrown himself into that adventure, just as he was throwing himself into this one now. But it was no good raking up the past and comparing it with the present. Besides, there had been no sense in the risk he ran then; and now there was not only sense but necessity.

So absolute was the necessity in Jan's view that he would not have hesitated to part with his precious watch for the time being, if only there had been a pawnbroker's shop within reach; but, perhaps by arrangement with the school authorities, there was no such establishment in the little town; and there was no time to try the ordinary tradesmen, even if there was one of them likely to comply and to hold his tongue. Jan thought of Lloyd, the authorised jeweller, thought of George Grimwood and old Maltby, and was still only thinking when the quad filled under his window, the study passage creaked and clattered with boots, and Chips Carpenter was heard demanding less noise in a far more authoritative voice than usual.

It was almost too much to hear poor old Chips steal into his own study next door like any mouse, to hear what he was about, and how quietly, and then to see the