one ever presumed him to have a prospect, or
suggested to him to look for one. But Cox had been very communicative
and confidential, and Ralph had been prompted to say something of
himself. Fred Pepper, though he had no future of his own, could
he pleasantly interested about the future of another, and had
quite agreed with Ralph that he ought to settle himself. The only
difficulty was in deciding the when. Cox intended to settle himself
too, but Cox was quite clear as to the wisdom of taking another
season out of himself. He was prepared to prove that it would be
sheer waste of time and money not to do so. "Here I am," said Cox,
"and a fellow always saves money by staying where he is." There was a
sparkle of truth in this which Ralph Newton found himself unable to
deny.

"You'll never have another chance," said Pepper.

"That's another thing," said Cox. "Of course I shan't. I've turned it
round every side, and I know what I'm about. As for horses, I believe
they sell better in April than they do in October. Men know what they
are then." Fred Pepper would not exactly back this opinion, but he
ventured to suggest that there was not so much difference as some men
supposed.

"If you are to jump into the cold water," said Ralph, "you'd better
take the plunge at once."

"I'd sooner do it in summer than winter," said Fred Pepper.

"Of course," said Cox. "If you must give up hunting, do it at the end
of the season, not at the beginning. There's a time for all things.
Ring the bell, Dormouse, and we'll have another bottle of claret
before we go to dummy."

"If I stay here for the winter," said Ralph, "I should want another
horse. Though I might, perhaps, get through with four."

"Of course you might," said Pepper, who never spoilt his own market
by pressing.

"I'd rather give up altogether than do it in a scratch way," said
Ralph. "I've got into a fashion of having a second horse, and I like
it."

"It's the greatest luxury in the world," said Cox.

"I never tried it," said Pepper; "I'm only too happy to get one." It
was admitted by all men that Fred Pepper had the art of riding his
horses without tiring them.

They played their rubber of whist and had a little hot whisky and
water. On this evening Mr. Horsball was admitted to their company and
made a fourth. But he wouldn't bet. Shilling points, he said, were
quite as much as he could afford. Through the whole evening they went
on talking of the next season, of