in to-morrow. But you never know. And if you think Ferdinand's
the man to give in to a cranky Khedive, you're much mistaken. His idea
now is to raise all the capital he can lay hands on, and buy him out!
What do you say to that? Buy the Khedive clean out of the company. It's
a large order. And if I were you, old man, as soon as the shares go up
again a bit, I'd sell out some of my holding, and put the money into
something at home here. After all, there must be plenty of quite useful
things to be had here."

Peer frowned, and sat for a while looking straight before him. "No," he
said at last. "As things stand between Ferdinand Holm and me--well, if
either of us goes back on the other, it's not going to be me."

"Ah, in that case--I beg your pardon," said Klaus, and he rose and
departed.

The christening was a great occasion, with a houseful of guests, and a
great deal of speechmaking. The host was the youngest and gayest of
the party. The birth of his son should be celebrated in true Ethiopian
fashion, he declared--with bonfires and boating parties.

The moon was hidden that evening behind thick dark clouds, but the boats
full of guests glided over the black water to the accompaniment of music
and laughter. The young madcap of a lawyer was there, again sitting on
the lap of someone else's wife, and playing a concertina, till people
in the farms on shore opened their windows and put their heads out to
listen.

Later on the bonfires blazed up all along the lake shore and shone like
great flaming suns in the water below. The guests lay on the grass in
little groups round picnic suppers, and here and there a couple wandered
by themselves, talking in whispers.

Merle and Peer stood together for a moment beside one of the bonfires.
Their faces and figures were lit by the red glow; they looked at each
other and exchanged a smile. He took her hand and led her outside the
circle of light from the fire, and pointed over to their home, with all
its windows glowing against the dark.

"Suppose this should be the last party we give, Merle."

"Peer, what makes you say that?"

"Oh, nothing--only I have a sort of feeling, as if something had just
ended and something new was to begin. I feel like it, somehow. But I
wanted to thank you, too, for all the happy times we've had."

"But Peer--what--" She got no farther, for Peer had already left her and
joined a group of guests, where he was soon as gay as the rest.

Then came the