o end this term. He's an
improvement on the old Gus."

"Yes," said Jim, angrily; "the beaks have got him into their nets. But
he ought to subscribe to the Penfold, when he's the biggest smug in
Taylor's."

"And you ought too, Jim, since you've the biggest money-bags."

"All right," said Jim, "I'll subscribe. 'Twill look better if we all
subscribe."

"You're a funny ass, Cotton. I thought I was going to draw you blank.
What's the reason for your sudden change of mind?"

"I don't want to be bracketed equal with Toddy."

"That's settled, then," said Philips, who was puzzled at Jim's sudden
change of front. "And now let's see to Merishall's work for the
morning."

The subscriptions for a tablet in the great Penfold's honour were not
hard to obtain, the upper form fellows in Taylor's dunning the rest of
the house without mercy, and, to the great wonder of all, the foremost
of the duns was James Cotton, Esq. The way he squeezed half-crowns out
of the fags was reckoned little short of marvellous, and before the week
was out every Taylor fellow had subscribed bar Gus. Jim's exertions were
rewarded by the office of secretary to the Penfold Fund.

"We'll get a house list, Philips, and pin up a proper subscription list
on the notice-board. The thing will look more ship-shape then. By the
way, what was it the Penfold did? Is he dead?"

"You are a funny fellow, Cotton. Here you are sweating the half-crowns
out of the fags and you don't know why you're doing it."

"That is just what I do know," said Jim, smiling serenely.

When the list was pinned up on the board, and opposite each fellow's
name appeared the half-crown or crown he had contributed, it made a
brave show. Towards the end of the list opposite the name of Todd,
A.V.R., there had occurred a dismal blank thoughtfully filled by
secretary Cotton with a couple of beautifully even lines ruled in
staring red ink. This vivid dash of colour on the white paper gave poor
Gus quite an unsolicited advertisement, and since none of the other
fellows knew of Gus's circumstances, it practically put him in the
pillory as a tight-fisted old screw. This result was exactly what Jim
Cotton had in his mind when he fell in with the tablet scheme so
enthusiastically. Pretty mean, wasn't it?

When Gus saw the staring red abomination for the first time it made him
feel that he would like to pour a little boiling oil over the secretary
of the fund, for to a fellow of Gus's temperament