After luncheon Billy had a quiet half-hour with the Colonel in the smoking-room.
Said Billy, between puffs of a cigar:
"Peggy's changed a bit."
The Colonel grunted. Perhaps he dared not trust to words.
"Seems to have made some new friends."
A more vigorous grunt.
"Cultured lot, they seem?" said Mr. Woods. "Anxious to do good in the world, too—philanthropic set, eh?"
A snort this time.
"Eh?" said Mr. Woods. There was dawning suspicion in his tone.
The Colonel looked about him. "My boy," said he, "you thank your stars you didn't get that money; and, depend upon it, there never was a gold-ship yet that wasn't followed."
"Pirates?" Billy Woods suggested, helpfully.
"Pirates are human beings," said Colonel Hugonin, with dignity. "Sharks, my boy; sharks!"