Lance Loughton and Emery Dulman were brought up together at Elmerston Grammar-School. They were both in the upper or sixth form; but Lance was nearly at the head, while Emery was at the bottom, of the form. They were general favourites, though for different causes. Lance was decidedly best liked by the masters. He was steady, persevering, and studious, besides being generous, kind-hearted, and brave-ever ready to defend the weak against the strong, while he would never allow a little boy to be bullied by a big one if he could help it. Emery had talents, but they were more showy than solid. He was good-natured and full of life and spirits, and having plenty of money, spent it freely. He was, however, easily led, and had in consequence done many foolish things, which got him into trouble, though he managed, on the whole, to maintain a tolerably good character. Lance and Emery were on friendly terms; and Lance, who thought he saw good qualities in his companion, would gladly have won his confidence, but Emery did not like what he called Lance's lectures, and there was very little or no interchange of thought between them. Without it real friendship can scarcely be said to exist. They were, however, looked upon as school friends, and certainly Lance would at all times have been ready to do a friendly act for Emery.