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'Bubbles? Oho!' said the Rat, and chirruped cheerily in an inviting sort of way.

A broad glistening muzzle showed itself above the edge of the bank, and the Otter hauled himself out and shook the water from his coat.

'Greedy beggars!' he observed, making for the provender.

'Why didn't you invite me, Ratty?'

'This was an impromptu affair,' explained the Rat.

By the way-my friend Mr. Mole.'

'Proud, I'm sure,' said the Otter, and the two animals were friends forthwith.

'Such a rumpus everywhere!' continued the Otter.

'All the world seems out on the river to-day.

I came up this backwater to try and get a moment's peace, and then stumble upon you fellows!-At least-I beg pardon-I don't exactly mean that, you know.'

There was a rustle behind them, proceeding from a hedge wherein last year's leaves still clung thick, and a stripy head, with high shoulders behind it, peered forth on them.

'Come on, old Badger!' shouted the Rat.

The Badger trotted forward a pace or two; then grunted, 'H'm! Company,' and turned his back and disappeared from view.

'That's JUST the sort of fellow he is!' observed the disappointed Rat.

'Simply hates Society! Now we shan't see any more of him to-day.

Well, tell us, WHO'S out on the river?'

'Toad's out, for one,' replied the Otter.

'In his brand-new wager-boat; new togs, new everything!'

The two animals looked at each other and laughed.

'Once, it was nothing but sailing,' said the Rat, 'Then he tired of that and took to punting.

Nothing would please him but to punt all day and every day, and a nice mess he made of it.

Last year it was house-boating, and we all had to go and stay with him in his house-boat, and pretend we liked it.

He was going to spend the rest of his life in a house-boat.

It's all the same, whatever he takes up; he gets tired of it, and starts on something fresh.'

Such a good fellow, too,' remarked the Otter reflectively: 'But no stability-especially in a boat!'

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