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Principles of Finance 6e Chapter 1
Besley/Brigham
© 2015 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license
distributed with a certain product or service or otherwise on a password-protected website for classroom use.
1-1
Solution Manual for Principles of Finance 6th Edition
by Besley
Download full chapter at: https://testbankbell.com/product/solution-
manual-for-principles-of-finance-6th-edition-by-besley/
CHAPTER 1
ANSWERS
1-1 At the beginning of the twentieth century, the study of finance was mostly descriptive. As the
proliferation of electronics and information technology has grown in recent decades, the study of
finance has shifted toward more analytical methods.
At the beginning of the century, managerial finance focused on mergers and acquisitions,
investments were held mostly by powerful individuals or groups, and the banking system
consisted of thousands of independent banking organizations that were primarily small,
hometown banks. There was a shift toward greater regulation and control of financial services
organizations after the financial disasters that occurred during the Depression era of the late
1920s and early 1930s. At that time, managerial finance was concerned with bankruptcy issues,
the investments arena became substantially more regulated with the birth of the Securities and
Exchange Commission (SEC), and the banking system went through significant restructuring with
the failure of more than 6,000 banks. Modern finance finds its roots in the second half of the
century when increased competition reduced the profit opportunities available to firms, so more
emphasis was placed on evaluating the value of investment projects; small, individual investors
became more active in the stock markets as mutual funds became popular; and, the restrictions
on banking operations in the United States were eased as international competition increased in
the banking industry.
1-2 Simply stated, finance deals with how firms generate and use funds. To do a good job, people in
marketing must understand how marketing decisions affect and are affected by funds availability,
by inventory levels, by excess plant capacity, and so forth. Similarly, accountants must
understand how accounting data are used in corporate planning and are viewed by investors.
Some knowledge of the financial function is necessary to do a good job in other areas of the firm.
At the same time, however, financial managers must have an understanding of marketing,
accounting, and so forth, to make more informed decisions about replacement or expansion of
plant and equipment and about how to best finance their firms.
1-3 As we will show in later chapters, the financial decisions corporations make concern how to raise
funds (sources) when they are needed and how invest funds that are available. As an individual,
we make the same decisions—when we buy and car or a house, we search for the appropriate
funding sources (in most cases the cheapest), and when we have excess funds, we decide what
investments should be made. Although our discussions focus on corporations, the techniques
described in this book can also be applied by individuals to make personal decisions.
1-4 As a general rule of thumb, the government is fairly friendly to business when economic conditions
are good and individuals are prospering because of the conditions. However, when an economic
disaster occurs, traditionally, there are cries for new, tougher regulations to rein in those
individuals, organizations, and practices that are considered to have contributed to the downturn.
1-5 Value is measured as the present value of the cash flows that an investment is expected to
generate during its life. The three factors that determine value are: (1) the amount of the future

Chapter 1 Principles of Finance 6e
Besley/Brigham
© 2015 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed
with a certain product or service or otherwise on a password-protected website for classroom use.
1-2
cash flows, (2) the timing of the future cash flows, and (3) investors’ required rate of return. If the
amount of the cash flows increases, the cash flows are received sooner, investors’ required rate
of return decreases, or any combination of these events occur, the value of an investment will
increase.
1-6 The value of a firm can be measured by the market value of its stock. Thus, the firm maximizes
value/wealth by maximizing the value of its stock.
1-7 Sustainability refers to the process by which we live and interact with businesses, governments,
other humans, and so forth, and how both the current environment and the future environment
are affected by the actions of all of these stakeholders.
1-8 A firm might be able to survive in the short term if it does not consider the effects its business
decisions have on stakeholders, but it cannot survive in the long term unless its decisions help to
satisfy the needs of its stakeholders, including the environment. If customers are not treated
“correctly,” they will become customers of the firm’s competitors; if employees are not treated
“correctly,” they will go to work for other companies; if the local community is not treated
“correctly,” legal action or legislation might restrict the company’s actions; and, if the environment
is not treated “correctly,” future environmental factors or new government regulation might result
in the ruin of the firm.
1-9 Lean manufacturing refers to the integration of the entire production process in an attempt to use
the least amount of resources needed to manufacture and sell products. Firms that adhere to the
concepts of lean manufacturing attempt to eliminate excesses (“fat”) so as to become as efficient
as possible.
1-10 Lean manufacturing and value maximization go hand-in-hand. To maximize value, a firm
(investment) should maximize the net cash inflows generated during its life. A firm that follows
lean manufacturing techniques reduces waste, thus minimizes cash outflows associated with
costs, which helps to maximize net cash inflows.
──────────────────────────────────────
SOLUTIONS
1-1 Integrative Problem
a. Finance deals with decisions about money—that is, how money is raised and used by
companies and individuals. Because value is based on cash flows, finance is integral to the
successful operations of a firm. To be successful, a firm needs to understand how to raise
funds, how much it costs to use investors’ money, and how to appropriately invest funds.
b. The general areas of finance include:
Financial markets and institutions—includes the study of (1) financial markets, such as the
stock markets and the bond markets and (2) participants in the markets, such as banks,
insurance companies, pension funds, and so forth that “manufacture” various financial
instruments, including mortgages, auto loans, retirement funds, and savings plans.
Investments—includes persons who determine (1) the values and risk and return
relationships associated with financial assets, such as stocks and bonds and (2) the best
combination of securities that should be held in a portfolio to meet specific investment goals.

Besley/Brigham
1-3
Financial services—refers to services provided by organizations such as brokerage firms,
banks, insurance companies, and so forth. These services relate primarily to the financial
stability of individuals both in the current period and in the future.
Managerial finance—deals with the decisions that businesses make concerning their cash
flows. Businesses make decisions about how to raise funds (financing) and what to do with
the funds that are raised (investments). The techniques used to make such decisions are part
managerial finance.
c. One of the most important changes in finance during the past century has been that the
techniques used to make financial decisions have become much more sophisticated. The
electronic revolution, especially with respect to computers, has fueled this change. In
addition, financial decision making has become much more concerned with value, especially
with how a firm can maximize its value.
d. During the past couple of decades, Congress has been fairly “business friendly,” which has
led to more deregulation than regulation. Industries such as financial services, transportation,
and utilities have become much less regulated and thus much more competitive than
previously. However, Congress typically is reactive rather than proactive when passing
legislation that affects business. As a result, we generally expect that new legislation will be
passed or reregulation will be imposed when Congress believes particular events harm the
economy and business. For example, the Sarbanes Oxley Act of 2002 was passed in
response to the downfall of Enron, WorldCom, and others that resulted from unethical, and
in some cases illegal, accounting actions. As the time we write this book, the economy is
performing poorly, which some believe is the direct result of unethical practices that occurred
in the real estate and mortgage markets during the past few years. Congress is currently
considering legislation that will restrict how mortgage companies originate mortgages for
individuals.
e. Value refers to the amount that should be paid for an asset (investment) today, and it is
determined by computing the amount an investor must invest today at a particular rate of
return to generate the same cash flows that the asset is expected to generate during its life.
In other words, an investor should never pay more for an investment than what he or she
would need today to produce the same cash flow pattern that the investment is expected to
produce in the future.
f. Firms focus on the values of their common stocks; thus, they maximize value by maximizing
the market prices of their stocks. Individuals maximize value in a similar fashion—that is,
individuals maximize the total values of the combinations of investments that they hold.
g. Sustainability refers to the process by which we live and interact with businesses,
governments, other humans, and so forth, and how both the current environment and the
future environment are affected by the actions of all of these stakeholders. To remain a going
concern, a firm must be concerned with sustainability. If a firm does not consider the effects
of its decisions on sustainability, then it might find itself in bankruptcy in the future because
one or more of the stakeholder groups (employees, customers, environment, and so forth)
was irreparably harmed.
h. Firms that adhere to the concepts of lean manufacturing attempt to eliminate excesses (“fat”)
so as to become as efficient as possible. To maximize value, a firm (investment) should
maximize the net cash inflows generated during its life. A firm that follows lean manufacturing
techniques reduces waste, thus minimizes cash outflows associated with costs, which helps
to maximize net cash inflows.

Chapter 1 Principles of Finance 6e
Besley/Brigham
© 2015 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed
with a certain product or service or otherwise on a password-protected website for classroom use.
1-4
ETHICAL DILEMMA
Who Has the Money—The Democrat or The Republican?
Ethical dilemma:
There are a few of factors that should be considered here. First, Sunflower Manufacturing has applied
for a $10 million working capital loan at The Democrat Federal Bank (known as The Democrat). But the
person who is evaluating the loan application, Sheli, has determined that the bank should lend the
company only $2 million. Sheli’s analysis of Sunflower suggests that the company does not have the
financial strength to support the higher loan. Second, if Sunflower is not granted the loan for the
requested amount, the company might take its banking business to a competitor of The Democrat. Third,
The Democrat is having financial difficulties that might result in future layoffs. Sheli might be affected by
the bank’s layoffs if her division does not meet its quota of loans. As a result, it might be in her best
interest to grant Sunflower the loan it requested even though her analysis suggests that such an action
is not rational.
Discussion questions:
 What is the ethical dilemma?
In this case, the ethical dilemma is whether Sheli should grant Sunflower a loan for the amount that
was requested even though she believes that the company’s existing credit position is not strong
enough for such a loan. It appears that Sheli would be making a decision that she does not favor in
an effort to help her division meet its loan quota and perhaps to save her job with the bank. If Sheli
bases her decision on her own best interests—that is, keeping her job—at the expense of the bank,
then she probably is making an unethical decision. If, on the other hand, her decision is based on
the best interests of the bank, then her decision is justified.
 Do you agree with Sheli or Henry concerning the importance of loyalty as a factor in loan decisions?
To answer this question, other questions should be asked. Do you believe that customer loyalty is
an important factor when making financial decisions? If so, how important of an input should loyalty
be in such decisions?
It appears that Henry believes loyalty is a very important factor that should be considered when
making decisions about loans. Thus, Henry considers intangibles when making loan decisions. On
the other hand, it seems that Sheli would prefer to rely strictly on her analyses to make decisions;
she doesn’t seem to be keen on considering intangibles when making such decisions. How should
such factors as loyalty and previous business relationships be incorporated into financial decisions?
How important are these factors?
Most people would agree that loyalty and previous credit history are important factors to consider
when making loan decisions. The fact that Sunflower Manufacturing has been a loyal customer of
The Democrat for many years must be considered when making the decision about how much the
company should be allowed to borrow. But, is the company’s loyalty sufficient to increase the amount
of the loan from the $2 million that Sheli’s analysis indicates the company should be granted to the
$10 million that Sunflower requested? Perhaps. Because one of the most important inputs to a loan
decision is the character of the borrower, loyalty should be considered when deciding how much to
lend to Sunflower.

Besley/Brigham
1-5
 Should The Democrat lend Sunflower the $10 million was requested?
On the positive side, if The Democrat lends Sunflower the amount that was requested, then it appears
that Sheli and Henry will meet their loan quotas and their jobs will be secure for a while. On the other
hand, if Sheli is right and Sunflower’s financial position is not sufficient to handle a $10 million loan,
there is a good likelihood that the loan will not be repaid, which would exacerbate The Democrat’s
poor financial position. In this case, both the lender and the borrower might go bankrupt.
Like any other investment, lending money is risky. In this case, Henry is convinced that Sunflower will
take its business to a competing bank if the entire $10 million loan is not granted. Because The
Democrat has been losing business to competing banks, Henry would like to find a way to lend
Sunflower the money it has requested. It appears that Sheli is amenable to lending the money to
Sunflower, but her motives might not be appropriate. At least she is willing to reconsider her initial
recommendation. Perhaps Sheli could sit down with Sunflower’s executives and “map out” a plan that
will improve the company’s financial strength and permit The Democrat to approve the $10 million
loan without further harming its own financial.
 What would you do if you were Sheli?
Commercial lending is a very competitive business. Sheli would be wise to thoroughly examine
Sunflower’s existing financial position and project what its financial position will be during the life of
the loan. If the financial position does not warrant granting the loan in the amount of $10 million, Sheli
should determine how Sunflower can improve its financial position so that the firm can borrow what it
needs to continue successful operations. Because Sunflower has been a loyal customer of the bank,
The Democrat should be a loyal lender. But the bank’s loyalty can only go so far—that is, the bank
should not substantially jeopardize own operations/life.
References:
“Banks Take a New Tack On Mortgage Lending,” The Wall Street Journal Online, November 1, 2006.
(http://online.wsj.com/)
Karen E. Klein, “Building Customer Relations by Listening.” BusinessWeek.com, June 1, 2007.

Exploring the Variety of Random
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“Yes, yer honour.”
“We are going to a hotel.”
“Is it a public-house, yer honour?”
“No, a hotel; not a public-house.”
Peggy was silent.
They soon reached Dublin, the little black trunk was put on the top
of a cab, and they drove away to the Shelburne Hotel. There
Wyndham secured two bedrooms, one for himself and one for Peggy,
and ordered a meal to be served in the coffee-room. Peggy looked a
strange little figure as she entered the room. All eyes followed her as,
accompanied by her guardian, she approached a small table and
slipped down awkwardly into her chair. A waiter came up with a dish
which contained eggs and bacon, and presented it to Peggy. She
looked at it and pushed it away.
“Sure thin, it’s ashamed of yerself you ought to be!” she said.
The man stared at her in amazement. Wyndham felt a catch in his
breath.
“Sure thin, is it beautiful fresh eggs ye’d break like that? I’d like to
give ye a lesson in cooking.”
“Perhaps, Peggy, you would like a boiled egg best?” said her
guardian.
“I wouldn’t, unless it was laid right into the saucepan, an’ that’s
thrue,” replied the Irish maiden from Kerry.
In short, the meal was fraught with misery for poor Wyndham; but
Peggy was tired, and was glad to go to bed. Wyndham saw her into
her room, and then went downstairs. He had a short talk with the
young lady who had charge of the bureau; he begged her to send a
kind-hearted Irishwoman to the little girl, giving her a very brief
outline of her story. The girl, all agog with curiosity, said she knew
the very woman who would help and comfort Peggy, and sent for her.
The result of this was that Peggy and Bridget O’Hara slept in the
same bed that night, Peggy’s arms round Bridget’s neck, and her
little face lying against the good woman’s breast.
“Why thin, the poor colleen, the poor colleen!” said the kind-
hearted Irishwoman.

As soon as ever he was alone, Wyndham hailed an outside car and
drove to Miss Wakefield’s address. He told her his predicament.
She was a good-hearted woman, very Irish and very affectionate.
She said, “My dear Paul, you have put your foot in it! Well, I will do
my very best for the child. I will take her out to the shops to-morrow
and get her fitted out properly.”
“You need spare no money on her,” said Paul Wyndham. “Get her
anything she requires. I want to start to-morrow for Holyhead by the
night boat. Do you think you can manage this for me, Kathleen?”
Kathleen Wakefield promised, and the next day Peggy was taken
from one shop to another. She was extremely sulky now, hardly
opening her lips, scarcely uttering a word. However, Miss Wakefield,
with plenty of money at command, managed to fit the child with a
pretty neat coat and skirt, a nice dark-blue hat, and a few more
articles of wardrobe, also a fair amount of underclothing. She bought
a new trunk for the girl, and told her she had better leave the little
black trunk behind her at the hotel.
At this request Peggy’s pent-up feelings gave way to a sudden
screech. “Is it to lave me mother’s trunk behind I’d be doin’? Not me.
It’s every single thing you bought me flung into the say; but the trunk
goes wid me to that cauld England, or I don’t set foot in it.”
Wyndham happened to be near, and assured Peggy that she need
not fret, for all her own special belongings would go with her to
Preston Manor in the little black trunk.

CHAPTER III.
AT PRESTON MANOR.
The Wyndham girls were considerably excited at the thought of the
new and strange companion who was to come into their midst. After
their first astonishment they were more pleased than otherwise;
Molly, especially, was determined to make the very best out of this
strange, new event in her career. At The Red Gables one of the girls
happened to be Irish. She was a well-educated, ladylike girl, but oh
such fun! Her name was Bridget O’Donnell, and wherever
amusement was to be found Bridget was invariably in the midst of it.
Suppose this poor little Peggy turned out to be a second Bridget! If
so, all would go well. Molly chattered over the subject with Jessie as
the two girls were dressing on the morning of the day when Peggy
Desmond was to arrive. Their father was expected with the new-
comer about eleven o’clock that morning, he having decided at the
last moment to spend a little time in London, in order to give Peggy a
good sleep after her night-journey, and also to buy her some more
clothes. Miss Wakefield had furnished the child with what the child
herself considered “owdacious” magnificence; but Wyndham, who
knew his wife’s tastes, was clever enough to see that a good many
necessary things were left out. Accordingly, having seen Peggy sound
asleep in a bedroom at the Euston Hotel, he started off to visit his
wife’s dressmaker. He put Peggy’s case into this good woman’s
hands, who quickly and deftly made up a box of what she called
“necessary garments.” These consisted of white silk stockings, white
satin shoes, one or two pretty evening frocks, and a vast supply of
delicate and richly trimmed underclothing. Mrs. Ferguson also threw
in one or two muslin frocks, suitable to the hot weather which was
coming on, and finally trimmed up a couple of smart hats for the
“Irish princess,” as she laughingly called the poor little girl.

“She’ll be here soon—very soon,” said Jessie. “Do you know what it
is, Moll, I feel absolutely nervous about her.”
“Why should you be nervous?” said Molly.
“Well, I can see that mother is,” replied Jessie; “and suppose,
Molly, she eats with her fingers, or does anything dreadful before the
servants?”
“I don’t suppose for a single moment she’ll do that,” said Molly;
“and, even if she does, we’ll have to tell her not, and then of course
she’ll never do it again. She is in great luck to come to a beautiful
house like ours, and we’ll soon train her. I think on the whole it will
be fun. I’ll look upon it as a sort of adventure.”
“I have a terrible fear,” said Jessie after a pause.
“Whatever can that be, Jess?”
“This. You know how determined our darling dad is, and when he
makes up his mind to do a thing he’ll do it in spite of all the rest of
the world. You know what poor mother said, that if Peggy goes to
school, she goes to our school—our nice, refined school. Oh, that
would be awful!”
Molly was silent for a minute, then she said, “Well, when the
trouble comes it will be time enough to fret about it. Now, I suppose
they’ll be here soon after eleven o’clock. I tell you what it is, Jessie,
let’s be awfully nice to her, just like real sisters, and let’s pretend not
to notice any of her funny ways, then she’ll soon cease to be shy. And
let’s go out after breakfast and pick a lot of flowers to put into her
bedroom. There’s nothing like flowers to comfort a person if that
person is inclined to be homesick.”
“Homesick after a cabin!” said Jessie, a look of contempt spoiling
her nice little face for a moment.
“But,” answered Molly, with a wider comprehension, “you must
not forget, Jess, that the cabin, however humble, was her home.”
Mrs. Wyndham, having got over her first sense of dismay, was now
fully determined to do all that was kind and right for the orphan girl.
She acquainted her maid Ford with a few of the circumstances of the
case, and told her that if the new young lady was a little eccentric at
first, the servants, especially the men who waited at table, were to
take no notice. In short, the good lady acted very judiciously, and
enlisted her servants on the side of the new-comer, telling Ford how

sad was her story and how right it was that they should all do their
best for her.
A room was selected for Peggy’s accommodation next to that
occupied by Molly and Jessie. It was a pretty and daintily furnished
chamber, the paper was of pale green and the curtains and draperies
to match. There was a moss-green carpet on the floor, and, in short,
the little white bed, the charming view from the windows, and the
dressing-table with its tall vases of flowers, all looked most inviting
for any girl.
“How surprised and charmed she will be!” said Jessie.
But Jessie little guessed that the girl in question loved a tiny
chamber under a sloping thatched roof, with one wee, very wee,
window, and a little feather bed on an old wooden bedstead, the
bedding covered with a patchwork quilt. This was Peggy’s idea of a
bedroom, the only one she had ever cared to occupy. From there she
could let out a screech to the fowls if they tried to force their way in
at an open window, which, as a matter of fact, they often did. From
there she would halloo to her granny, as she sometimes called Mrs.
O’Flynn, to inform her that Pearl or Rose or Dandy had laid another
egg. Peggy’s window seemed to her to command her little world; a
larger window would have been, in the girl’s opinion, more or less
“ondacent;” “for sure,” she was heard to exclaim, once or twice, “ye
don’t want to see too much of yerself when yer dressin’ or
undressin’.”
The girls got the room into perfect order, and were disappointed
when a telegram arrived announcing that Mr. Wyndham and Peggy
would not put in their appearance at Preston Manor until about six
o’clock that evening. He gave no reason for this delay in London.
Mrs. Wyndham was pleased at having a few hours more without the
objectionable child, and, in consequence, started off to see a special
friend of hers, a certain Miss Fox Temple, who lived about three
miles away. This lady’s name was Lucretia; she was very proud and
stately, and lived at a beautiful place called Mulberry Court, which
she had inherited from her ancestors. Miss Fox Temple was about
forty years of age, had decided long ago never to marry, dressed well,
lived well, entertained lavishly, and was much respected and looked
up to by her neighbours. There were few people whose opinion was
as well worth having as that of Miss Fox Temple. She was worldly

without being silly; kind-hearted, but at the same time full of
practical common-sense.
Mrs. Wyndham arrived at Mulberry Court about twelve o’clock,
and after a brief interval, during which the two ladies exchanged
commonplaces, she told her friend what had occurred. “I am really
shaking in my shoes,” said the good lady, “you cannot imagine what
it is to me. My dear husband, you know, in some ways is a trifle
unreasonable. He was always devoted to that poor fellow Captain
Desmond; and I don’t for a moment wonder, for he was really
altogether charming. But to think of the Captain keeping the
existence of that child a complete secret from all his friends; to think
of his marrying a mere peasant girl, and then on his deathbed
handing the child on to my husband as though he were giving him a
fortune, begging of my dear Paul to do all he could for his orphan
child! Of course every scrap of sentimentality in Paul’s nature is
aroused to the uttermost.”
“It is certainly extremely disagreeable for you,” said Miss Fox
Temple. “You say the child has lived all her life in a cabin in Ireland?”
“Yes, in the County Kerry, the very wildest, most uncouth part of
that—in my opinion—uncouth island.”
“Well, I do pity you,” said Miss Fox Temple; “but now, my dear
Lucy, won’t your husband be reasonable? If the child has lived all her
life in a cabin, if she is the daughter of an Irish peasant woman, she
simply cannot associate with your children.”
“That is precisely what I have said,” remarked Mrs. Wyndham,
“but I assure you, that hasn’t the least effect on Paul. He says the
girls must get accustomed to her and must train her, and when I
suggested school he said, ‘I am quite agreeable, but she shall go to
the same school as the children.’”
“What, to The Red Gables!” said Miss Fox Temple. “I really don’t
think Mrs. Fleming will permit it even for a moment. I tell you what.
I shall come over to see you to-morrow or next day, and I will have a
talk with Paul.”
“He has a very great respect for you; I must say that, Lucretia.”
“I shall suggest that the child is sent to a good-natured governess,
who will take her to the seaside and train her for a year or so, and at

the end of that time she’ll have got over the worst of her gaucherie,
and be fit to associate with your family.”
“I wish you would, Lucretia; and I do trust, my dear, that your
advice will be listened to, but I very much doubt it. You don’t know
Paul as well as I do. When he takes the bit between his teeth nothing
can move him.”
“Well, I am sorry for you,” said Miss Fox Temple. “All the same,”
she added, “it is very fine of Paul; it isn’t every man who would act as
he is doing.”
The two ladies had a little further talk together. Miss Fox Temple
suggested that if the new-comer proved quite unbearable, Molly and
Jessie should spend the remainder of their holidays with her at
Mulberry Court. This proposition Mrs. Wyndham hailed with
delight, although, as she did so, she doubted whether her husband
would permit it. She lunched with her friend and went back in the
cool of the evening.
“Mother,” said Molly, rushing to meet her, as the time approached
for the travellers to appear, “what dresses shall we wear? Don’t you
think we ought to put on something very quiet?”
“No, I don’t think so at all,” said Mrs. Wyndham; “you will dress as
you dress for the evening, my dear Molly. Now go upstairs and get
Ford to put out your frocks. Nothing, after all, can be simpler than
pure white. I should like you to be in the hall when your father and
that poor child arrive.”
Molly and Jessie ran up to their room. Ford arrayed them in
simple and very pretty white silk frocks with high necks and long
sleeves, they wore round their waists sashes of pale blue, their
stockings were silk, and they had white satin shoes. Altogether, two
more elegant looking girls it would have been difficult to find.
Molly and Jessie Wyndham had from their earliest days been
brought up with extreme care by a devoted father and mother. They
had never come across evil or even eccentricity in any form. Their
lives were spent in the greatest happiness, all that money could
bestow was lavished upon them. But they were also taught the best
things; for both Wyndham and his wife were people of high principle.
For the first years of their young lives they had a governess, to whom
they were devoted. Her name was Miss Sherwood; she was gentle,

kind, and very amiable. She was well informed, and, above all things,
she had the highest principles.
Molly was a little easier to guide than Jessie, who had a slight
crank in her nature; it was a curious crank and did not often appear.
Jessie—and her most intimate friends knew it—was in reality
consumed with intense vanity. She was not so very vain of her
appearance as she was of her position in life. The first thing she
noticed with regard to any new friend was how was that friend born,
how much money had that friend, how many chances had that friend
to make a mark in society? At school one or two of her greatest
friends observed this failing in her character; it was just the very
failing which would be certain to come to the surface when poor little
Peggy Desmond appeared on the scene.
Jessie was a fair-haired, tall, slender girl. Her features were long,
her face very pale, her eyes wide-open and of a pale shade of blue-
gray. She was slightly aristocratic-looking, and was a contrast in
every way to Molly. Molly was rather dark, with quantities of thick
dark hair, brown eyes, a brown complexion, very rosy cheeks, and a
round face. She had a merry and careless laugh, she had the kindest
heart in the world, she was not a scrap vain or conceited. She looked
forward with the deepest interest to the arrival of Peggy Desmond. At
school Molly was the greater favourite; but Jessie had one or two
sworn friends who would almost die for her. These girls appear later
on in the story.
But now six o’clock sounded from the stable-clock in the yard. The
toot-toot of the motor-car would be heard any moment as it dashed
down the avenue. The two girls held each other’s hands as they
appeared in the wide hall. Mrs. Wyndham was wearing her garden
hat, she had a pair of scissors in her hand, and she cut off some
withered roses from the rosebushes which grew at each side of the
front door.
“They’re coming, mums! coming!” suddenly cried Molly. “Oh
dear,” she continued, looking at Jessie, “my heart does beat!”
Jessie made no response. Her face suddenly turned white; she felt
a violent inclination to turn and run away, but Molly caught her
hand.

“Let’s welcome her, let’s be nice,” she said; and then the two
sisters, hand in hand, came and stood at the top of the wide steps.
The motor drew up at the front door. Mr. Wyndham alighted and
held out his hand to Peggy.
“Why on earth! ain’t we goin’ straight home?” was Peggy’s first
remark.
“This is home, my dear.”
“Please, yer—yer laughin’ at me!”
“I am not, my child. Now come, these are your two little friends.—
Molly, Jessie, come and assure Peggy Desmond that she is welcome
to Preston Manor.”
“Oh me word!” exclaimed Peggy, as she tumbled rather than
stepped out of the car, “I’m in a moil, an’ so I am!”
A moil—what was a moil? Jessie felt more than ever inclined to
turn tail and rush away; but Mrs. Wyndham came up, held out her
hand to the child, looked into her face, and bent forward and kissed
her.
“Oh my, ma’am, what did you do that for?” exclaimed Peggy.
“Why, ye don’t know me at all, at all!”
“I want to welcome you to Preston Manor, Peggy.”
“And is this where you live?” Peggy looked all round her. “Would
ye mind if I let a screech in a minute?”
“I think, Molly,” said Mr. Wyndham, “you had better take Peggy up
to her bedroom. She is dead-tired.”
“Now thin, sor, I wouldn’t be tellin’ lies if I was you, because most
ov the day I was sound asleep on the bed at that big inn where ye tuk
me. I’m not tired a bit, not me. Well, I’ll go with ye, miss, if you like;
but you can’t expect me to have the manners of a place like this. Oh
mercy, mercy me! Glory be to heaven, however am I to get used to
the likes ov this?”
“You’ll soon get accustomed to it,” said Molly, in her gentle tone.
“Come now with me, I want to show you your bedroom.”
Peggy, dressed as she was, was not so remarkable. Her little face
was undoubtedly pretty, pretty beyond the beauty of most. Her eyes
were absolutely lovely, her eyelashes were wonderful; and, owing to
Miss Wakefield and Mrs. Wyndham’s clever dressmaker, her

appearance was all that it ought to be. But her speech! her untrained,
wild, untutored speech!
The next minute Molly and the Irish girl had disappeared upstairs,
and Wyndham and his wife and Jessie were alone.
“Why didn’t you go with your sister, Jessie?” said her father.
“I cannot, father. I cannot speak to her, really.”
“Now, Jessie, I will have none of this.”
“Father!” the girl’s pale-blue eyes filled with tears. “Father, you
cannot expect it, she’s not a lady—father, father!”
“She’s as much a lady by birth as you are.”
“I think not quite, dear,” interrupted the mother. “Remember the
girl’s own mother.”
“I am thinking of her father,” said Wyndham, who was now
thoroughly angry. “Of course the poor child knows nothing, and I
should be ashamed of any daughter of mine who laughed at her and
made life hard at present. Well done, little Molly! Jessie, if you wish
to retain your father’s respect and affection you will follow your
sister.”
Jessie walked away slowly. She did not say a word, but instead of
going into Peggy’s room she retired into her own, where she flung
herself into a chair, covered her face with her hands, and burst into a
flood of weeping. “Oh dear! oh dear!” she sobbed, “I will never, never
know happiness again!”
Meanwhile Wyndham and his wife were alone.
“My dear Paul, you have brought a creature here!”
“I admit it, Lucy, I admit everything; but she’s a beautiful little
thing, and has a warm, loving heart. Oh my dear, if you are kind to
her you will soon train her, and I assure you, my dear Lucy, she is
quite as sorry to come to us as you are to receive her. If you had
witnessed that poor child parting with her foster-parents you would
know how full of love her heart is.”
Mrs. Wyndham gave an impatient sigh. “The fact is,” she said, “I
can’t help saying it, Paul, you make a mistake in bringing that
untutored, rough child to our house. I quite agree with you that she
ought to be trained and looked after; but the kindest thing would be
to put her with a woman in her mother’s class of life, who would

educate her. Then, of course, as she becomes fit to associate with the
gentry she might come here occasionally. You are doing wrong, Paul,
and you are doing the worst thing for the happiness of the poor little
thing herself.”
Molly, full of affection, determined to make the very best of Peggy,
and took her up to her room.
“I hope you will be happy with us,” said Molly. “I know you must
be feeling very sad at saying good-bye to your friends; but we mean
to love you—at least Jessie and I do—and I hope you will love us.”
“I can’t love ye, miss dear.” The great dark-blue eyes were brimful
of tears. “Oh my goodness glory me! ’tain’t a room like this I—I want.
Yer niver going to say to me that I’ll sleep here. Why, I can’t an’ that’s
true! Why, there ain’t even a little hin about nowhere!”
“A little what?” Molly shook her head.
“They that lay eggs. Did ye niver hear ov hins?”
“Oh hens! We have a lot of them about.”
“Then ye have thim! Thank the good God, I can live if I see hins.
An’ have ye—tell me, for the good Lord’s sake, tell me—have you got
pigeens here?”
“I think there are pigs. I will inquire to-morrow.”
“Oh it’s me heart that’s broke intirely!”
She sat down on a chair, tears rolled down her cheeks. “You see,
miss dear,” she continued, after a minute, “’tain’t that I ain’t grateful,
’tain’t Peggy’s way not to be grateful; but it’s a big mistake takin’ me
from thim who belonged to me. I’m torn up by the roots, that’s what
I be, an’ I’m all bleedin’ like. Wouldn’t you be the same if ye was tuk
from yer grand, wonderful, awful mansion of a place, an’ put into my
speck of a cabin—wouldn’t you be feelin’ as I’m feelin’?”
“I expect I should; so you see, Peggy, I can understand you.”
“Ah, no! no! niver a bit, niver a bit; no one can understand me, no
one can. I’m all alone, alone! Oh wurra, wurra me!” The girl kept on
crying.
“Look at your pretty room, Peggy,” said Molly.
“I hate it!”

“Peggy, look at the flowers. All the world over flowers are the
same.”
“Be they now? Well, I’ll look at them. Oh I don’t know the names
ov them. Does ye get the Michaelmas daisy, an’ the London pride, an’
the cowslip, an’ the buttercup, an’ the primrose, an’ the violet—
them’s the flowers for me. Oh no, miss dear, I’ll niver tek to ye nor
yer ways. I hope to goodness mercy me that ye won’t expect me to go
downstairs an’ ate me males in front of ye, for I don’t know how to do
it, an’ that’s truth I’m tellin’. What sort ov males have ye?”
“I suppose the sort of things every one has.”
“Have ye got the Indian male stirabout? That’s what I’m partial to,
an’ I don’t mind a couple ov eggs now an’ then when they can be
spared.”
“But why shouldn’t they be spared if you have plenty of hens?”
“Now, missy dear, it’s jokin’ you must be wi’ me. Haven’t the little
eggs to be sold to get in the money? Didn’t I go round every day an’
sell the eggs to the neighbours, an’ bring in the money for me poor
grandad and grandma. Oh me, wurra, wurra, it’s a quare wurrald!”
“Look here, Peggy. Suppose I bring up something for you to-night,
and you have it all alone with me?”
Peggy raised large and terrified eyes. “Why, surely, for the Lord’s
sake, ye ain’t goin’ to ate again at this hour?”
“Of course we are, we haven’t had dinner yet.”
“Dinner! dinner! what’s the hour? Why, it’s past siven!”
“Yes, we don’t dine till close on eight.”
“Ah well, I can’t do it. I’m accustomed to me big male about twelve
o’clock ov the day, an’ a good drink of buttermilk and some brown
loaf at six in the evenin’, then me bed and sound slape, an’ glory be to
God! Miss dear, you’ll niver manage the likes o’ me in yer grand
house.”
“Peggy, aren’t you fond of your father?”
“Sure then I be.”
“Well, he has sent you to my father, for him to care for you. Won’t
you try and do what your father and my father would like?”

The girl looked up at the other girl with bewildered eyes. “I don’t
understand at all, at all,” she said.
“Well, I would like to explain to you if I can. At first, of course, you
will find it very difficult, being with us and getting accustomed to our
ways; but after a time you will find it becoming easier and easier, and
your father up in heaven will be looking down at you, ever so
pleased.”
“Will he smile, belike?”
“I think he will.”
“I’ve a picter of him. I’d like to see him smile. Have you got
ghosties and fairies round here?”
“Oh dear no, we don’t believe in those sort of things.”
“Yon tell me, miss, that you don’t believe in the magpie?
“One for sorrow,
Two for mirth,
Three for a wedding,
And four for a birth.”
“No, I have never heard that rhyme.”
“Oh me word! There be some things yer ignorant about, missy.”
“Well, I am going down to get some food for you and me, and you
must keep looking at me and eat just as I do, and then to-morrow
morning when you come down to breakfast I’ll teach you how to eat
and what to do. I’m going to love you, Peggy, so you must love me.”
The sweet brown eyes looked into the sweet blue ones, and at that
moment a swift, indescribable rush of sympathy passed from one girl
to the other.

CHAPTER IV.
ADVENTURES AT FARMER ANDERSON’S.
Peggy, notwithstanding the strangeness of her lot, slept softly and
soundly in that delicious bed. Never before had she known the cool,
delightful feel of fine linen sheets, never before had her curly head
reposed on a pillow of down. She slept, and in her sleep Molly and
Jessie stole softly into the room to look at her. Shading a candle, they
bent forward, and certainly their present view of the little face was all
that was charming. Not a trace of lack of refinement could be
perceived in those delicate features, those long, curly black lashes,
the true symbol of an Irish girl, and the well-formed, sensitive little
red mouth.
“Oh, we’ll win her yet!” whispered Molly. “And she’s worth
winning,” she added; “she’s a perfect darling.”
Even Jessie was silent with regard to the Irish child while the
guardian angel of sleep protected her.
But when Peggy awoke the next morning matters were very
different. She awoke early, as was her habit in Old Ireland. The stable
clock had struck four when she opened her eyes and stared about
her. She had been dreaming of the little old homestead and the hins
and the turkeys—wasn’t Colleen Bawn going to bring out her clutch
of eggs that very mortal day? “Twenty fluffy, downy chicks, as sure as
I’m alive,” whispered Peggy; and then she sat up in bed and stared
around her. How far off—oh how far off!—was Colleen Bawn and her
brood of little yellow chicks; how far away were the rest of the hins,
and the pigeens—bless ’em—and the little turkey poults, and the—the
—oh all the home-things! What right had she, Peggy Desmond, to be
here, in this awful grand room, for all the world like a palace fit for a
king? How hateful was this soft white bed to one accustomed to sleep
on feathers, it is true, but with the coarsest sheets and with the

roughest blankets? And what right, for that matter, had she to be in
bed at all, at all, at this hour, instead of up and busy? At home,
wouldn’t her work come handy to her—cows to milk, calves to cosset,
lambs to pet, and all the other creatures to supply with their
breakfast? “Oh wurra me!” thought Peggy, “whativer’ll they do
widout me at all? Why, me grandma, she ain’t got the strength
enough to rise with the lark; it’s ‘Peggy mavourneen,’ she’ll be callin’
for an’ there’ll be niver a Peggy mavourneen to listen. Oh but I can’t
stand this, I can’t! And be the powers, what’s more! I’ll get up and
dress me anyhow. Then I’ll get out. Maybe there’ll be a hin or a cock
or a bit ov a wee calf for me to pet. I suppose they have a back yard.
I’ll make for it an’ see what sort o’ place they kape. Wouldn’t me
heart light up if I saw a big dirty pigeen?”
Accordingly Peggy put on her clothes. Their newness and softness
drew scornful remarks from her lips and anger from her heart. “Why,
to glory now, what do I want wid the likes of thim? It’s a morshial
shame to waste the good money on thim when ye can buy
unbleached calico for threepence a yard.”
But as Peggy had nothing else to wear she was forced to resort to
the soft clothing which had been purchased for her in London the
day before; and, finally, dressed in a little dark-blue serge skirt and a
white muslin blouse, she opened the French windows and stepped
out. She found herself on a part of the roof, which did not trouble her
much, for she was accustomed to climbing anywhere, and after some
slight difficulty she managed to spring into the welcoming arms of an
old yew-tree, and from thence to descend to the ground. The cool
fresh morning air revived her and raised her spirits; but, try as she
would, she could nohow manage to get into the back yard, for the
simple reason that it was not as yet open, the workmen not arriving
until six o’clock.
Peggy sat down on a garden bench and looked around her. This
was the first time she had had any sense of liberty since her arrival.
As long as she was travelling with Mr. Wyndham she was nothing
more nor less than a prisoner; a prisoner surrounded by hateful
luxury, it is true, but still a prisoner. What she specially disliked in
her present surroundings was that sense of belonging to some one
else, that sense of being a prisoner. At home she could do exactly
what she liked, the O’Flynns never dreaming of interfering with their

darling; but here all was different. If she could retain her liberty she
might in the end work her way back to Ireland, and be once again a
happy Kerry girl in her cabin home. She thought and thought, and
the more dazzling did the prospect of liberty appear in her eyes.
Presently she stole her hand into her pocket, and to her relief and
pleasure found that she was the proud possessor of three shillings.
Wyndham had given her the change the day before, telling her that
she might like to have the money to buy stamps and such like things.
Ah yes! but she would not waste it on stamps. Was it not a nucleus
which might be increased? To Peggy’s ignorant little soul three
shillings seemed a vast lot of money, and if it were spent carefully it
would go a long way. There was no doubt whatever that Mr.
Wyndham, kind gentleman though he was, and Mrs. Wyndham,
whom she did not take to at all, and Jessie, whom she pronounced a
foreigner out and out, and Molly, who was more to her taste, but was
also a foreigner, be the same token, all meant between them, in some
sort of fashion, to keep her prisoner. Now a prisoner she would not
remain, not while the good God had given her a strong pair of legs,
and there was liberty in the world. She made up her mind; she would
run away. There was no time like the present, “when all the worruld
of England seemed dead aslape, bad cess to it! But, be the same
token, this was the good-luck for her!”
She started from her seat, and, walking quickly, soon discovered a
stile, over which she mounted and got into a large meadow. Here
some bulls were feeding; there were three of them at least, and they
all raised their stout, stolid heads, and fixed their blinking little eyes
on the child. They had each of them a ring in his nose, and had short,
strong horns. Had the Wyndhams seen the bulls they would have
rushed screaming back into safety; but not so Peggy Desmond, she
was no more afraid of a bull than she was of a little bit of a heifer.
Why should she be at all, to be sure? She had put no hat on her curly
head, and now she stood still within an inviting range of the great
beasts, looking from one to the other with love and interest in her
dark-blue eyes.
“Why thin, me darlin’s,” she called out, “is it lonely ye be, like
meself for all the wurrald? Ah wurra then, come along and let me pet
ye! Why thin, it’s home ye remind me of, and it’s the water to me
eyes ye do bring.”

It is a well-known fact that cows, and in especial bulls, are some of
the most absolutely curious creatures under the light of the sun; they
are, in short, at all times devoured with curiosity. To see a small girl,
therefore, standing calmly in their midst, and not running away from
them, as most small girls did, excited their curiosity to a painful
degree. They must investigate this person and find out what she was
made of, afterwards they could toss her or not just as the fancy took
them. Accordingly, bellowing slightly, and bending their heads, as
was their custom when after mischief, Farmer Anderson’s three
fierce bulls came up to examine that curiosity, Peggy Desmond.
When they approached within close reach of her, Peggy came up to
the nearest, laid her hand on his warm, soft red coat, said, “Ah thin,
me darlin’, it’s mighty invitin’ ye look;” and the next minute, laying
hold of one of his short horns, she sprang on his back, crept up
toward his forehead, and began to pat him between his horns, calling
him endearing names and keeping her seat by means of the horns.
The beast gave an infuriated roar and rushed across the field, his
brothers following in an equal state of indignation. Peggy patted,
stroked, uttered endearing words, and by a sort of magic kept her
seat. The roar of the bull had been heard by Farmer Anderson, whose
house was quite close by; but when he appeared on the scene he, as
he afterwards expressed it, nearly died of the shock.
There was a pretty little strange girl seated on the back of Nimrod,
who was now going quietly about the field, having ceased to make
any effort to dislodge his unwelcome guest—or was she unwelcome
any longer? Perhaps her soft words and gentle, endearing
expressions proved soothing rather than otherwise to his turbulent
spirit. Anyhow, he had ceased to attempt to dislodge Peggy
Desmond, who, laughing and singing, was thoroughly enjoying her
ride. The other two bulls were trotting after Nimrod, who went round
and round the great field a little faster each time.
Farmer Anderson stood as one stunned. “For the Lord’s sake, get
down, missy!” he shouted, “get down this minute, or Nimrod will bait
you!”
But the dark-blue Irish eyes of Peggy looked calmly at Farmer
Anderson. She turned Nimrod by giving one of his horns a tug, and
rode up to his master.

“I’m likin’ me ride intirely,” she said; “and whatever’s the matter
wid ye? I’m doin’ no harm to the baste.”
“But the beast will do harm to you. Here, off you get! The Lord
preserve us, never did I see such a sight in the whole course of my
life!”
As he spoke, the farmer, who was a big, burly man, lifted Peggy to
the ground, drove the bulls to the other side of the field, and taking
the girl’s hand led her into a narrow lane which happened to be an
approach to his own house.
“For the Lord’s sake tell me what you have been doing with my
bull!” he exclaimed.
“Why thin, it’s only a ride I was takin’ on him,” said Peggy.
“A ride on a bull! Wherever were you riz, girl?”
“In Ireland, sure, yer honour; we ain’t afeard of bulls in Ould
Ireland.”
“So I should say. You’re an uncommonly brave lass, you might
have been killed.”
“Not me. ’Tain’t any animal under the sun as ’u’d injure me. I’ve a
heart inside of me, ye see, to love thim all.”
The man looked at her attentively. “Whoever be you?” he said.
“Your face is strange to me.”
“Ah well, and that’s likely enough. I’m Peggy Desmond. I come
from a cabin in Ireland, County Kerry, as pretty a spot as ye could
find on the face of the globe.”
“And what are you doing here?”
“Nothing but killing meself wid grief.”
“I suppose you did want to kill yourself, and that’s why you got on
Nimrod’s back.”
“No, when I want really to kill meself I won’t go to Nimrod. I’m
lookin’ out for a little bit of a place; do ye happen to know, sor,
anyone who would take a young girl who was accustomed to feeding
hins and looking afther the farm-work all by her lonesome? I can
give a fine character of meself from Mr. and Mrs. O’Flynn in County
Kerry. You wouldn’t be thinkin’ ov wanting wan like me, sor? I’d take
small wages at first, and I’d do yer biddin’, you’d find me rare an’

useful. I can’t help me brogue, yer honour; but I’ve an honest heart,
an’ I’ll work faithful and long.”
“I should say you were accustomed to farm life,” said the man,
“otherwise you couldn’t possibly have ventured to mount Nimrod;
but as to your coming to us as servant—why now, you aren’t dressed
like a servant.”
“Oh for the Lord’s sake don’t mind me dress, yer honour. I’ve as
nate a little frock in me bit of a box as you could find. This is me best
Sunday-go-to-meetin’ frock, sor, an’ ef I’m to lose a good place
because of me dress, why, wurra, I don’t know how I’ll live, at all, at
all!”
The man stared at the girl in perplexity. Her voice, her accent,
what she had done with regard to Nimrod, all seemed to speak to the
truth of her words. But she wore the dress of a lady. He had, of
course, heard nothing whatever with regard to the Wyndhams’
protégée; and, finally, much puzzled, and knowing that he and his
wife did want just such a sort of girl as Peggy professed herself to be,
he took her hand and led her toward the big farm-kitchen.
“You’ve a nice little bit of a boreen here,” said Peggy, as they
walked along.
“What are you calling it?”
“Boreen, just where we are standing now.”
“But we call that a lane in England.”
“Well, it’s a boreen in Ireland. I’m right glad ye’re takin’ me on.”
“I don’t say so for a minute, but I’ll speak to the missis about you.”
The “missis” was busy “scalding,” as she called it, a great dish of
hot meal for the fowls. She was a stout, red-faced woman, an
excellent wife of a farmer. As the farmer and Peggy entered the
kitchen the dish, an enormous one, nearly slipped from her hand,
and a little bit of the very hot meal scalded her fingers. In one instant
Peggy had rushed up and nipped the dish from her.
“Why, ma’am, for mercy’s sake, don’t hould it like that; ye’ll get
yerself scalded all to nothing! Let me go out an’ feed the hins. I’d love
to be at it!”
“Who in the world is the child?” asked the astonished woman; but
Peggy did not wait for any explanations with regard to her

whereabouts or who she was. With that dish of hot, comforting food
in her arm, she was once again back at Ballyshannon, as she called
her home in the County Kerry; once again the sniff of the warm meal
assailed her nostrils, her dark-blue eyes sparkled with ecstasy, and
she ran into the yard and made a peculiar shout to the fowls, the
unmistakable shout which every highly respectable fowl in the whole
of Christendom understands, the shout which means food, and
nothing but food. They surrounded her in a trice—geese, ducks, hens,
chickens, turkeys. With the utmost carefulness and the most
splendid genius, she arranged her food, giving the fierce gobblers the
coarse bits, and reserving the dainty morsels for the little chickens
and the small “hins,” as she called them. The farmer and the farmer’s
wife watched her from the door of the house.
“I never did!” said the farmer. “If you believe me, Mary Ann, I
might have been cut in two by a knife at that minute, to see her
sitting as cool as brass on the back of Nimrod, with no more fear
than if she were sitting in the easy-chair by the fire! And now look at
her with those fowls. Whoever on earth is she? She’s more like a fairy
than a girl.”
“We must find out who she is. She’s too well-dressed to belong to
us, and yet she’s the very gal after my own heart,” said the farmer’s
wife. “I want a hearty, clever, natty sort of creature who’ll do her
work in a jiff without having to be told anything.”
Peggy, having got the fowls quite satisfied with their breakfast,
now came up glibly. “Where’s the milkin’-pails?” she asked.
“Why, you bit of a girl, you can’t milk cows,” said the farmer,
laughing as he spoke.
“Can’t I? You try me.”
“Well, we’re a hand short this morning, and twenty cows to be
milked,” said the farmer’s wife. “You can go along to the sheds. I’m
quite certain that Tom and Sam will be glad of your help.”
Tom and Sam were exceedingly glad of the help of Peggy
Desmond. What wonderful knack was there in those slim little
fingers! The most troublesome cows, those who, as a rule, knocked
over the pail, were as good and quiet as mice under her gentle
manipulations, and what a lot of delicious, frothy milk she got them

to yield to her gentle touch! The farmer and his wife regarded her as
a perfect treasure.
“I wish we knew who she is. If she is respectable-like we could
keep her until the hay harvest and the wheat harvest are over,” said
the farmer.
“We could, for sure,” said the farmer’s wife. “Well, anyhow, she has
earned her breakfast.”
It was now past six o’clock. The farmer’s wife went into the
kitchen. She put a frying-pan on the fire, cut great slices of bacon,
broke in about a dozen eggs, and began to fry.
“Come, you want your breakfast,” she said to the girl. “You milked
right well, I will say. I never saw a neater touch.”
“To be sure, ma’am, an’ why shouldn’t it be?”
“You must be hungry for your breakfast.”
“Oh there’s no hurry, bless ye, ma’am! Shall I lay the table for ye?”
“I don’t mind if you do, but you won’t be able to find the things.”
“I tell you what would be better. You let me attend to that fry on
the fire, an’ you lay the breakfast. Yes, I’m a bit hungry, no doubt ov
that, at all, at all.”
“You come from Ireland the farmer says.”
“That same I do, ma’am.”
“You must be glad to be in a decent, respectable country like
England.”
“Is it me!” almost screamed Peggy. “Dacent, respectable! that’s all
you know. Ma’am, if ye want to bring the water from me eyes an’ to
torture me broken heart ye’ll spake like that ov Ould Ireland!”
“I don’t want to do that, of course, child.”
The meal was cooked to a turn, the farmer, his wife, and the upper
farm-servants sat around the board. Peggy enjoyed herself vastly,
and her spirits rose.
But when the meal had come to an end, the farmer’s wife said,
“Now, I want a word or two all by myself with you.”
“Yes, ma’am, right you be!”
“Well, first of all, tell me your name.”

“Oh whisht! ma’am, what a short memory the Almighty has given
you! Didn’t I say Peggy Desmond a score ov times?”
“Perhaps you did; but where are you living, Peggy Desmond?”
“At the back of beyont.”
“I never heard of that place. Where is it?”
“I can’t tell ye more than that. ’Tain’t far off, an’ yet it’s a good way
off.”
“Have you any one belonging to you in the place?”
“Niver a sowl, an’ that’s the truth I’m telling ye. I was torn from
thim as I loved, an’ I lived last night at the back of beyont, and here I
be; an’ if ye’ll take me I’ll work for ye for next to nothing. I want to
earn a few shillings to go back again to thim I love. I ain’t demented
or anything of that sort; but I’m sore, sore at heart. Me roots have
been torn up, an’ they’re bleeding all the time, only nothing on earth
comforts them like feedin’ the fowls an’ milking the cows an’ runnin’
about in yer farmyard.”
“Well, to be sure,” said the woman, “you’re about the queerest
child I ever heard of; you certainly don’t look mad, but you speak as
if you were. At the back of beyont! What on earth do you mean?”
“It’s the way we have ov speakin’ in Ireland, ma’am. You can’t
blame me for having the manners of me counthry.”
“Well, I’ll keep you for to-day, and I’ll give you—let me see—a
shilling a day and your meals.”
“Oh ma’am, may the Lord Almighty bless ye for ever and ever!”
The girl sprang forward, fell on her knees, clasped Mrs. Anderson’s
hand, and pressed it to her lips.

CHAPTER V.
PEGGY LOST AND FOUND.
While Peggy was enjoying herself to her heart’s content at the
Andersons’, laughing and joking, and helping Mrs. Anderson in a
dozen ways—so that that good woman said she had never met her
like before, and never would again—a very different scene was taking
place at Preston Manor; for although it was the custom for the family
not to think of getting up until seven in the morning, yet that hour
arrived all in good time, and the very first thing Molly thought of as
she opened her brown eyes was of the stranger, the queer, beautiful,
unpolished, and yet altogether lovable Peggy Desmond. How had
Peggy slept? How was she that morning? Was she still lonely and
heartbroken because of the Irish cabin and the Irish friends?
At a few minutes after seven each morning the girls’ own special
maid came in, as her custom was, with two cups of nice, tempting hot
tea, and a plate of thin bread and butter.
“Shall I take some tea to the young lady next door, miss?” asked
Ruth, addressing Jessie as she spoke. But Molly hastily made reply,
“No, Ruth, bring Miss Desmond’s tea in here, and I’ll take it to her;
I’d like to, just for once,” she added, looking appealingly at Jessie.
Jessie’s face grew rather red and her lips and eyes rather cross; but
she made no remark until Ruth had left the room, having first placed
a little tray with tea and bread and butter on a small table by Molly’s
side.
“I suppose you’re going to spoil that girl,” said Jessie, when at last
the sisters were alone. “I hope, I’m sure, you won’t; it will annoy
mother and me dreadfully.”
But when Molly said in her sweet voice, “It’s only just for the first
morning, Jess,” Jessie’s crossness dissolved into a sleepy smile.

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