The gipsy looked the horse over, and then he looked Toad over with equal care, and looked at the horse again. ‘Shillin’ a leg,’ he said briefly, and turned away, continuing to smoke and try to stare the wide world out of countenance.

‘A shilling a leg?’ cried Toad. ‘If you please, I must take a little time to work that out, and see just what it comes to.’

He climbed down off his horse, and left it to graze, and sat down by the gipsy, and did sums on his fingers, and at last he said, ‘A shilling a leg? Why, that comes to exactly four shillings, and no more. O, no; I could not think of accepting four shillings for this beautiful young horse of mine.’

‘Well,’ said the gipsy, ‘I’ll tell you what I will do. I’ll make it five shillings, and that’s three-and-sixpence more than the animal’s worth. And that’s my last word.’

Then Toad sat and pondered long and deeply. For he was hungry and quite penniless, and still some way – he knew not how far – from home, and enemies might still be looking for him. To one in such a situation, five shillings may very well appear a large sum of money. On the other hand, it did not seem very much to get for a horse. But then, again, the horse hadn’t cost him anything; so whatever he got was all clear profit. At last he said firmly, ‘Look here, gipsy! I tell you what we will do; and this is my last word. You shall hand me over six shillings and sixpence, cash down; and further, in addition thereto, you shall give me as much breakfast as I can possibly eat, at one sitting of course, out of that iron pot of yours that keeps sending forth such delicious and exciting smells. In return, I will make over to you my spirited young horse, with all the beautiful harness and trappings that are on him, freely thrown in. If that’s not good enough for you, say so, and I’ll be getting on. I know a man near here who’s wanted this horse of mine for years.’

The gipsy grumbled frightfully, and declared if he did a few more deals of that sort he’d be ruined. But in the end he lugged a dirty canvas bag out of the depths of his trouser pocket, and counted out six shillings and sixpence into Toad’s paw. Then he disappeared into the caravan for an instant, and returned with a large iron plate and a knife, fork, and spoon. He tilted up the pot, and a glorious stream of hot rich stew gurgled into the plate. It was, indeed, the most beautiful stew in the world, being made of partridges, and pheasants, and chickens, and hares, and rabbits, and pea-hens, and guinea-fowls, and one or two other things. Toad took the plate on his lap, almost crying, and stuffed, and stuffed, and stuffed, and kept asking for more, and the gipsy never grudged it him. He thought that he had never eaten so good a breakfast in all his life.

When Toad had taken as much stew on board as he thought he could possibly hold, he got up and said good-bye to the gipsy, and took an affectionate farewell of the horse; and the gipsy, who knew the riverside well, gave him directions which way to go, and he set forth on his travels again in the best possible spirits. He was, indeed, a very different Toad from the animal of an hour ago. The sun was shining brightly, his wet clothes were quite dry again, he had money in his pocket once more, he was nearing home and friends and safety, and, most and best of all, he had had a substantial meal, hot and nourishing, and felt big, and strong, and careless, and self-confident.

As he tramped along gaily, he thought of his adventures and escapes, and how when things seemed at their worst he had always managed to find a way out; and his pride and conceit began to swell within him. ‘Ho, ho!’ he said to himself as he marched along with his chin in the air, ‘what a clever Toad I am! There is surely no animal equal to me for cleverness in the whole world! My enemies shut me up in prison, encircled by sentries, watched night and day by warders; I walk out through them all, by sheer ability coupled with courage. They pursue me with engines, and policemen, and revolvers; I snap my fingers at them, and vanish, laughing, into space. I am, unfortunately, thrown into a canal by a woman fat of body and very evil-minded. What of it? I swim ashore, I seize her horse, I ride off in triumph, and I sell the horse for a whole pocketful of money and an excellent breakfast! Ho, ho! I am The Toad, the handsome, the popular, the successful Toad!’ He got so puffed up with conceit that he made up a song as he walked in praise of himself, and sang it at the top of his voice, though there was no one to hear it but him. It was perhaps the most conceited song that any animal ever composed.

There was a great deal more of the same sort, but too dreadfully conceited to be written down. These are some of the milder verses.

He sang as he walked, and he walked as he sang, and got more inflated every minute. But his pride was shortly to have a severe fall.

After some miles of country lanes he reached the high road, and as he turned into it and glanced along its white length, he saw approaching him a speck that turned into a dot and then into a blob, and then into something very familiar; and a double note of warning, only too well known, fell on his delighted ear.

‘This is something like!’ said the excited Toad. ‘This is real life again, this is once more the great world from which I have been missed so long! I will hail them, my brothers of the wheel, and pitch them a yarn, of the sort that has been so successful hitherto; and they will give me a lift, of course, and then I will talk to them some more; and, perhaps, with luck, it may even end in my driving up to Toad Hall in a motor-car! That will be one in the eye for Badger!’

He stepped confidently out into the road to hail the motor-car, which came along at an easy pace, slowing down as it neared the lane; when suddenly he became very pale, his heart turned to water, his knees shook and yielded under him, and he doubled up and collapsed with a sickening pain in his interior. And well he might, the unhappy animal; for the approaching car was the very one he had stolen out of the yard of the Red Lion Hotel on that fatal day when all his troubles began! And the people in it were the very same people he had sat and watched at luncheon in the coffee-room!

He sank down in a shabby, miserable heap in the road, murmuring to himself in his despair, ‘It’s all up! It’s all over now! Chains and policemen again! Prison again! Dry bread and water again! O, what a fool I have been! What did I want to go strutting about the country for, singing conceited songs, and hailing people in broad day on the high road, instead of hiding till nightfall and slipping home quietly by back ways! O hapless Toad! O ill-fated animal!’