'How silly!' he said gently. It was, however, tolerably plain that he was neither surprised nor displeased. He took the fear to which she owned as a natural tribute to the superiority of the family, a playful feminine way which she chose to express her admiration and respect. He kissed her affectionately—as if she had been very good. No doubt, if there were bed when necessary, there would, on suitable occasions, be sugar-plums too. To Trix Trevalla, erstwhile rebel, gaoler, wanderer, free-lance, the whole thing seemed curiously like a second childhood, very different from her first, and destined to continue through her life.

'It'll make a slave or a liar of me, I know,' she thought. But she thought also that, if she spoke to Lady Blixworth in that vein, she would be asked on what grounds she expected to escape the common lot. It would probably make her both a liar and a slave, Lady Blixworth would say with her languid smile; but then the compensations! Even Lady Blixworth's wild impulse was admittedly only occasional, whereas she had a standing reputation for refinement and elegance.

An example of what was going to happen all her life occurred on the last day of her visit, the last day, too, before the world was to hail her as the future Lady Mervyn. She was sitting by Mervyn, reading a book while he wrote. The post came in, and there was a letter for her. While he attacked his pile, she began on her one. It was from Fricker. A quick glance assured her that Mervyn's attention was fully occupied.

Mr. Fricker's letter opened very cordially and ran to a considerable length. It was concerned with Dramoffskys, and told her that he had sold her holding, considering that step on the whole the wisest thing in her interest. Owing, however, to a great variety of unforeseen events—more rumours, new complications, further anxiety as to what the Tsar meant to do—he regretted to inform her that he had for once miscalculated the course of the market. Dramoffskys had fallen rather severely; he would not take the responsibility of saying whether or when they would be likely to rise to the price at which she had bought—much less go higher. They would be worse before they were better—long before—was the conclusion at which he arrived with regret. So that in fine, and omitting many expressions of sorrow, it came to this: out of her five thousand pounds he was in a position to hand back only a sum of 2,301l. 5s. 11d., which amount he had had the pleasure of paying to her account at her bank. 'I will advise you subsequently as to Glowing Stars,' he ended, but Trix had no thoughts to spare for Glowing Stars.

The blow was very severe. She had counted on a big profit, she was faced with a heavy loss. She did not suspect Fricker's good faith, but was aghast at her own bad luck.

'How horrible!' she exclaimed aloud, letting the letter fall in her lap. Even for a moment more she forgot that she was sitting by Mervyn.

'What's the matter, dear?' he asked, turning round. 'No bad news in your letter, I hope?'

'No, nothing serious, nothing serious,' she stammered, making a hasty clutch at the two big type-written sheets of paper.

'Are you sure? Tell me about it. You must tell me all your troubles.' He stretched out his hand and pressed hers. She crumpled up the letter.