'No!' cried Peggy, with obvious sincerity. Connie had been several things which Peggy subsequently detailed, but she had not been tiresome.

The interview with Mr. Fricker was in a different key, the only likeness being that the transmission theory still seemed applicable, and indeed inevitable here and there. The giggles and the coyness were gone, and with them the calculated guilelessness; the vulgarity was almost gone. Fricker was not a gentleman, but, thanks to his quietness and freedom from affectation, it was often possible to forget the fact. He had a dry humour, she soon found, and it was stirred by the contrast between his visitor's utter ignorance of business and her resolutely business-like manner. It was evident that she did not intend to clasp his knees.

'I see you've taken my measure, Miss Ryle,' he remarked. 'Mrs. Trevalla has shown you my letter, you tell me, and you have come to make me a proposition?'

'It seems from the letter that they can go on making her pay money?'

'Precisely—at stated intervals and of definite amounts. Three several amounts of one thousand pounds at intervals of not less than two months—the first being due immediately, and the others sure to come later.'

'Yes, I think I understand that.'

'I endeavour to express myself clearly, Miss Ryle.'

Peggy ignored a profane gleam of amusement in his eye.

'I suppose it's no good talking about how she came to buy such curious shares,' began Peggy.