'Yes. They've broken her spirit between them. They've made her feel a child, a fool.'

'Who have? Do you mean Mervyn? Do you mean——?'

'I mean Mr. Beaufort Chance—and, above all, Mr. Fricker. She hasn't told you about them?'

'No. I've heard something about Chance. I know nothing about Fricker.'

'She didn't treat them fairly—she knows that. Knows it—I should think so! Poor Trix! And in return——' Peggy stopped. One of the secrets trembled on her lips.

'In return, what?' asked Airey Newton. He had stopped smoking, and was standing opposite to her now.

'They've tricked her and made a fool of her, and——' There was no turning back now—'and stripped her of nearly all she had.'

An almost imperceptible start ran through Airey; his forehead wrinkled in deep lines.

'They bought shares for her, and told her they would be valuable. They've turned out worth nothing, and somehow—you'll understand—she's liable to pay a lot of money on them.'

'Hum! Not fully paid, I suppose?'