“But look here, Dot—Brien ran for the Autumn Produce Stakes last October, and won them: since then he has done nothing to reimburse me for his expense, nor yet has anything been taken out of him by running. Surely, if you are to have half the profits, you should at any rate pay half the expenses?”

“That’s very well put, Frank; and if you and I stood upon equal ground, with an arbiter between us by whose decision we were bound to abide, and to whom the settlement of the question was entrusted, your arguments would, no doubt, be successful, but—”

“Well that’s the fair way of looking at it.”

“But, as I was going to say, that’s not the case. We are neither of us bound to take any one’s decision; and, therefore, any terms which either of us chooses to accept must be fair. Now I have told you my terms—the lowest price, if you like to call it so,—at which I will give your horses the benefit of my experience, and save you from their immediate pecuniary pressure; and I will neither take any other terms, nor will I press these on you.”

“Why, Blake, I’d sooner deal with all the Jews of Israel—”

“Stop, Frank: one word of abuse, and I’ll wash my hands of the matter altogether.”

“Wash away then, I’ll keep the horses, though I have to sell my hunters and the plate at Kelly’s Court into the bargain.”

“I was going to add—only your energy’s far too great to allow of a slow steady man like me finishing his sentence—I was going to say that, if you’re pressed for money as you say, and if it will be any accommodation, I will let you have two hundred and fifty pounds at five per cent. on the security of the horses; that is, that you will be charged with that amount, and the interest, in the final closing of the account at the end of the year, before the horses are restored to you.”

Had an uninterested observer been standing by he might have seen with half an eye that Blake’s coolness was put on, and that his indifference to the bargain was assumed. This offer of the loan was a second bid, when he found the first was likely to be rejected: it was made, too, at the time that he was positively declaring that he would make none but the first offer. Poor Frank!—he was utterly unable to cope with his friend at the weapons with which they were playing, and he was consequently most egregiously plundered. But it was in an affair of horse-flesh, and the sporting world, when it learned the terms on which the horses were transferred from Lord Ballindine’s name to that of Mr Blake, had not a word of censure to utter against the latter. He was pronounced to be very wide awake, and decidedly at the top of his profession; and Lord Ballindine was spoken of, for a week, with considerable pity and contempt.

When Blake mentioned the loan Frank got up, and stood with his back to the fire; then bit his lips, and walked twice up and down the room, with his hands in his pockets, and then he paused, looked out of the window, and attempted to whistle: then he threw himself into an armchair, poked out both his legs as far as he could, ran his fingers through his hair, and set to work hard to make up his mind. But it was no good; in about five minutes he found he could not do it; so he took out his purse, and, extracting half-a-crown, threw it up to the ceiling, saying,