"Old Mrs. Codleyn," said Fearns.

"Here, Mr. Machin, they 're talking about you," said the Secretary and Steward genially. He knew that Denry collected Mrs. Codleyn's rents.

"Mrs. Codleyn is n't the owner," Denry called out across the room, almost before he was aware what he was doing. There was a smile on his face and a glass in his hand.

"Oh!" said Fearns. "I thought she was. Who is?"

Everybody looked inquisitively at the renowned Machin, the new member.

"I am," said Denry.

He had concealed the change of ownership from the Widow Hullins. In his quality of owner he could not have lent her money in order that she might pay it instantly back to himself.

"I beg your pardon," said Fearns, with polite sincerity. "I'd no idea!..." He saw that unwittingly he had come near to committing a gross outrage on club etiquette.

"Not at all!" said Denry. "But supposing the cottage was yours, what should you do, Mr. Fearns? Before I bought the property I used to lend her money myself to pay her rent."

"I know," Fearns answered with a certain dryness of tone.