"There, Staveley, do you hear that?" asked Mr. Sheldrake in a reproachful tone. "Isn't that good enough for you?"

Con Staveley shrugged his shoulders, indicating that it was not good enough for him.

"Curse me if I don't feel inclined to turn nasty!" then exclaimed Mr. Sheldrake. "If I had the money to spare, I'd lend it to him on the spot. But I shall be short for the next month."

"Can't your friend wait till then?"

With quivering lips, Alfred said, No; "he must have the money at once."

"And you'll let him have it," said Mr. Sheldrake.

"I don't feel at all inclined to," replied Con.

Here Mr. Sheldrake took up his hat in pretended indignation, and declared if this was friendship, curse him, he didn't want any more of it! and otherwise expressed himself to the same effect in terms so exceedingly warm, that Con Staveley began to lose patience.

"Look here, Sheldrake," he retorted; "be reasonable. I'm doing this for your protection, and you're infernally ungrateful. Your friend wants the money to pay racing debts with; well, I told him before you came in, that racing debts are not recoverable by law, so that whoever he owes the money to must wait until he can pay. Let your friend pay his debts after the Goodwood Cup is run for; he'll be all right then. As for friendship, you're a little too hard on me. You know fifty pounds is no object to me, and if after what I've said you insist upon becoming responsible for the sum, I'll let him have it. I can't say fairer than that. But mind; I warned you."

Mr. Sheldrake seemed impressed by what Con Staveley had said. He considered a little, and asked if Con could let him have five minutes' private conversation with Alfred.