"You can have this room," said Con, rising. "I've got some writing to do in the next. Call me when you have done."

When they were alone, Mr. Sheldrake said,

"After all, Alf, there's something in what Staveley says. Racing debts are not recoverable. I can understand his feelings very well; he doesn't know you, or anything about you. He is only anxious to protect me. I have been let in a good many times by one and another, and I've paid him money which he has been obliged to take in the way of business, and which he has lent, on my recommendation, to people I've wanted to do a good turn for."

"I won't let you in," said Alfred.

"I don't think you will, Alf. If I were in funds, you shouldn't have had to come to Staveley for the money. But I can't shut my eyes to what he has said. You must deal a little openly with me; you know I'm your friend. You've lost this money on Christopher Sly?"

"Yes."

"Why not let the people you've lost it to wait?"

"Because I've paid them already. I had to stake the money in advance."

"You dealt with commission agents, then?"

"Yes."