“That’s all very noble and generous, my dear brother, but some of the thieves were not honourable.”

Her dear brother made no reply; he was staring fixedly into the fire and thinking of Hugo de Montfort. How little had he imagined, when he backed Hugo’s bill, that the scribbling of his signature would make such an awful change in his own life!

Hugo and he had been at Eton in the same house; they had fagged together, sat side by side in chapel, and frequently shared the same scrapes. Later they had lost sight of one another, as Owen had struggled into the Service and gone out to India. Some years later, when stationed at the depôt, he and de Montfort had come across one another once more.

Hugo de Montfort was a self-possessed young man, with sleek black hair and a pair of curiously unreadable grey eyes: an idler about town—clever, crafty, unscrupulous, and much given to cards and racing.

He welcomed his old pal Wynyard with enthusiasm—and secretly marked him for his own. Wynyard—so said report—was a nailing rider, a good sort, popular, and known to be the nephew and heir of a rich, unmarried uncle; so he played the rôle of old schoolfellow and best pal for all it was worth.

The plausible, insidious scoundrel, who lived by his wits, was on his last legs—though he kept the fact a secret—was seen everywhere, carried a bold front, and owned a magnificent 60 h.p. motor, which was useful in more ways than one. He was staying at the Métropôle at Folkestone, and, struck by a bright idea—so he declared—motored over to Canterbury one fine Sunday morning, and carried off his friend to lunch.

As they sat smoking and discussing recent race meetings, weights, and jockeys, de Montfort suddenly put down his cigar and said—

“I say, look here, Owen, old man. I’m in rather a tight fix this week. I want two thousand to square a bookie—and, like the real sporting chap you are—will you back my name on a bill?”

Owen’s expression became unusually grave; backing a bill was an iniquity hitherto unknown to him. Uncle Dick had recently paid up handsomely, and he had given certain promises; and, indeed, had curtailed his expenses, sold two of his ponies, and had made up his mind to keep strictly within his allowance.

“Of course it’s a mere form,” pursued de Montfort, in his swaggering, off-hand way, “I swear to you. Do you think I’d ask you, if it was not safe as a church! I’ll have the coin in a fortnight; but just at the moment I’m terribly short, and you know yourself what racing debts mean. So I come to you, my old pal, before any one; you are such a rare, good, generous, open-handed sort! Don’t for a moment suppose that you will be responsible,” declared this liar; “I’ll take up the bill when it falls due; I’d as soon let in my own mother as a pal like you.”