"No, I know that," said Standon, with a rueful smile, as he thought of his added debts.

"That was not Vermont's lack of judgment," put in Paxhorn, who, for private reasons of his own, always stood up for that gentleman. "I am sure the horse would have won had it not been for Adrien's ill-timed generosity."

"What was that?" inquired Lady Merivale, looking keenly over at him.

"He gave the jockey a ten-pound note the night before the race; and, of course, the fellow got drunk and pulled the 'King' up at the last fence."

"And lost his life, did he not?" asked one of the artists.

Lord Standon nodded, thoughtfully. He was attached to his friend Leroy, and did not see why he should be blamed unnecessarily.

"Yes," he replied; "the strangest part of it all was the way the poor fellow raved at Vermont."

"What do you mean?" asked Lady Merivale, sharply.

"We were all standing round him," explained Lord Standon, "and when Vermont came up the man seemed to go off his head, and practically said he had sold the race. Of course, it was all nonsense, though I believe Lord Barminster is having some inquiries made."

"But why should Vermont have sold the race? Really, it's too absurd," put in Paxhorn scornfully. "Especially as he'd backed him for five hundred pounds himself. It's hardly likely he'd do such a thing for his own sake, apart from his sense of honour, and his friendship for Leroy."