Leroy smiled gravely at his companion's flippant tones.

"You make an eloquent advocate; but there's little need for pity in her case; her tastes are natural to her class. I was to blame for not realising it before; but she'll be well set up for the future," he said, and forthwith dismissed the subject from his mind. "But Jasper, what of this chestnut entered the steeplechase?"

Vermont's dark, restless eyes dropped for a moment; then he said lightly:

"Do you mean that Yorkshire screw? Oh, he is all right! Can't run the course, I should say, let alone the last rise. Nothing can touch the roan. If I weren't a beggar, I'd cover 'King Cole's' back with guineas."

"Do it for me," said Leroy carelessly, as he settled into the waiting Daimler, which was his latest purchase.

"What, another thousand?" asked Jasper almost eagerly.

"Two, if you like," said his friend, as the chauffeur started the car, and with a smile to Vermont he took his departure.

Vermont stood looking after him, his gaze almost still in its fixity; then he turned and passed up the stairs. In the dining-room he found Norgate, clearing away the cards and glasses, in no very amiable humour.

"Has there been a luncheon party?" queried Mr. Vermont.

"Yes, sir," answered Norgate aggrievedly; "Mr. Shelton, Lord Standon and Mr. Paxhorn."