So much, of course, all the world could see, but Philip saw a little further. He took into consideration the excitable state of the South African market, the uncertainty with regard to the Japanese war which would certainly make French speculators nervous, and French speculators, as he knew, had been very busy over the goldfields of Metiekull. Then came in the question of the report which he had been reading; on the whole it was good, and his sober opinion was that the shares were worth buying at the price. Yet he proposed not to take up his option, but to lose at once £7,000. But he would also let it be freely known that he had received a detailed report from his agent on the spot.

He decided, therefore—so the market would say—to abandon his option after the receipt of this report. What was the inference? That the report was unfavourable. Then all the other factors he had been considering added their weight to the scale; there was a nervous market, there was likely to be stringency of money, there was the vast hovering thundercloud of war in the East. If he knew anything about the ways of the City, it was an absolute certainty that there would be a slump in Metiekull. He would let it slump; he would even, by selling, assist it to slump; a hundred little bears—Philip detested the small operator—would sell, and when they had committed themselves pretty deeply, he would buy not only the original 30,000 shares of his option, but somewhere near twice that number; for there was no question as to the value of the property, and he would be picking up his shares at something like rubbish price.

The chain of reasoning was complete, he took his elbows off the table, and turned to light a cigarette. Then suddenly his heart sank, he felt sick and empty, for the concentration of thought was relaxed, and from a thousand spouting weir-gates the thought from which he had obtained an hour’s respite flooded his whole soul. Forgetfulness of that? It was as if he had just slept in his chair for an hour, and awoke again in full consciousness of the horror of life. It was no slow awakening, it was a stab that made a deep and dreadful wound out of which flowed the black blood of his hatred and resentment, not against those two alone, but against the world. To this hatred he gave himself up with a hideous sort of luxury in the overpowering intensity of it. He suffered himself, by no fault of his; well, others should suffer, too, and if by his manipulation of the market, which was according to the principles which governed it perfectly legitimate, others were ruined, it was not his fault but theirs for competing with him.

Then a thought blacker than these, because it was more direct, more personally full of revenge, entered his mind. Surely not so long ago someone had consulted him as to an investment. Yes, it was Evelyn—Evelyn, in a sudden burst of prudence—who had decided not to buy a motor-car, but to put away a big cheque that had just been paid him. Philip had refused to give him advice professionally, since he was not a broker, but had told him that he had himself bought a large option in Metiekull. He remembered the interview perfectly, and knew that he had recommended Evelyn not to dabble, since he did not know the game, but to put his money into something safe. What he had eventually done with it Philip did not know. But for a week afterwards his studio had been littered with financial papers, and he talked the most absurd nonsense about giving up the artistic career and taking offices in the City, since he felt sure that his real chance of brilliant achievement lay there.

Now, bitter suffering like that which Philip was now undergoing cannot but have a very distinct effect on the sufferer. And in such a nature as his, the particular kind of suffering he had to bear could scarcely have had any effect but that of the worst. His circle of friends, those to whom he showed all that was best in him, was but small, and numbered four only. By two of these he had been betrayed, and that impulse which at the first moment of his knowledge did just flicker within him, the impulse of generosity, of taking the big and sky-high line of which for the moment he had been capable when he dismissed the motor three days ago near Evelyn’s studio, had been crushed, if not out of life, at any rate into impotence and unconsciousness by the ingrained hardness of his nature shown to the world at large. That hardness covered him now and indurated him; he could feel neither pity nor softening for any, least of all for one who had so bitterly injured him. His power of hurting, it is true, might be small compared to the hurt that had been done him, but such as it was, he would use it. He was hurt himself, but he would not scream, he would just strike back where and when he could.

London meantime was busy with its thousand tongues in discussing what had happened, and, as was to be expected, it took a very decided line over it all. This sort of thing was really impossible, and not to be tolerated. Why, even the bridesmaids had received their presents, and everybody’s plans, for everybody had settled to go to the wedding, were absolutely upset. Besides, the whole thing was an insult hurled at the sacred image of Society, a bomb-shell which had exploded in the very middle of the temple. And though Gladys Ellington had only one, not a thousand tongues, she used that one to the aforesaid effect so continuously that it really seemed impossible that flesh and blood could stand the wear and strain. She was using it now to Lady Taverner, to whom she always told things in confidence when she wanted them repeated. Lady Taverner, it may be remarked, was the pink and butter-coloured lady, to emphasize whose charms Evelyn had studied purple clematis.

“Of course, dear Alice,” she was saying, “I can say these things to you, because I know you won’t repeat them, and, of course, we all want it talked about as little as possible. But Madge has really behaved too abominably; it’s all very well to say you must follow the dictates of your own heart, but if your heart tells you to commit really an indecency, as this is, I should say it was better not to follow it. But Madge is so odd: it is only a few weeks ago that she told me how devoted she was to Philip—esteem, affection, and all that. Well, what sort of esteem and affection has she shown? My dear, three days before the wedding.”

Lady Taverner sighed.

“Of course, I won’t talk about it,” she said, “but I shall never speak to Madge again. And my portrait was being done by Mr. Dundas, which makes it very awkward. Of course, I want it finished, but how can I go to sit to him again?”

This was a new light which Gladys had not yet considered.