Then, suddenly, the lights went out. The next thing the boys knew it was morning. A grey daylight shone blankly through the tall windows and wild rain was beating upon the glass, and the American was gone.

"Where are we?" said Jimmy, sitting up with tangled hair and looking round him. "Oh, I remember. Ugh! it was horrid. I'm about fed up with that ring, so 1 don't mind telling you."

"Nonsense!" said Gerald. "I enjoyed it. I wasn't a bit frightened, were you?"

"No," said Jimmy, "of course I wasn't.

"We've done the trick," said Gerald later when they learned that the American had breakfasted early with Lord Yalding and taken the first train to London; "he's gone to get rid of his other house, and take this one. The old ring's beginning to do really useful things."

"Perhaps you'll believe in the ring now," said Jimmy to Lord Yalding, whom he met later on in the picture-gallery; "it's all our doing that Mr. Jefferson saw the ghost. He told us he'd take the house if he saw a ghost, so of course we took care he did see one."

"Oh, you did, did you?" said Lord Yalding in rather an odd voice.
"I'm very much obliged, I'm sure."

"Don't mention it," said Jimmy kindly. "I thought you'd be pleased and him too."

"Perhaps you'll be interested to learn," said Lord Yalding, putting his hands in his pockets and staring down at Jimmy, "that Mr. Jefferson D. Conway was so pleased with your ghost that he got me out of bed at six o clock this morning to talk about it."

"Oh, ripping!" said Jimmy. "What did he say?"