"You two know each other?" Josephine murmured.

"We are old acquaintances," Wingate replied.

"And business rivals," Phipps put in cheerfully. "A certain wholesome rivalry, Lady Dredlinton, is good for us all. In whatever camp I find myself, I generally find Mr. Wingate in the opposite one. I have an idea, in fact," he went on, "that we are on the point of recommencing our friendly rivalry."

Josephine, who had been standing up for the last few moments, touched the bell.

"You will keep your rivalry for the City, I trust," she said.

It was just then that Phipps surprised a little glance flashed from Josephine to Wingate. He seemed suddenly to increase in size, to become more menacing, portentous. There was thunder upon his forehead. He seemed on the point of passionate speech. At that moment the butler opened the door and Josephine held out her hand.

"It was very kind of you to call, Mr. Phipps. I will think over all that you have said, and discuss it—with my husband."

Phipps had regained command of himself. He bowed low over her hand but could not keep the malice from his tone.

"You could not have a better counsellor," he declared.

Neither Josephine nor Wingate spoke a word until the door was finally closed after the unwelcome caller and they heard his heavy tread retreating down the hall. Then she sank back upon the couch and motioned him to sit by her side.