"Certainly," answered Welding, calmly, "and I am the last to depreciate that class, especially when, like our host, it begins with earnest, ceaseless work, and ends in reposing on millions; but it does not suit all. Above everything, it requires a clear, cool head, and yours does not appear to me to be quite made to devote itself to the grasping debit and credit. Excuse me, Herr Almbach! that is only my candid opinion; besides, I do not blame you at all for your daring. What would one not do to make a beautiful woman's obstinacy appear right! In this case, the manœ uvre was even most agreeable, any other person with the best will could not have carried it out; I congratulate you upon it."

He made a half-ironical bow, and left the room; it adjoined the drawing-room, but the half-closed portières divided it from the former; quite lonely and dimly-lighted, it offered a momentary solitude to whomsoever desired it. The young man had thrown himself upon a seat, and gazed dreamily before him. Of what he was thinking, perhaps he did not dare to confess to himself, and yet it was betrayed by his starting up at the sound of a voice, which said in a tone of slight astonishment--

"Ah, Signor Almbach, you here!"

It was Signora Biancona; whether, on entering, she had really not perceived who was already there, could not be decided, as she continued with perfect ease--

"I was seeking relief for a moment from the heat and whirl of the drawing-room. You, too, have soon withdrawn from the company after your triumph."

Almbach had risen, quickly. "If it is a question of triumph, there is certainly no doubt who gained it to-day. My improvised performance cannot be compared, in ever so slight a degree, with that which you offered to the public."

The Signora smiled. "I only produced sounds, like you, but I confess, candidly, it has surprised me, never, until to-night, and here, to meet an artist who surely long since--"

"Excuse me, Signora," interrupted the young man, coldly, "I have already declared in the drawing-room that I only lay claim to being a dilettante. I belong to the commercial world."

The same look of astonishment which he had seen on Welding's countenance in the theatre, was turned towards Almbach's face for the second time.

"Impossible! you are joking."