"Then what have you been doing?" There was no attempt to disguise the fierceness of the query. Noel started forward in his chair with hands clenched, and his dog slid to the ground.

"Take it easy!" said Max. "I'm not going to let you into that secret. It wouldn't be good for your morals. Besides, there's no time to go into that now. All I want to say to you is that there's a clear road in front of you and the odds are all in your favour. Go straight and I believe you'll win!"

Noel leaned nearer. His face was a curious blend of eagerness and resentment. "Do you mean—you've found out—that she'd sooner have me after all?" he blurted out.

Max looked at him, and a queer, half-pitying smile curved his grim mouth. "Yes, I suppose it amounts to that," he said, after a moment.

"Oh, I say!" said Noel.

He got up abruptly, and walked to the end of the room. Coming back, he gave a sharp gasp as of one rising from deep water, and the next moment very suddenly he laughed.

"I say," he said again, speaking jerkily, "is it the sun—or what? I feel as if—you'd hit me between the eyes."

Max nodded towards the table. "Have your drink, boy, and pull yourself together! You haven't won her yet, remember. You've got some uphill work before you still."

Noel stopped at the table, and raised his glass. His hand shook palpably, and the smile on Max's face became almost one of tenderness. He watched him in silence as he drank, then lifted his own glass.

"Here's to your success!" he said.