"Writing to Marsden?" said John carelessly. "I thought you might be, and I wanted you just to give him a hint or two about the business. It would come naturally from you and save surprise. The fact is, there has been a lot of unforeseen expense; then the firm in Calcutta to which I sent my first batch of stuff has failed. Altogether I sha'n't be able to spare any interest on the money this year."

"No interest?" Belle could only echo his words stupidly, for the very idea of such a contingency had never entered her head, and the fact seemed to bring back all the old sickening dislike to the situation.

"Well!" He looked at her with the expression of distasteful patience which always came to his face when awaiting a remonstrance. But none followed. She was so absorbed in the fresh shame, to her, of this failure, that she could think of nothing else.

"Of course it is a pity," he went on, somewhat mollified by her silence, "but Marsden isn't a fool. He knows one has generally to wait for a return; indeed I consider it lucky we have not to borrow. I wish you wouldn't look so tragic over it, Belle. We are not ruined; far from it. Only for the present we have to live on our capital."

Belle's face brightened. "Could we not pay the interest out of capital, too, John?"

Her husband burst out laughing as he threw himself into an easy chair. "Upon my soul, for utter incapacity to understand even the morals of business, commend me to a really good woman! Interest out of capital! We are not a swindling company, Belle!"

"We might pay it out of your own savings, John," she urged, knowing how hopeless it would be to argue.

"Transference from one budget-head to another, and consequent cooking of accounts! No, my dear; I left that system of book-keeping behind me when I quitted Government service. Marsden must go without his interest for the present; he has very good pay, and the loss is quite temporary. In any circumstances the returns would have been unfavourable for this year, owing to the drought. Why, even with the aid of the dam I have scarcely had enough water for a quarter of the acreage I intend to have next season."

His voice tailed off into indifference as his attention became concentrated in a paper he had taken up, and there was an end of the matter so far as he was concerned.

Pens, ink and paper had lost their attraction for Belle that day, and for many days after; indeed, it was not until the knowledge that her long silence would cause anxiety, that she faced the task of finishing her letter to Major Marsden. The very certainty that he would care little for the absence of the promised dividend, and be quite ready to accept her husband's views on the matter, made it seem all the more hard for her; and though she determined to leave the proper person to tell the unwelcome news, she found herself hampered on all sides by her own knowledge. Even remarks on the dryness of the weather savoured of an attempt at excuse, and for the first time she felt glad to write her signature at the bottom of the page. When it was done she leant her head over her crossed arms in a sudden rush of weariness, and thought how different it would have been if she could have met Philip on equal terms; if they could have told each other the truth in all things. Theoretically it was all very well to say that the money had nothing to do with the position, but practically she could not get rid of the conviction that she and John were preying on a man's sense of honour, or, worse, on his affections. It was no use telling herself she was despicable in having such thoughts; that, setting love aside, friendship itself excluded the question of give or take. As a matter of fact Philip did give her all he had, and he took,--what did he not take? She cowered before that, the worst question of all. She could not escape from the haunting sense of wrong which seemed to sap the strength of her self-respect; and back through all her heart-burnings came the one foolish fancy that if she could only have met Philip with the money, or even a decent five per cent, interest on it, in her hand, she could have looked into his face with clear unshadowed eyes. And now! How was she to meet him when there was not even a dividend?