'With the red tie?' she asked, feeling interested in spite of herself. 'Is he English?'

'God forbid!' said her companion piously. 'Grecian Archipelago, I should say for choice; but he won't let on. Anyhow, he's a merchant; wheat, diamonds, dust, bones--everything out of which he can screw a pice. And Jehân Aziz, the Rightful Heir, has the finest table emerald in the world--the old king's signet-ring. Now I don't mind betting it will be in Paris before the year's out.'

'In Paris!--why in Paris? I don't understand--nobody could be expected--nobody could understand,' protested Lesley.

Jack Raymond smiled. 'Filthy Lucre--his real name is Philip Lucanaster--does, I assure you, Miss Drummond! He knows that heirlooms always pay debts of honour.' He paused to lift his cap elaborately to a well-dressed fair woman who passed with a tall dark man, whose face had a wistful look. 'There's a case in point,' he went on carelessly. 'That fellow--he is a pure-bred Brahmin, Miss Drummond--is paying his heirlooms through the nose because he contracted a debt of honour in marrying an Englishwoman. She has made him sacrifice home, friends, relations; prints his cards Mr. and Mrs. Chris Davenant--his real name is Krishn Davenund--and so tries to hang on to the frayed edge of society'-he glanced at an effusive greeting between the lady in question and Mr. Lucanaster.

'Poor thing!' ejaculated Lesley with the wholesale defence of all things feminine which belongs to her type. 'What a terrible experience for her--'

'And for him,' retorted her companion drily. 'Matrimonial mistakes, though women will not recognise the fact, come inevitably in pairs.'

Apparently there was some suggestion in his own words, for he looked ahead hastily, and finding himself closer to an advancing group than he wished to be, told Jerry he must be off, and turned back towards the paddock.

'Who was that, Lesley?' asked Lady Arbuthnot, who, with her husband, formed the centre of that little knot of advancing notables. She was a beautiful woman, beautifully dressed, and with the beautiful manners which a perfectly calm consciousness of beauty always gives to a woman. Her soft voice softened still more as she spoke to her child's governess; so there was small wonder that the latter's face, as she replied, told yet one more tale of modern girlhood--the tale of one woman's blind hero-worship of another.

'A race steward. Jerry took a violent fancy to him and I didn't! But he said he knew you--a Mr. Raymond----'

A faint echo of the name was checked on Grace Arbuthnot's lips by a greeting to a new arrival, which, when she returned to the subject, lent them the continuance of a set smile of welcome.