"We will come to that," Fielden went on. "I think otherwise. The horse has been knocked about in the betting a good deal lately and I am told that he has gone to an outside price again. I have managed to scrape together about two thousand pounds, every penny of which I have put upon the colt. I had made up my mind never to make another bet, but this opportunity is too good to be lost. If this horse wins the Derby, then I shall be a rich man again. If that good fortune is in store for me, it will be the last bet I shall ever make. And now, you understand why, apart from the morality of the thing, I object to the horse being scratched. In fact, you are not in a position to do so."

Sir George rubbed his head bewilderingly.

"Please say it all over again," he asked. "I know you mean everything you say, I know you are not joking with me, but I can't understand it."

Fielden went over his points once more slowly and carefully, and then, at last, Sir George began to see. He did not fail to grasp his own position, either. He knew the peril in which he stood, unless he could persuade Fielden to fall in with his plans. But Fielden had told him he had backed the colt for all he was worth, and he was not likely to ruin himself merely to save an old man from the result of his folly. Besides, this would entail a shameful confession, for Sir George was not aware that Fielden had an intelligent view of the situation.

"This is very awkward," he remarked.

"I don't see why it should be," Fielden said coolly. "You can make a fortune, too. You have backed the horse heavily, and nothing in the race has any chance of beating him. I must consider myself. I have learnt the folly of sacrificing myself to my friends. In this affair I have some one to think about besides myself. May——"

"May! What has she to do with it?"

Fielden hesitated. He hated to give anybody pain, but the time had come to speak plainly.

"She has a great deal to do with it," he said. "Whatever disgrace falls upon you cannot affect her good name. But, at the same time, I strongly object to any one being able to say that my future wife's father had been warned off the turf for malpractices."

"Malpractices!" Sir George cried. "My dear Fielden, you are forgetting yourself. Explain, please."