"How do you know that it is an infamous lie, Mr. Carthew? I have mentioned no names. I have simply told you the story of a hapless girl, whom you once knew. Your face is the best witness that I can require of its truth. Thank God I heard it in time. Had it not been for that I might have been fool enough to have given you the answer you wanted, for I own that I liked you. I am sure now that I did not love you, for had I done so, I should not have believed this tale; or if I had believed it, it would have crushed me. But I liked you. I found you pleasanter than other men, and I even fancied that I loved you. Had I not known this story, I might have married you, and been the most miserable woman alive, for a man who could play the villain to a hapless girl, who could stoop to so mean and dastardly an action as to cripple a rival yacht, is a creature so mean, so detestable, that wretched indeed would be the fate of the woman that married him.

"Do not contradict it, sir," she said, rising from her seat now with her face ablaze with indignation. "I was watching you. I had heard that story, and had heard another story of how the boat of an antagonist of yours at Henley had been crippled before a race, and I watched you from the time I came on board. I saw that you were strangely confident; I saw how you were watching for something; I saw the flash of triumph in your face when that something happened; and I was absolutely certain that the same base manoeuvre that had won you your heat at Henley had been repeated in your race for the Queen's Cup.

"I don't think, sir, you will want any more specific answer to your question."

"You will repent this," he panted, his face distorted by a raging disappointment. "I do not contradict your statements. It would be beneath me to do so; but some day you may have cause to regret having made them."

"I may tell you," she said, as she turned, "that it is not my intention to make public the knowledge that I gained of your conduct yesterday. I have no proof save my own absolute conviction, and the knowledge that I have of your past."

He did not look round, but walked at a rapid pace down the garden. Half an hour later the Phantom's anchor was got up, and she sailed for Southampton Water. Beyond giving the necessary order to get under way, Carthew did not speak a word until she anchored off the pier, then he went ashore at once and took the next train for town, sending off a telegram before starting.

When he got home he asked the servant briefly if Mr. Conking had come.

"Yes, sir. He is waiting for you in the dining room."

"Well, Carthew, how have things gone off? I see by the papers this morning that you won the Cup, and also that the Osprey's bobstay burst at the right time, and that a great sensation had been caused by the discovery that there had been foul play.

"Why, what is the matter with you? You look as black as a thundercloud."