"An expensive toy!" she said, and looked sharply at him.

"Ornate, I agree, but as true a piece of steel as ever I saw," replied my lord blandly, balancing the rapier on one finger.

"A very expensive toy!" she repeated sternly.

John sighed.

"True, madam—true." Then with a brightened air: "Perhaps Mr. Everard has expensive tastes?"

"It is very possible. And I think that Mr. Everard must have been more than a simple country gentleman to indulge those tastes."

Carstares bit his lip to hide a smile at the thought of Tracy in the light of a simple country gentleman, and shook his head sadly.

"Do you infer that he came by this sword dishonestly, madam?"

The dimple quivered and was gone.

"Sir, I believe that you are playing with me," she said with great dignity.