The old gentleman, whose intentions were really most benevolent, gazed anxiously at his companion, to see how his speech would be taken. But Veneda's only answer was to laugh in a peculiarly grating fashion. It was an unpleasant performance, born of the remembrance of snubs and bitter discouragements received at the other's hands in by-gone days. For the space of thirty seconds neither spoke, and then it was the younger man, who said abruptly—

"Well?"

"You don't mind my going on?"

"I certainly should if I could prevent it," replied Veneda; "but you've got me at a disadvantage, you see. I must listen to you."

"Well, the long and the short of it is, I want to warn you."

"That's exceedingly good of you; and pray what of?"

"Of yourself. It is—forgive my saying so—an openly discussed subject in the town that you are playing a double game."

Veneda stopped suddenly, and leaning his back against a wall, faced his companion.

"A double game," he said slowly, as if weighing every word before he allowed himself to utter it; "and in what way is it supposed that I am playing a double game? Think carefully before you speak, for I may be compelled to hold you responsible."

The worthy merchant experienced a sensation of nervousness. His memory recalled several little episodes in Veneda's past, the remembrance of which, under the present circumstances, was not likely to contribute to his peace of mind.