George leaned forward and, as he picked up the document, a flush crept into his cousin's face.

"I hardly expected you would take this line. Do you think it's right to blame me because I couldn't anticipate the fall in value?"

"It strikes me that the situation is one that had better not be discussed between us," George rejoined, with marked coldness. "Besides, my opinion won't count for much in face of the very satisfactory financial results you have secured. I'm sorry for what has happened, on Muriel's account."

He turned and went out; and met Ethel on reaching West's house.

"I must try to arrange for an interview with Sylvia and Captain Bland," he told her. "There are matters that should be explained to them."

"Won't it be painful?"

"That can't be allowed to count."

"After all," said Ethel thoughtfully, "it's no doubt the proper course."

A week later he visited Mrs. Kettering's, and was shown into a room where Sylvia awaited him alone. After the first glance at him, she turned her eyes away.

"George," she said, "I'm afraid I've behaved badly. Can you forgive me?"