"Yes, quite true. We are ruined."

"My dear girl!"

"At least, comparatively ruined," she corrected.

For a moment he was silent, apparently intent on the study of his own strong square hands linked together in front of him.

"How did it happen?" he asked at last.

"I don't know," she answered impatiently. "Father bought some shares that aren't any good. I suppose he wanted to make money." Her tone was unconsciously scornful.

"We all want to do that," Arnold observed in defence.

The strongly arched eyebrows went up a degree.

"At any rate," she said, "it is frightfully rough on mother. Her life was hard enough before—what with ill-health and that sort of thing. Now it will be ten times worse." She clenched her hands in a sudden passionate protest. "I can't help it," she went on, "it seems to me all wrong. She is the best, the cleverest woman I have ever met. She ought to be the wife of a genius or a great, good man—not father's wife. Father ought to have married Mrs. Clerk. Why did she marry him? It is wicked, but it is the thought which comes into my mind every time I see them together. And now, when I think that she will have to scrape and save as well I——" She stopped short and looked at her companion defiantly. "I suppose you are very shocked," she said. "That comes of always feeling as though you were one of the family. I have to say just what is passing in my mind."

"I am glad you have so much confidence in me," Arnold answered seriously. "All the same, I do not think that you are just to your father. He is a thoroughly good man. Many people would think Mrs. Ingestre very lucky."