"It's as well you came in when you did, Philip," she said. "Two minutes later and you would have found me gone."

"I am glad I got back in time," replied Philip gravely.

Suddenly the girl looked up squarely into his face.

"Do you know, mon ami," she said, with a whimsical smile, "you have a habit of running things rather fine."

"Have I?" replied Philip dully.

"You have. Talk about the eleventh hour! In—"

"Pegg—ee!" The voice of the fermenting Timothy came booming up the staircase. Peggy did not hurry.

"Good-night—Phil!" she said softly.

"Good-night—Pegs!" replied Philip. He touched her hand awkwardly. They had not addressed one another thus since childhood.

He watched her out of sight down the winding stair, and then turned heavily away. As he paused to close the outer door of the flat his ear caught the sound of light feet. He looked out.