Geoffrey Hilliard had been thoroughly enjoying this opportunity of studying the features of the fine old hall, and making a note of them for future use. “What a magnificent old place!” he said to himself. “Trelawney says the man is at his last gasp, and will positively have to turn out before long. Poor beggar! I pity him. It must be heartbreaking to leave an old place like this, where one’s ancestors have lived for generations, where every stone has its history, and the spirits of the departed seem still hovering in the air. Halloa, what’s that?”

He turned his head, and peering round the corner of that quaintest of stone staircases beheld a vision at sight of which he stood transfixed and astounded. Spirits of ancestors, indeed! Here was one before his very eyes, a picture out of its frame, a dream of grace and beauty such as is not vouchsafed to mortal eyes in this commonplace, matter-of-fact twentieth century! The first glance was admiration alone, the second brought a thrill of something uncomfortably like fear, for to the most unsuperstitious of minds there was still something unpleasantly eerie in this unexpected apparition. Motionless as a figure of stone stood the White Lady, her body craned forward, one hand resting against the wall, the other drawing aside the quilted skirt; the moonlight fell full on the face, and showed it stiff and rigid as a sculptor’s block.

For one moment Geoffrey felt incapable of movement, but the next commonsense returned, and a dozen matter-of-fact explanations darted into his head. What he saw was no figure, but simply a statue, a reflection, a curious effect of light. He must examine the phenomenon at close quarters, and find a solution with which to confound the superstitious in the future. No sooner said than done, and he stepped forward, momentarily averting his eyes, to make his sight the more searching. When he opened them again the figure still confronted him; but now the position seemed slightly altered, for instead of bending forward she had drawn back, as if to avoid his approach.

A dread seized him lest the phenomenon might vanish altogether before he had had time to discover its character; he gave a sudden leap forward, and to his dismay beheld the figure stagger forward, and collapse in a heap on the lowest stair. In an instant his arms were round her, and two warm living hands came together with a shock of surprise. Masculine ghost lifted, and feminine ghost struggled and pinched in a manner unmistakably human. But if Geoffrey Hilliard’s matter-of-fact mind leapt to a quick understanding of the real situation, Esmeralda was much more sensational in her explanation. He remembered that it was Christmas Eve, a time when some family festivity, of which fancy-dress was a feature, might well be in progress; she leapt to the dramatic conclusion that this was a thief masquerading in ghost’s attire, the better to make his escape in the event of discovery.

Cowardly ruffian! He should not find it so easy as he expected! If it was only a girl whom he had encountered, he should find that she was not so easily shaken off as he expected. To Hilliard’s intense amazement he felt the hands fasten suddenly round his arm, the white fingers grip his flesh with no uncertain grasp. The premeditated apologies died upon his lips, as the White Lady became rosy red, and her lips parted to show teeth set in threatening anger. He stepped back, or tried to do so, but she clung only the closer; he laughingly tried to move her hand from his arm, at which she shrieked aloud, and struggled valiantly.

“No, no, you shall not go! You shall stay here until my father comes!”

“That is just what I want to do! Pardon me, there is really no necessity to hold me so fast. I am not going to run away!” returned the young fellow, laughing, but in a somewhat impatient fashion. He had no ambition to be discovered in this melodramatic attitude, and once more made an effort to escape. The grasp on her wrist was gentle, but withal wonderfully strong, and to Esmeralda’s horror she found it impossible to struggle against it. The thought that the thief was escaping after all was too humiliating to be borne, and as one hand after the other was forced back she grew desperate, and raised her voice in a shrill cry for help.

“Help! Help! Murder! Thieves! He–l–p!”

“My dear, good girl!” exclaimed the Murderer blankly, overcome with amazement, and allowing himself to be once more seized in a detaining grasp, while Esmeralda poured the vials of her wrath upon him.

“How dare you call me names! It’s a horsewhip you’ll be feeling on your back for this, once my father is here. I’ll hold you tight till he comes!”