“If that be the case—” began Lord Kemms, good humouredly—but Arthur cut across his sentence:

“It is not so with me,” he said, deliberately turning his back on Mr. Black, so as to cut him out of the conversation; “it is not so with me. For the sake of a few pounds, I would not haggle and bargain with any man—more especially your lordship. I did intend to keep the filly—not exactly for my own riding, but because I thought, and think still, she would be worth three times over what you offered me in another twelve months; but I have changed my mind about the matter, and, if you like to have her on the terms you offered before, I will send her over to the Park to-night. She is fit for any light weight to ride; my brother can break a horse better than anyone I know.”

Arthur spoke rapidly: there was a look in his face, and a decision about his manner, Lord Kemms had never noticed before; but then, to be sure, his opportunities of witnessing the Squire’s moods had been few and far between.

From the Squire it was natural Lord Kemms’ glance should wander to Mr. Black, and written on that gentleman’s expressive countenance, the peer read such intense disgust at Arthur’s folly, that he could scarcely refrain from laughing.

“Thank you, Mr. Dudley,” he said, gathering up his reins and stroking the Black Knight’s neck as he spoke; “thank you very much. I shall be very proud of Nellie, and think her a great addition to my stud—she is a perfect beauty!”

“I would not sell her to you, if I did not believe her to be every bit as good as she looks,” answered the Squire.

“Of that I am certain,” was the reply; and Lord Kemms held out his hand to Arthur,—a courtesy which he did not think it necessary to extend to Mr. Black.

“Then you will send her over this evening?” were his last words, as, with a farewell nod to Mr. Black, he galloped across the field to rejoin Mr. Raidsford, whose horse had been regaling itself at the expense of Mr. Dudley’s thorn-hedge during the time occupied by the preceding conversation.

“Well, it is no wonder you are a poor man, Dudley,” remarked Mr. Black, the moment Lord Kemms was out of earshot; “he would have given you fifty guineas more for that Nellie creature, as easily as fifty pence.”

“I am not a horse-dealer,” returned the Squire, coldly. “And have you not secured what you wanted? You said a hundred pounds would be sufficient to commence your advertising; you have got your hundred pounds, and Nellie is gone.”