“Ah! my poor child, what have I ever caused you but misery?” he murmured to himself.

He opened the enclosure. These were its contents:

“Baden, March 27th, 186—.

“DEAR BALDWIN,

“Your letter has only just reached me. I have been moving about lately so much. I write in great haste to assure you that all you have been told against the —— and —— is utter nonsense. There is no safer or better investment in the united kingdom at present. Whoever told you what you wrote of to me must be either a knave himself, with his own purposes to serve, or the dupe of such a one. And if an honest man, I don’t see why he should have bound you over not to give his name as your authority to your co-trustee. The thing does not look well. Within the last day or two I have heard, quite accidentally, from a friend in your county, certain vague reports affecting the Mallingford Bank. Very likely they have not reached you. Those on the spot, or most interested in such rumours, are often the last to hear them. And they may very probably be utterly unfounded. Still, all inclines me to lose no time in with-drawing my young cousins’ money from its present quarters. I should strongly advise you also to look to your own property in the bank, as I believe it is of considerable amount. I should be glad to hear from you that you have done as I advise. With regard to your wife’s and her brother’s money, you have of course acted for the best: still the delay makes me a little uneasy. Give my kind regards to Marion. I hear very good accounts of her brother Hartford, from an officer in his regiment who is a friend of mine.

“Yours very truly,

“FRAMLEY P. VERE.”

Geoffrey handed both letters to Veronica. She read them carefully before she spoke. He watched her impatiently. As soon as she had finished, he said in a dull, hopeless voice—

“How shall I tell her? And Harry too? She will feel his share of it even more?”

Veronica considered a little. Then she replied—