"True enough," laughed Jimmy Fitzroy. "Thank Heaven, nobody can accuse us of studying the law and the prophets overmuch. By the way, old fellow, who's that stunning little girl you were walking with by the Serpentine yesterday morning, when I was waiting for the Metcalfe, who promised to meet me at twelve, and never came till half-past one—the most unpunctual woman going. Any new game? She's a governess, ain't she? She'd some sort of brat with her; but she's deuced good style, anyhow."

"That's little L'Estrange," laughed Godolphin: "the beloved Bella's cousin. He's met her there every day for the last three months. I don't know how much further the affair may have gone, or if——"

"My dear Harry, your imagination is running away with you," said Falkenstein, impatiently. "I never made an appointment with her in my life; she's not the same style as Mrs. Metcalfe."

Oh the jesuitism of the most candid men on occasion! He never made an appointment with her, because it was utterly unnecessary, he knowing perfectly that he should find her feeding the ducks with Julius Adolphus any morning he chose to look for her.

"All friendship is it, then?" laughed Godolphin. "Stick to it, my boy, if you can. Take care what you do, though, for to carry her off to Duke Street would give Max such a handle as he would not let go in a hurry; And to marry (though that of course, will never enter your wildest dreams) with anybody of the Cashranger's race, were it the heiress instead of the companion, would be such a come-down to the princely house, as would infallibly strike you out of Count Ferdinand's will."

Waldemar threw back his head like a thorough-bred impatient of the punishing. "The 'princely house,' as you call it, is not so extraordinarily stainless; but leave Valérie alone, she and I have nothing to do with other, and never shall have. I have enough on my hands, in all conscience, without plunging into another love affair."

"I did hear," continued Godolphin, "that Forester proposed to her, but I don't suppose it's true; he'd scarcely be such a fool."

Falkenstein looked up quickly, but did not speak.

"I think it is true," said Bevan; "and, moreover, I fancy she refused him, for he used to cry her up to the skies, and now he's always snapping and sneering at her, which is beastly ungenerous, but after the manner of many fellows."

"One would think you were an old woman, Tom, believing all the tales you hear," said Godolphin. "She'd better know you disclaim her, Falkenstein, that she mayn't waste her chances waiting for you."