“Because you were an infernal young ass.”

“Well, yes,” agreed Freddie, having considered the point, “you might put it that way, of course. But why was I an ass?”

“Good God!” exclaimed the exasperated Mr. Keeble. “Am I a psycho-analyst?”

“I mean to say, if you come right down to it, I lost all that stuff simply because I was on the wrong side of the fence. It’s a mug’s game betting on horses. The only way to make money is to be a bookie, and that’s what I’m going to do if you’ll part with that thousand. Pal of mine, who was up at Oxford with me, is in a bookie’s office, and they’re game to take me in too if I can put up a thousand quid. Only I must let them know quick, because the offer’s not going to be open for ever. You’ve no notion what a deuce of a lot of competition there is for that sort of job.”

Mr. Keeble, who had been endeavouring with some energy to get a word in during this harangue, now contrived to speak.

“And do you seriously suppose that I would . . . But what’s the use of wasting time talking? I have no means of laying my hands on the sum you mention. If I had,” said Mr. Keeble wistfully. “If I had . . .” And his eye strayed to the letter on the desk, the letter which had got as far as “My dear Phyllis” and stuck there.

Freddie gazed upon him with cordial sympathy.

“Oh, I know how you’re situated, Uncle Joe, and I’m dashed sorry for you. I mean, Aunt Constance and all that.”

“What!” Irksome as Mr. Keeble sometimes found the peculiar condition of his financial arrangements, he had always had the consolation of supposing that they were a secret between his wife and himself. “What do you mean?”

“Well, I know that Aunt Constance keeps an eye on the doubloons and checks the outgoings pretty narrowly. And I think it’s a dashed shame that she won’t unbuckle to help poor old Phyllis. A girl,” said Freddie, “I always liked. Bally shame! Why the dickens shouldn’t she marry that fellow Jackson? I mean, love’s love,” said Freddie, who felt strongly on this point.