"Betting?" interrupted Billy. "I said nothing about betting. What I said was: 'I—saw—Betty—Deringhame—last—night.'"

Peter swung round in his revolving chair, and raised his eyebrows in mild surprise.

"Did you?" he asked. "My mistake, but why did you murmur that most interesting news into my deaf ear? What's she doing in this part?"

Billy duly reported the state of affairs.

"Jolly hard lines on the girl and her mother, too," was his parent's verdict. "Of course women of all classes are making munitions now, and all praise to them for doing it. I am not referring to that, but to the fact that Mrs. Deringhame has had a come-down in life. Did you ever hear how it occurred?"

"No," replied the young officer. "You see, I really didn't like to ask Betty, and she's too jolly brave to whine over her troubles."

"Sit down and fill your pipe," continued Barcroft Senior. "No matches? Hang it, there were three or four boxes on my desk this morning. Here, never mind, use a spill."

Billy laid a restraining hand upon his father's arm.

"Don't use your precious proofs, pater," he observed.

"Bless my soul! You were only just in time, my boy. Another second and that printed stuff would have been mingling in the form of smoke with the Lancashire atmosphere. Ah, yes; we were discussing the Deringhames. The same old tale, Billy: an inexperienced woman and a rascally lawyer. Not that all lawyers are rascals, you understand, but the profession contains a high percentage of rogues who, but for their knowledge of the law and of how far to go without overstepping the lawyer made laws of the land, would be doing time. This chap was a cute one. He persuaded Mrs. Deringhame to invest most of her capital in certain concerns of which he was a sort of sleeping partner. In five years he had literally done her out of a cool £ 6,000; and then, pretending to set matters right, he prevailed upon her to mortgage her house at Alderdene. Nominally he was her agent; in reality he was agent for the mortgagee, who was himself. You see the move?"