'I do not know,' replies Margaret cautiously; 'perhaps.'

'I am afraid it is more than perhaps,' rejoins Mrs. Evans significantly. 'I am afraid it is——'

But her sentence dies unfinished, killed by the frou-frou of silk that announces the approach of a smart woman, and of the white-waistcoated gentleman who has bought the privilege of paying for the silk. Then follows an unencumbered man, whose speech bewrayeth him to be a diplomate, and who has a great deal to say to the smart woman.

After five minutes more frou-frou is audible, heralding the approach of a second smart woman—Lady Betty herself this time—with her lawful Harborough stepping somewhat insignificantly behind her.

Lady Betty is so exceedingly glad to see the two girls that Peggy asks herself whether her memory has played her false as to the amount of intimacy that existed between them last year. She has not overheard the aside that passed between her ladyship and her husband as she sailed up the long room:

'Who are they? Have we ever met them here before? Are they all one lot?'

Nor, indeed, would it ever have entered into the guileless Peggy's mind as possible that a woman who took her by both hands, and smiled into both eyes, could have clean forgotten, not only her name, but her very existence.

Once more the folding-doors roll wide, to admit this time, at last, the hostess, Lady Roupell, and her nephew, Freddy Ducane, who—both chronically late for everything—arrive simultaneously; the one still fastening his sleeve-link, and the other hastily clasping her bracelets.

'I beg you all a thousand pardons, good people,' cries the old lady, going round and dealing out hearty handshakes to her injured guests. 'I am sure you must all have been blessing me; but if you had seen me five minutes ago, you would wonder that I am here now—ha! ha! Well, at all events we are all assembled at last, are not we? No! Surely we are short of somebody; who is it? John Talbot, of course! Where is John Talbot?' looking round, first at the general company, who are quite unable to answer her; and turning, secondly, as if involuntarily, towards Lady Betty. 'Where is John Talbot?'

But at this instant, in time to save Lady Betty's blushes, which indeed are in no great hurry to show themselves, John Talbot appears to answer for himself—John Talbot, the third occupant of the brougham, the 'man whom Lady Betty always takes about with her.'