It is the day of the race. A day warm and brilliant with sunshine, cooled by a fresh soft breeze, that brings all the scents of the pine forests in its breath, and stirs the fluttering laces and ribbons of the women's toilettes, and the waving flags that stream from the Pavilion and the Grand Stand and other points of vantage.

Lady Jean and her husband, Sir Francis and Lauraine, come in the same carriage. As the ladies descend and sweep along the pretty grass-covered course they come face to face with Mrs. Bradshaw Woollffe, her niece, and Keith Athelstone.

Lady Jean's presence gives Lauraine fair excuse. They only exchange bows and pass on. She marvels that she feels so calm, that neither flush nor pallor betrays what the sight of that young, haggard, weary face is to her. She is annoyed to see him here, having heard no word from his staunch ally. Afraid of a second meeting, she begs her husband to take her to her seat. Lady Jean grumbles, but the men are eager to be off to the enclosure, where the hero of the day, Aldebert, is calmly awaiting the important moment when he is to make or mar the fortunes of those who support him.

"You have no bets on?" says Lady Jean to Lauraine, as they sit side by side, and survey the glittering scene, all life and light and colour now.

"No, not even a solitary pair of gloves," smiles Lauraine. "To tell you the truth, I never thought about it. Betting seems stupid."

"You appear to think most things stupid that other women do," says Lady Jean tartly. She has a great deal more than gloves on this race, and Lauraine's speech annoys her. "Good gracious! here comes that awful woman again. Lauraine, you must change places; let me get on your other side. I should positively die if I had to sit next her for a quarter of an hour."

She rises impulsively from her seat. Lauraine does the same. There is a little bustle, a little laughter, a chatter of tongues, and then Lauraine finds herself with Keith Athelstone, instead of Mrs. Bradshaw Woollffe, by her side.

It is impossible to avoid shaking hands with him now, and she does so. Neither of them speaks, however; but the constraint is not noticed by the rest of the party, for the horses are coming out of the enclosure now, and every eye turns to the starting point.

Aldebert wins the race; but to Lauraine everything seems confused and indistinct, and in comparison with Lady Jean's excitement and delight at Sir Francis' success, her own manner seems strangely cold and unconcerned. Amidst the hubbub and excitement, the noise of voices and shouts of congratulation, Keith bends nearer to Lauraine.

"I have some news that will please you, I hope," he says. "I am going to marry Nan, as you advised me."