"Don't be too sure of that," returned Mrs. Godfrey quietly; "you know I am rather observant, and it struck me more than once that Mr. Jacobi was playing a double game. He seemed at one time to take a great deal of notice of Dick Wallace, and Cedric was rather shunted. But one Sunday afternoon, when Mr. Jacobi and Sir Richard had been having a long walk together, he suddenly changed, and Cedric was in favour again."

"I am afraid I don't quite follow you," returned Malcolm, who certainly did not understand what she meant to convey to him.

Mrs. Godfrey arched her eyebrows in surprise.

"My dear friend, you are not generally so dense. Don't you see the poor man had never heard of the existence of Ralph Wallace, and so he thought Master Dick was heir to the baronetcy—voila, tout."

"Oh, I see light now."

"Sir Richard, who is immensely proud of his eldest son, entertained his companion with graphic descriptions of Ralph, Mrs. Ralph, and all the Ralph olive branches; and of course Mr. Jacobi was immensely interested. But he was rather cool to poor Dick that evening, and now Cedric is in the ascendant again."

Malcolm reflected for a moment; then he said in rather a puzzled tone—

"Of course I see my bearings now, but all the same I am not out of the fog. At the garden-party at the Wood House Jacobi was evidently fishing for information; but he got precious little, I can tell you. But I remember he seemed to know far more than I did about the Templetons"—here Malcolm's voice unconsciously changed; "he even told me about the tin mine that had been discovered on a Cornish farm that belonged to them."

"I wonder where he got his information," observed Mrs. Godfrey thoughtfully. "But he was quite correct. Mr. Templeton was not a rich man by any means; he was just a country squire, with a moderate income, which his first wife brought him, and of course her money was left to her daughters. Cedric is absolutely dependent on his sisters."

"Oh, Jacobi quite understands that."