"You will say to yourself that this is a strange letter for a young woman to write to her lover, and so it is, but then the circumstances of the case are peculiar. However, I promise you that my next letter shall be a very different kind of composition.

"Miss Mawby's bell has just rung, so I will conclude without a word more, except that, now and always, I am yours and yours only,

"Fanny Sudlow."

Such was the letter which Philip Winslade found one morning on his breakfast-table. But before introducing either the writer or the recipient of it to the reader's notice, it mokers and general merchants. Of the two brothers who made up the firm, James, the elder, was, to all intents and purposes, the sole representative. Robert, the younger brother, had been delicate from boyhood, and found it to the advantage of his health to winter abroad. Indeed, whenever he happened to be in England his visits to Merehampton were few and perfunctory, and while retaining a monetary interest in the business, he never concerned himself with the details, but willingly left the entire management to James, who, on his part, being a masterful kind of man and one who would have felt it irksome to have to put up with a partner who might chance to hold independent views--was quite content that matters should remain as they were. At this time James Melray was fifty years old, Robert being his junior by some ten or eleven years.

The house in which James dwelt, and under the roof of which both the brothers had been born, was known as Loudwater House, through having, once on a time, been the domicile of an old county family of that name. It was a handsome and substantial red-brick structure of the early Georgian period, with a good deal of ornamental stonework about it, and stood fronting the river Laming (for Merehampton is between three and four miles up stream from the sea) on what in these latter days was known as the Quay-side, but which at the time the house was built had doubtless been either green fields or private grounds pertaining to it. So long ago, however, was it since that part of the river had been banked in and the Quay-side called into existence, and since its row of ugly warehouses had been erected, each with its crane protruding from its second or third storey, and each with its suite of gloomy offices on the ground floor, that not even the oldest inhabitant of Merehampton could remember the place as being other than it was now. It was only a matter of course that, having become the home of a commercial family, the Georgian mansion should, to some extent, be put to commercial uses. Thus it had come to pass that the ground-floor rooms had been turned in part into offices and in part into a warehouse, with an additional room in which were stored cordage, blocks, sails, spars, chains and tools of various kinds, together with a miscellaneous assortment of maritime gear and appliances.

There could be but little doubt that Merehampton had passed the zenith of its prosperity as a seaport. With the opening of the railway a vital blow had been struck at the shipping interests of the little town. The coasting trade had dwindled by degrees to less than half of what it had been a few years before; some of the merchants and shippers had become bankrupt; others had taken themselves and their capital elsewhere; others, on the principle of half a loaf being better than none, had made the best of what could not be helped; half the warehouses on the Quay-side were untenanted; but through it all the firm of Melray Brothers had held manfully on its way, although in the face of a sorely diminished trade.

James Melray's household was a small one, comprising, as it did, only himself, his mother--a venerable lady between seventy and eighty years of age--who had her own suite of rooms and her own maid and companion, and, lastly, the merchant's girl-wife, who at the time the tragedy took place had been married to him some two and a half years.

Mr. Melray was a widower of some years' standing, but without family, when he first met Denia Lidington, who was the orphan niece and ward of one of his oldest friends. This friend dying, left Denia and her small fortune to his charge till the girl should come of age--a charge which Mr. Melray willingly undertook. How and by what degrees the kindly semi-paternal feeling with which he at first regarded the lonely girl changed to a sentiment of a far different texture is not within the scope of this narrative to describe. It is enough to say that about a year after his friend's death James Melray proposed to Denia Lidington, and, somewhat to his own surprise, was accepted without the slightest demur.

The marriage took place at Solchester, an inland town about a dozen miles from Merehampton, where, after her uncle's death, Denia had found a home in the house of a widowed lady of good family, but limited means, in whom Mr. Melray had implicit confidence. A month later the bride entered upon her new duties as the mistress of Loudwater House.

That she was an exceedingly pretty and attractive-looking young woman everybody was agreed; indeed, there were not wanting some who went so far as to call her beautiful. Her figure was slight, but full of grace, and was rather under the medium height of her sex. She had eyes of the clearest April blue, shaded by heavy lashes, finely-arched eyebrows, and a mass of silky maize-coloured hair. Her complexion was a pure creamy white, with only the very faintest flush of colour showing through it. There was nothing striking or pronounced about her features; indeed, considered in detail, they might have been termed insignificant, but, regarded as a whole, their effect was undeniably charming.