He strode along Oxford Street and down Regent Street. But he was walking in a dream. The lights of the lamps were dim in his eyes, the figures which flitted by him were like shadows, and he could not have told whether they were men or women. The voices of those who passed him seemed to be muffled, and he scarcely distinguished any sounds. A hansom cab came rattling at full speed towards him: the horse slipped, staggered, fell. There was a commotion, and although, a minute before, the street seemed to be deserted, figures sprang out of the darkness, and there was a crowd at the scene of disaster.

He passed on, with that insensibility to the fate of others which characterises people when in dreamland. His feelings were numbed as his eyes were dimmed. The sense of humiliation at the utter failure of what he had believed to be so certain of success produced the one pain of which he was conscious, and which no drugs, fatigue, or reason had power to subdue.

If the money had been his own, he could have borne with comparative calmness the overthrow of his hopes and the ridicule of those who had from the first called his project folly.

But despite the assurances of Mr Shield and of Mr Shield’s solicitors, Philip had never regarded the money otherwise than as held in trust; and the loss of it was as bitter as the destruction of the beautiful palace he had built in air.

The only bit of ballast left him was the dogged conviction that the principle which he had endeavoured to carry into practical effect was a right one, and would be turned to good account by some one more fortunate or more careful than he had been.

He set his teeth together and marched on. He began to realise how strangely numbed his sensations were, and how vague everything appeared to him. The rain had ceased, and the tiny pools in the roadway glistening in the lamplight seemed like great white eyes staring at him in pity. He passed down the Haymarket, nor did he slacken his pace until he reached the Embankment. There he halted and leaned over the parapet. He was not fatigued: the rapid walk seemed to have instilled new strength into him and had partially cleared the cobwebs from his brain. He was attracted by the lights gleaming in the dark fast-flowing river. Out there, were black islets of barges, and on the opposite shore the fantastic outlines of buildings, showing like irregular ramparts against the dull gray sky. He was thinking of Madge, and the pain she would suffer on his account, when the worst was made known to her in the morning, perhaps, or next day.

‘Got a copper to spare a poor cove as hasn’t had a crust for two days?’ said a husky voice close to him.

Philip started up. He was aware of the evil reputation of the Embankment and the character of the roughs who infest it after nightfall. A lamp close by showed him a miserable-looking wretch, ragged and hungry-eyed. He did seem to need help, poor fellow. Philip gave him a shilling, and was about to pass on. But a huge hulk of a fellow stood in his way.

‘We want som’at more nor that, guv’nor. So tip us’——

The man went down as if he had been shot. Philip was in the mood for mischief, and he had not forgotten his practice with the gloves. So the first words of the ruffian plainly intimating his purpose, a well-delivered blow straight from the shoulder finished the sentence for him. Philip knew that it would have been madness to have given the man time to attack him, and as it was, the other man was already attempting to rifle his pockets. This one belonged to the sneak tribe, and finding his throat suddenly gripped by fingers that seemed to possess the strength of a vice, his hands went up to loosen them. He was hurled aside; and Philip hurried away with a sort of savage pleasure in having punished the brace of scoundrels, as well as disappointed them of their expected prize.