"I am so sorry to have kept you waiting," said Tony. "I haven't even the excuse of having to come up from Richmond—like the Marquis." Da Freitas, who was in the act of lighting a cigar, waved aside the apology. "A few minutes' grace are always permissible, Sir Antony, except where a lady is concerned."

There was a short pause. "Well, as we are all here," broke in the genial rumble of "Doggy" Donaldson, "what d'ye say to gettin' to work? No good spinning out these little affairs—is it?"

This sentiment seeming to meet with general approval, the company seated themselves round the big table in the centre. The proceedings did not take long, for after Donaldson had written out a cheque for the stakes and purse, and handed fifty pounds, which represented the loser's end, to Lopez, there remained nothing else to do except to settle up private wagers. Tony, who was occupying the pleasant position of receiver-general, stuffed away the spoils into his pocket, and then following the time-honoured custom of the Club on such occasions, sent out for a magnum of champagne.

"I am sorry the King isn't with us," he observed to Da Freitas. "I should like to drink his health and wish him better luck next time."

"We all should!" exclaimed "Doggy" filling up his glass. "Gentlemen, here's to our distinguished fellow-member, King Pedro of Livadia, and may he soon get his own back on those dirty skunks who gave him the chuck."

A general chorus of "Hear, hear," "Bravo," greeted this elegant little ovation, for if Pedro himself had failed to inspire any particular affection in the Club, its members shared to the full that fine reverence for the Royal Principle which is invariably found amongst sportsmen, actors, licensed victuallers, and elderly ladies in boarding-houses.

The Marquis da Freitas acknowledged the toast with that easy and polished urbanity which distinguished all his actions.

"I can assure you, gentlemen," he observed, "that amongst the many agreeable experiences that have lightened His Majesty's temporary exile there is none that he will look back on with more pleasure than his association with the Cosmopolitan Club. It is His Majesty's earnest hope, and may I add mine also, that in the happy and I trust not far distant days when our at present afflicted country has succeeded in ridding herself of traitors and oppressors we shall have the opportunity of returning some portion of that hospitality which has been so generously lavished on us in England. I can only add that there will never be any visitors to Livadia more welcome to us than our friends of the Cosmopolitan Club."

A heartfelt outburst of applause greeted these sentiments—the idea of being the personal guests of a reigning sovereign distinctly appealing to the members present.

"I hope he means it," whispered "Doggy" Donaldson in Tony's ear. "I'd like to see a bit of bull fightin', and they tell me the Livadian gals—" He smacked his lips thoughtfully as though in anticipation of what might be accomplished under the ægis of a royal patron.