It was now nearly nine o'clock. The lamp was not lit, and the room lay in twilight. It is the favourite shade for ghosts. A ghost stood before Athelstan, and shook hands with him—the ghost of Mr. Dering.

'I am happy'—the ghost held out his hand—'to make your acquaintance, Mr. Arundel. An old man, like myself, makes acquaintances, but not friends. His time for new friendships is gone. Still, the world may be full of pleasant acquaintances.'

He sat down, taking a chair in the window: the shade of the curtain fell upon his face so that nothing could be seen but a white circle.

'Let us have candles, Freddy,' said Athelstan.

'By all means.' Freddy lit a lamp on the table and two candles on the mantel-shelf. By their light the lineaments and figure of the ghost came out more distinctly. Athelstan gazed on it with bewilderment; his head went round; he closed his eyes: he tried to pull himself together.

He sat up: he drank half a glass of whisky and soda, he stared steadily at the figure he had not seen for eight years, since—— Good Heavens! and this man had done it himself! And he was as mad as a hatter.

Mr. Edmund Gray looked serenely cheerful. He lay back in the long chair, his feet extended and crossed: his elbows on the arms of the chair, his finger-tips touching; his face was wreathed with smiles; he looked as if he had always found the world the best of all possible worlds.

Athelstan heard nothing of what was said. His old friend Freddy Carstone was talking in his light and airy way, as if nothing at all mattered. He was not expected to say anything. Freddy liked to do all the talking for himself—therefore he sat watching a man under an illusion so extraordinary that it made him another man. Nothing was changed in him—neither features nor voice nor dress—yet he was another man. 'Why,' asked Athelstan, 'why did he write that cheque for seven hundred and twenty pounds?'

Presently Freddy stopped talking, and Mr. Edmund Gray took up the conversation. What he said—the doctrines which he advanced, we know already. 'And these things,' said Athelstan to himself, 'from those lips! Is it possible?'

At ten o'clock Mr. Edmund Gray rose. He had to write a letter; he prayed to be excused. He offered his hand again to Athelstan. 'Good-night, sir,' he said. 'To the pleasure of seeing you again.'