She smiled.

“Perhaps because I was extremely careful not to betray it—eh?” But next second she glanced at the little diamond-studded watch upon her wrist, and rising quickly, declared that it was time for her to catch the train back to Rome.

“There is a luncheon to the Grand Duke of Oldenbourg to-day, and I shall be in horrible disgrace if I’m absent,” she explained. “But it will be best for you to travel by the next train. It is injudicious for us to be seen together, Mr Waldron, especially if we are watched—as I believe we are.”

“Ghelardi’s secret agents may lurk anywhere,” he said, as they walked together to the great gateway of the villa.

“No, I do not fear them, I tell you,” she said.

“But just now you told me that he is ill-disposed towards me—a fact of which I am well aware.”

“I tell you it is not Ghelardi that I fear, but certain persons who, for their own mysterious purposes, intend to make an attack upon you when fitting opportunity offers.”

“Trust me to remain wary,” replied Hubert with a smile, and then after they had stood together in the winter sunshine for several moments near the gate he lifted his hat, bowed low over her hand, and then stood watching until she, pulling her splendid furs about her shoulders, had disappeared into the road which led down to the rural station.

Ah! how he loved her! But he sighed and bit his lip.

To Hubert, the object of Her Highness’s warning seemed both mysterious and obscure. Did she, for some hidden purpose of her own wish to get rid of him. If so, why?