"People have already remarked upon your remarkable friendship," said his friend, "and many ill-natured allegations have been made."

"Oh, yes, I'm quite well aware of that, my dear fellow. It has pained me more than enough. You yourself know that, as far as affection goes, I've never in my life entertained a spark of it for Winnie. We were children together, and have been friends always."

"Quite so!" exclaimed Krail, smiling. "That's a pretty good story to tell the world. But there's a point where mere friendship must break, you know."

"What do you mean?" asked the other, glancing at him in surprise.

"Well, the story you tell other people may be picturesque and romantic, but with me it's just a trifle weak. Lady Heyburn doesn't give her pearls to be pawned, out of mere friendship, you know."

Flockart was silent. He knew too well that the man walking at his side was as clever an intriguer and as bold an adventurer as had ever moved up and down Europe "working the game" in search of pigeons to pluck. His shabbiness was assumed. He had alighted at Bordighera station from the rapide from Paris, spent the night at a third-rate hotel in order not to be recognised at the Angst or any of the smarter houses, and had met him by appointment to explain the present situation. His remarks, however, were the reverse of reassuring. What did he suspect?

"I don't quite follow you, Krail," Flockart said.

"I meant to imply that if friendship only links you with Lady Heyburn, the chain may quite easily snap," he remarked.

He looked at his friend, much puzzled. He could see no point in that observation.

Krail read what was passing in the other's mind, and added, "I know, mon cher ami, that affection from her ladyship is entirely out of the question. The gossips are liars. And——"