nly Jasper knew, Jasper who wore his usual calm, serene
smile, and certainly worked hard to banish all regrets concerning such a
trifle as a dead steeplechaser, as well as any lingering memories of his
dying words.

"One thing is certain," said Lord Standon to Lady Constance, who had
been sighing over the defeat. "Adrien will not allow any one to ride the
'King' again but himself. I heard him say so."

"He has lost heavily, I'm afraid," the girl said in a low voice.

"Immensely," replied Lord Standon, who himself had, lost more than he
could afford--indeed, there was little doubt that this race would almost
prove his ruin; but, nevertheless, his inordinate good humour and
optimistic nature triumphed above every other consideration. Certainly,
no word of blame or self-pity would he allow to pass his lips. "Yes, he
has lost more heavily than any of us, as Mr. Vermont knows; I'll be
bound," he broke off, as that gentleman approached.

Jasper Vermont smiled, as he did at every question or assertion made to
him.

"I'm afraid he has plunged deeply this time," was his smooth reply.
"Unfortunately, he only has himself to blame, though I deplore the fact
that I was not with him at the time."

Both Lady Constance and Lord Standon looked up, startled by his tone as
much as by his words; and Jasper continued glibly:

"He gave the jockey a ten-pound note last night, and, of course, the man
got drunk. Consequences--an unsteady hand this morning, a hasty push at
the last rise, and a clear loss of the race, not to mention the colossal
sum in bets. All his own fault! If he will be so recklessly generous,
what is to be done? But, as I said before, I blame myself for not
watching him more closely."

"No one blames you, Mr. Vermont," said Lord Standon coldly, for even he,
the least suspicious of men, seemed to detect the false sorrow in the
speaker's voice.

Lady Constance looked at him gratefully; and Lord Standon was encouraged
thereby to proceed:

"Adrien is generous to a fault; and if in this case it has had
disastrous results, it is usually a fault which few imitate."

Jasper raised his eyebrows; then, with a low bow to Lady Constance, and
a gentle, deprecatory shrug of his shoulders, walked away.

The girl waited till he was out of earshot, then turned impulsively to
Lord Standon.

"I hate that man," she said in a low voice; "and sometimes I believe he
hates Adrien too."

"So do I," returned Lord Standon, looking wi