bad business," Harry observed.

"Looks like it, sir," Raffle said gloomily. "I can't make out what's
wrong with the colt. I thought I knew all about horses, but this puzzles
me. He seemed quite right a day or two ago, and I can't see now what's
wrong."

"Oh, there's plenty of time," Fielden said cheerfully. "I daresay you'll
manage to make him fit for the Guineas. It is a good thing I didn't take
your advice and back him. I am glad the money I got for the library is
still in the bank."

The stud-groom shook his head obstinately.

"I don't think you are right, sir," he said. "I still believe in the
colt and, as you say, there is heaps of time between now and the
Guineas. Of course, I must tell Sir George, and a fine state he'll be
in, I expect. Just think what a difference that colt will make if he
wins. And yet you refuse, sir, to benefit by so much as a penny."

"Why should I?" Fielden asked. "Practically the horse doesn't belong to
me. Legally, I suppose, he does, and I have no doubt I could put in a
successful claim. But the colt was only a yearling when I went away. He
has been trained in Mallow's stable and by Sir George's man."

"I never call myself that, sir," Raffle muttered.

"Ah, but you are, Joe, morally speaking. You have accepted service under
him, and you take his money. I know you have behaved exceedingly well to
me. I know you have meant everything for the best, and I thank you for
it. But I cannot interfere. Can't you see that I am in honour bound----"

"In honour bound to stand by and see Mr. Copley marry Miss Haredale?"
Raffle asked indignantly. "I am sure I beg your pardon. I forgot myself.
I had no business to speak like that to you. But that is what it is
coming to. Here have I been working and scheming and keeping my mouth
shut to put a matter of a hundred thousand pounds into Mr. Copley's
pockets."

"If the colt wins," Fielden suggested.

"Oh, he'll be all right, sir. It is only a matter of a few days, but if
this thing gets talked about, why, the colt will go bang down in the
betting and we shall all make fortunes with the outlay of a few pounds.
There is another thing I must tell you. You see, it is like this----"

Raffle turned away as he spoke, and Fielden followed him, so that the
figure eagerly listening behind the gorse bush could hear no more.
Though, on the whole, he had had an exceedingly fortunate morning, he
bitterly regretted that the deeply-interesting conversation had