veil he could see a scarlet spot of colour in her cheeks; in
her speech, too, there was a certain tremulousness. "If you will not
come with me I must find Lady Tresham alone."

They turned round, but as they neared the middle of the paddock progress
became almost impossible. The bell had rung for the principal race of
the day and the numbers were going up. The paddock was crowded with
others beside loiterers, looking the horses over and stolidly pushing
their way through the little groups to the front rank. From Tattersall's
came the roar of clamorous voices. All around were evidences of that
excitement which always precedes a great race.

"I think," he said, "that we had better watch the race from these
railings. Your gown will be spoilt in the crowd if we try to get out of
the paddock, and you probably wouldn't get anywhere in time to see it."

She acquiesced silently, recognising that, although he had not alluded
to it in words, he had no intention of saying anything further at
present. Trent, who had been looking forward to the next few minutes
with all the eagerness of a man who, for the first time in his life,
runs the favourite in a great race, smiled as he realised how very
content he was to stay where nothing could be seen until the final
struggle was over. They took up their places side by side and leaned
over the railing.

"Have you much money on Iris?" she asked.

"A thousand both ways," he answered. "I don't plunge, but as I backed
her very early I got 10 to 1 and 7 to 2. Listen! They're off!"

There was a roar from across the course, followed by a moment's
breathless silence. The clamour of voices from Tattersall's subsided,
and in its place rose the buzz of excitement from the stands, the murmur
of many voices gradually growing in volume. Far away down the straight
Ernestine and Trent, leaning over the rail, could see the little
coloured specks come dancing into sight. The roar of voices once more
beat upon the air.

"Nero the Second wins!"

"The favourite's done!"

"Nero the Second for a monkey!"

"Nero the Second romps in!"

"Iris! Iris! Iris wins!"

It was evident from the last shout and the gathering storm of excitement
that, after all, it was to be a race They were well in sight now; Nero
the Second and Iris, racing neck-and-neck, drawing rapidly away from
the others. The air shook with the sound of hoarse and fiercely excited
voices.

"Nero the Second wins!"

"Iris wins!"

Nec