r. But then there is very
little difference between the aristocracies of every race in the world.
It is the bourgeoisie which tells, which sets its stamp upon a nation's
character."

Their tea had arrived, and for a few moments the conversation travelled
in lighter channels. The young man, who was a person of some consequence
in his own country, spoke easily of the theatres, of mutual friends,
of some sport in which he had been engaged. Catherine relapsed into the
role which had been her first in life,--the young woman of fashion. As
such they attracted no attention save a few admiring glances on the part
of passers-by towards Catherine. As the people around them thinned out a
little, their conversation became more intimate.

"I shall always feel," the young man said thoughtfully, "that in these
days I have lived very near great things. I have seen and realised what
the historians will relate at second-hand. The greatest events move like
straws in the wind. A month ago, it seemed as though the Central Powers
would lose the war."

"I suppose," she observed, "it depends very much upon what you mean by
winning it? The terms of peace are scarcely the terms of victory, are
they?"

"The terms of peace," he repeated thoughtfully.

"We happen to know what they are, do we not?" she continued, speaking
almost under her breath, "the basic terms, at any rate."

"You mean," he said slowly, "the terms put forward by the Socialist
Party of Germany to ensure the granting of an armistice?"

"And acceded to," she reminded him, "by the Kaiser and the two greatest
German statesmen."

He toyed with his teacup, drew a gold cigarette case from his pocket,
selected a cigarette, and lit it.

"You would try to make me believe," he remarked, smiling at his
companion, "that to-day you are not in your most intelligent mood."

"Explain, if you please," she begged earnestly.

He smoked stolidly for several moments.

"I imagine," he said, "that you preserve with me something of that very
skilfully assumed ignorance which is the true mask of the diplomatist.
But is it worth while, I wonder?"

She caught at her breath.

"You are too clever," she murmured, looking at him covertly.

"You have seen," he continued, "how Germany, who needs peace sorely,
has striven to use the most despised power in her country for her own
advantage--I mean the Socialist Party. From being treated with scorn
and ignominy, they were suddenly, at the time of t