cting person, you know. . . ."

She led the way into the drawing-room, and Vane was duly introduced to
Lady Auldfearn.

"There are some letters for you, Joan," said her aunt. "I see there's
one from your father. Perhaps he'll say in that whether he intends
coming up to town or not. . . ."

With a murmured apology Joan opened her mail, and Vane stood chatting
with the old lady.

"I hope you won't think me rude, Captain Vane," she said after a few
commonplaces; "but I have arrived at the age when to remain out of bed
for one instant after one wishes to go there strikes me as an act of
insanity." She moved towards the door and Vane opened it for her with
a laugh. "I hope I shall see you again." She held out her hand, and
Vane bent over it.

"It's very good of you, Lady Auldfearn," he answered. "I should like
to come and call. . . ."

"You can ask at the door if Joan is in," she continued. "If she isn't,
I sha'n't be at all offended if you go away again."

Vane closed the door behind her, and strolled back towards the
fireplace. "A woman of great discernment is your aunt, Joan." He
turned towards her, and suddenly stood very still. "What is it, my
dear? . . . Have you had bad news?"

With a letter crumpled up in her hand she was staring at the floor, and
she gave a little, bitter laugh. "Not even one day, Derek; the kindly
Fates wouldn't even give us that. . . ."

She looked at the letter once again, and read part of it, while Vane
watched her with a hopeless feeling of impending trouble.

"You'd better read it," she said wearily. "It's from Father." She
handed it to him, and then pointed to the place. "That bit
there. . . . 'So I'm sorry to say, little Joan, it's come at last.
I've been hoping against hope that I might be able to pull things
through, but it simply can't be done. The less will not contain the
greater, and my irreducible minimum expenditure is more than my income.
Humanly speaking, as far as one can see, there can be no considerable
fall in the cost of living and income tax for many years after the
war.' . . ."

Vane's eyes skimmed on over the short, angular writing, picking up a
phrase here and there. "Gordon to be considered. . . . It means
practical penury at Blandford, comparative affluence if we go. . . .

"If I could lay my hand on a hundred thousand it might pull things
through till the country is more or less settled once again; that is if
it ever does get settled.