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the truth, I've heard unpleasant rumours. Do you—should you think the Colebrook affair would affect the "Britannia" in any way?'

      It was not the first time that this man had confided his doubts and timidities to Harvey Rolfe; he had a small, but to him important, interest in Bennet Frothingham's wide-reaching affairs, and seemed to spend most of his time in eliciting opinion on the financier's stability.

      'Wouldn't you be much more comfortable,' said Rolfe, rather bluntly, 'if you had your money in some other kind of security?'

      'Ah, but, my dear sir, twelve and a half per cent—twelve and a half! I hold preference shares of the original issue.'

      'Then I'm afraid you must take your chance.'

      'But,' piped the other in alarm, 'you don't mean that—'

      'I mean nothing, and know nothing. I'm the last man to consult about such things.'

      And Rolfe, with an abrupt 'Goodnight,' beckoned to a passing hansom. The address he gave was Hugh Carnaby's, in Hamilton Terrace.

      Twice already the horse had slipped at slimy crossings, when, near the top of Regent Street, it fell full length, and the abrupt stoppage caused a collision of wheels with another hansom which was just passing at full speed in the same direction. Rolfe managed to alight in the ordinary way, and at once heard himself greeted by a familiar voice from the other cab. His acquaintance showed a pallid, drawn, all but cadaverous visage, with eyes which concealed pain or weariness under their friendly smile. Abbott was the man's name. Formerly a lecturer at a provincial college, he had resigned his post on marrying, and taken to journalism.

      'I want to speak to you, Rolfe,' he said hurriedly, 'but I haven't a moment to spare. Going to Euston—could you come along for a few minutes?'

      The vehicles were not damaged; Abbott's driver got quickly out of the crowd, and the two men continued their conversation.

      'Do you know anything of Wager?' inquired the journalist, with a troubled look.

      'He came to see me a few evenings ago—late.'

      'Ha, he did! To borrow money, wasn't it?'

      'Well, yes.'

      'I thought so. He came to me for the same. Said he'd got a berth at Southampton. Lie, of course. The fellow has disappeared, and left his children—left them in a lodging-house at Hammersmith. How's that for cool brutality? The landlady found my wife's address, and came to see her. Address left out on purpose, I dare say. There was nothing for it but to take care of the poor little brats.—Oh, damn!'

      'What's the matter?'

      'Neuralgia—driving me mad. Teeth, I think. I'll have every one wrenched out of my head if this goes on. Never mind. What do you think of Wager?'

      'I remember, when we were at Guy's, he used to advocate the nationalisation of offspring. Probably he had some personal interest in the matter, even then.'

      'Hound! I don't know whether to set the police after him or not. It wouldn't benefit the children. I suppose it's no use hunting for his family?'

      'Not much, I should say.'

      'Well, lucky we have no children of our own. Worst of it is, I don't like the poor little wretches, and my wife doesn't either. We must find a home for them.'

      'I say, Abbott, you must let me go halves at that.'

      'Hang it, no! Why should you support Wager's children? They're relatives of ours, unfortunately. But I wanted to tell you that I'm going down to Waterbury.' He looked at his watch. 'Thirteen minutes—shall I do it? There's a good local paper, the Free Press, and I have the offer of part-ownership. I shall buy, if possible, and live in the country for a year or two, to pick up my health. Can't say I love London. Might get into country journalism for good. Curse this torment!'

      In Tottenham Court Road, Rolfe bade his friend goodbye, and the cab rushed on.

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      It was half past ten when Rolfe knocked at the door in Hamilton Terrace. He learnt from the servant that Mr. Carnaby was at home, and had company. In the room known as the library, four men sat smoking; their voices pealed into the hall as the door opened, and a boisterous welcome greeted the newcomer's appearance.

      'Come to condole?' cried Hugh, striding forward with his man-of-the-wide-world air, and holding out his big hand. 'No doubt they're having a high old time at the club. Does it please them? Does it tickle them?'

      'Why, naturally. There's the compensation, my boy—you contribute to the gaiety of your friends.'

      Carnaby was a fair example of the well-bred, well-fed Englishman—tall, brawny, limber, not uncomely, with a red neck, a powerful jaw, and a keen eye. Something more of repose, of self-possession, and a slightly more intellectual brow, would have made him the best type of conquering, civilising Briton. He came of good family, but had small inheritance; his tongue told of age-long domination; his physique and carriage showed the horseman, the game-stalker, the nomad. Hugh had never bent over books since the day when he declined the university and got leave to join Colonel Bosworth's exploring party in the Caucasus. After a boyhood of straitened circumstances, he profited by a skilful stewardship which allowed him to hope for some seven hundred a year; his elder brother, Miles, a fine fellow, who went into the army, pinching himself to benefit Hugh and their sister Ruth. Miles was now Major Carnaby, active on the North-West Frontier. Ruth was wife of a missionary in some land of swamps; doomed by climate, but of spirit indomitable. It seemed strange that Hugh, at five and thirty, had done nothing particular. Perhaps his income explained it—too small for traditional purposes, just large enough to foster indolence. For Hugh had not even followed up his promise of becoming an explorer; he had merely rambled, mostly in pursuit of fowl or quadruped. When he married, all hope for him was at an end. The beautiful and brilliant daughter of a fashionable widow, her income a trifle more than Carnaby's own; devoted to the life of cities, wherein she shone; an enchantress whose spell would not easily be broken, before whom her husband bowed in delighted subservience—such a woman might flatter Hugh's pride, but could scarce be expected to draw out his latent energies and capabilities. This year, for the first time, he had visited no wild country; his journeying led only to Paris, to Vienna. In due season he shot his fifty brace on somebody's grouse-moor, but the sport did not exhilarate him.

      An odd and improbable alliance, that between Hugh Carnaby and Harvey Rolfe. Yet in several ways they suited each other. Old-time memories had a little, not much, to do with it; more of the essence of the matter was their feeling of likeness in difference. Ten years ago Carnaby felt inclined to call his old school-fellow a 'cad'; Harvey saw nothing in Hugh but robust snobbishness. Nowadays they had the pleasant sense of understanding each other on most points, and the result was a good deal of honest mutual admiration. The one's physical vigour and adroitness, the other's active mind, liberal thoughts, studious habits, proved reciprocally attractive. Though in unlike ways, both were impressively modern. Of late it had seemed as if the man of open air, checked in his natural courses, thrown back upon his meditations, turned to the student, with hope of guidance in new paths, of counsel amid unfamiliar obstacles. To the observant Rolfe, his friend's position abounded in speculative interest. With the course of years, each had lost many a harsher characteristic, whilst the inner man matured. That their former relations were gradually being reversed, neither perhaps had consciously noted; but even in the jests which passed between them on Harvey's arrival this evening, it appeared plainly enough that Hugh Carnaby no longer felt the slightest inclination to regard his friend as an inferior.

      The room, called library, contained one small case of books, which dealt with travel and sport. Furniture of the ordinary kind, still new, told of easy circumstances and domestic comfort. Round about the walls hung a few paintings and photographs, intermingled with the stuffed heads of animals slain in the chase, notably that of a great ibex with magnificent horns.

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