heard ghosts creeping about and all
kinds of noises."

"Much jollier to hear _them_," said Charles, as Miss Penny's and
Margaret's laughter came floating down the softness of the night.

"Ay, indeed! Very much jollier," and they smoked and listened.

No word had so far passed between them as to the troubles that lay
behind. There had, indeed, been no opportunity until now, and Graeme
had no mind to broach the matter.

But Pixley had only been waiting till they could discuss things alone,
and the time had come.

"It will take them months to get to the bottom of things over there,"
he said quietly. "I saw the accountants, and they say everything's in
a dreadful mess. He must have been involved for years. It makes me
absolutely sick to think of it all, Graeme, and him--"

"I'm sure it must, old chap. Why think of it? It's done, and it can't
be undone, and everyone knows you had nothing to do with it."

"I know. Everyone is very kind, but I can't get rid of it. It's with
me all the time like a dirty shadow."

"We'll chase it away. No place like Sark for getting rid of bogeys and
worries."

"How things will come out it's impossible to say. I made special
enquiries into Margaret's affairs, and it's quite certain he's
tampered with her money, but they could not say yet to what extent. On
the other hand, certain of her securities are intact, so everything is
not gone. But what I wanted to say was this. I am determined that
Margaret shall not suffer, whatever may have happened. Any deficiency
I shall make good myself."

"My dear fellow, she would never hear of it."

"That's why I'm talking to you."

"Well, I won't hear of it either. As I told you before, it was a
trouble to me when I heard she had any money. Whatever she had I
settled on herself, and we can get on very well without it."

"All the same I'm not going to have her lose anything through
my--through him. Neither you nor she can stop me doing what I like
with my own money."

"We can refuse to touch it."

"That would be nonsense."

"Not half as bad as you crippling yourself for life to make good what
you'd never made away with."

"It wouldn't do that," said Charles quietly. "Ormerod's a long-headed
fellow, and we made some pretty good hits before the bottom dropped
out of things. You must let me have my own way in this matter, Graeme,
if it's only for my own peace of mind. I'm going to ask Miss Penny to
be my wife. Do you think--"

"My dear fel