le guests already seated. Harsh cries from the
betting-ring still ascended at intervals, though the majority of the
vast crowd had settled down to watch the race. With a thrill of
pleasure, Adrien saw that Lady Constance had kept a seat vacant for him
beside herself; and with a light word to Lady Merivale as he passed, he
took his place, and unstrapping the heavy field-glasses, arranged them
to Lady Constance's liking.

"Can you see all right?" he asked.

"Beautifully," she replied, as she tried them. "What excitement they are
all in," she added, as she surveyed the seething crowd.

Adrien smiled, pleased because she was pleased; for himself, except that
he wished his horse to win in order that it should gain fresh laurels,
he had no interest in the affair. Certainly he never gave a thought to
the fearful amount of money involved.

Then, amid a murmur of excitement, the starting-gate went up, and the
horses were off. For a while "Miracour" led; "Bluebell" running close
beside him; the "King" striding along in cool, quiet canter that covered
the miles at greater speed than the little mare could hope to maintain.

"There goes the 'King'!" exclaimed Lady Caine, almost rising from her
seat in her excitement. "Oh, I do hope he will win don't you, Mr.
Vermont?"

Jasper smiled.

"I do, indeed," he said, while his little steely eyes rested upon the
shrivelled figure of Peacock, the jockey, with a keen, cold scrutiny.

Meanwhile the horses pounded away over the course, still in the same
order. "Miracour" leading, "Bluebell" falling behind, and the "King"
creeping up easily to the second place.

The first fence placed nearly half the horses out of the running; the
next threw out two more, though the "King" cleared it in his stride, so
close in the wake of his rival that a speck of white foam flecked the
haunches of the leader.

Adrien nodded approvingly.

"That fellow knows how to ride," he said. "If he keeps the 'King' like
that, the race is ours."

"Oh yes," agreed Vermont, smiling grimly; "he understands him,
evidently. It is to be hoped he keeps him cool till the spurt comes."

"Which will be after the last jump," put in Lord Standon, as he shifted
his field-glasses.

"Exactly," purred Jasper.

Hedge after hedge was cleared, and still "Miracour" was leading; but it
was evident that the high blood of the "King" was burning to get away,
and that his jockey was playing a waiting game.

It was at the stream t