orn sat beneath a spreading copper-beech.
His face was thoughtful when Mrs. Osborn gave him a cup.

"I met the post as I was driving home," he said. "There's a letter
from Gerald."

"Has he any news?" Mrs. Osborn asked.

"Nothing important. He's well and says he's kept occupied, which is
fortunate. In fact, the harder they work him, the better; I'd sooner
Gerald did not have much time on his hands."

"Then, why did he write?" Grace asked, because Gerald's letters were by
no means regular.

"I hope he did not want money," Mrs. Osborn remarked.

"No," said Osborn. "That is, he did not want it for himself." He
hesitated, and then resumed: "He states that if I could raise a moderate
sum, he knows how we could make a very satisfactory profit in a short
time. It seems he has got a useful hint."

Grace laughed. "About a racehorse? Gerald is always hopeful, but his
confidence in his ability to spot the winner is dangerous. It has been so
often misplaced."

"This has nothing to do with racing," Osborn rejoined angrily. "Gerald
knows the consequences of indulging his folly again. There's a difference
between betting and buying shares."

"I don't know if the difference is very marked," said Grace, with a
curious feeling of annoyance, for there was a note in Osborn's voice that
jarred. He was, like Gerald, a gambler, greedy for money he had not
earned, and she thought about the story Kit had told. Its hero had risked
and lost his life, and Kit had paid in health and fortune, because they
put honor before gain. For all that, she knew she had said enough when
she saw Osborn's frown.

"Gerald is young, but he holds a responsible post and has opportunities
of meeting important stock-brokers and business men," Osborn went on,
turning to his wife. "He is, of course, optimistic and has been rash, but
after all he may have found out something useful. He declares the
venture is absolutely safe."

"But you have no money to invest," Mrs. Osborn insisted anxiously.

"As a matter of fact, I have some. You see, I borrowed a sum not long
since on Ryecote."

"Oh!" said Mrs. Osborn, with a resigned gesture, and then braced herself.
"But if you have got the money, it ought not to be used for speculation.
There is much that needs to be done on the estate."

"That is so; it was my reason for borrowing. All the same, it would be a
very long time before I got back what I meant to spend on drains and
steadings. Besides, the repairs and