sand?"

"Yes."

"Then he shall have it."

"You think it is worth that?"

"I do."

"Then we can't be far out in giving it," said Alan.

"You think I am too careful?"

"Yes."

"It would be better if you were," was the answer.

Alan moved impatiently in his chair.

"I don't consider I spend too much."

Duncan Fraser looked at him with a kindly light in his somewhat hard
eyes.

"This is a great business," he said slowly, "or it would never stand
the strain. Take my advice and cut down expenses; we're in for lean
years."

Alan laughed as he replied:

"What an old croaker you are!"

He got up, put on his motor coat and held out his hand.

"I am glad you sent for me," he said. "I shall just have time to get
to the course before the first race."

"Would it matter if you missed it?" said Fraser quietly.

"No actual damage would be done if I did miss it. Still, I'd rather be
there; I promised to meet some friends."

"Then I conclude you agree with me and will buy?"

"Certainly; it will be a great stroke of business. I wonder if others
are thinking of the same thing?"

"They do not know as much as we--yet," replied Fraser.

"Will you join me at Trent Park for the weekend?" said Alan. "There
will be no visitors."

"With pleasure," replied Fraser. "I always enjoy a few days at your
lovely place."

On Friday Duncan went to Trent Park. Alan welcomed him cordially,
although he had half repented asking him: the manager's presence always
seemed to subdue everything, even Alan's exuberant spirits. This
feeling, however, quickly vanished on the present occasion, for Duncan
Fraser was in an unusually cheerful mood and for once in a way left
business behind him.

Alan had to meet a prospective buyer at the Stud, and as Duncan knew
nothing, and cared less, about horses he preferred to go for a stroll
in the Park. During his walk he met Eve Berkeley and her friend, Ella
Hallam. The manager saw little of ladies' society, but he knew Eve and
liked her; he could hardly fail to be attracted by her.

He went to The Forest with them and remained for lunch. He knew Alan
would not miss him, probably surmise where he was. He rather liked
Ella, she was unaffected and talked freely on many subjects; when he
left she told Eve she thought him a very agreeable man.

Eve laughed as she replied:

"He is a very sensible man. It is lucky for Alan he has him in charge
at Chesney's, or I'm afraid the business w