t. He began to think he understood Hope's failure to put
in an appearance.

Gradually the black Waler drew away from all but two others, who hotly
contested the leadership. He was running superbly, though he apparently
received but small encouragement from his rider.

As they drew round the curve at the further end of the course, he was
galloping next to the rails. As they finally turned into the straight
run home, he was leading.

But the horse next to him, urged by his rider, who was also his owner,
made so strenuous an effort that it became obvious to all that he was
gaining upon the Waler.

A great yell went up of "Carteret! Carteret! Wake up, Carteret! Don't
give it away!" And the Waler's rider, as if startled by the cry,
suddenly and convulsively slashed the animal's withers.

Through a great tumult of shouting the two horses dashed past the
winning-post. It seemed a dead heat; but, immediately after, the news
spread that Hyde's horse was the winner. The Waler had gained his
victory by a neck.

Hyde was leading his horse round to the Rajah's stand. His jockey,
looking white and exhausted, sat so loosely in the saddle that he seemed
to sway with the animal's movements. He did not appear to hear the
cheering around him.

Baring took up his stand near the weighing-tent, and, a few minutes
later, Hyde and his jockey came up together. The boy's cap was dragged
down over his eyes, and he looked neither to right nor left.

Hyde, perceiving Baring, pushed forward abruptly.

"I want a word with you," he said. "I've been trying to catch you for
some days past. But first, what did you think of the race?" He coolly
fastened on to Baring's elbow, and the latter had to pause. Hyde's
companion passed swiftly on; and Hyde, seeing the look on Baring's face,
began to laugh.

"It's all right; you needn't look so starched. The little beggar's been
starving himself for the occasion, and overdone it. He'll pull round
with a little feeding up. Tell me what you thought of the race! Splendid
chap, that animal of mine, eh?"

He kept Baring talking for several minutes; and, when they finally
parted, his opportunity had gone.

Baring went into the weighing-tent, but Ronnie was nowhere to be seen.
And he wondered rather grimly as he walked away if Hyde had detained him
purposely to give the boy a chance to escape.

X

THE ENEMY'S TERMS

It was nearly dark that evening when Hope stood again on the veranda of
the Ma