k-and-neck they passed the post. So it seemed at least to Ernestine
and many others, but Trent shook his head and looked at her with a
smile.

"Iris was beaten by a short neck," he said. "Good thing you didn't back
her. That's a fine horse of the Prince's, though!"

"I'm so sorry," she cried. "Are you sure?"

He nodded and pointed to the numbers which were going up. She flashed a
sudden look upon him which more than compensated him for his defeat.
At least he had earned her respect that day, as a man who knew how to
accept defeat gracefully. They walked slowly up the paddock and stood on
the edge of the crowd, whilst a great person went out to meet his horse
amidst a storm of cheering. It chanced that he caught sight of Trent on
the way, and, pausing for a moment, he held out his hand.

"Your horse made a magnificent fight for it, Mr. Trent," he said. "I'm
afraid I only got the verdict by a fluke. Another time may you be the
fortunate one!"

Trent answered him simply, but without awkwardness. Then his horse came
in and he held out his hand to the crestfallen jockey, whilst with his
left he patted Iris's head.

"Never mind, Dick," he said cheerfully, "you rode a fine race and the
best horse won. Better luck next time."

Several people approached Trent, but he turned away at once to
Ernestine.

"You will let me take you to Lady Tresham now," he said.

"If you please," she answered quietly.

They left the paddock by the underground way. When they emerged upon
the lawn the band was playing and crowds of people were strolling about
under the trees.

"The boxes," Trent suggested, "must be very hot now!"

He turned down a side-walk away from the stand towards an empty
seat under an elm-tree, and, after a moment's scarcely perceptible
hesitation, she followed his lead. He laughed softly to himself. If this
was defeat, what in the world was better?

"This is your first Ascot, is it not?" she asked.

"My first!"

"And your first defeat?"

"I suppose it is," he admitted cheerfully. "I rather expected to win,
too."

"You must be very disappointed, I am afraid."

"I have lost," he said thoughtfully, "a gold cup. I have gained--"

She half rose and shook out her skirts as though about to leave him. He
stopped short and found another conclusion to his sentence.

"Experience!"

A faint smile parted her lips. She resumed her seat.

"I am glad to find you," she said, "so much of a philosopher. Now talk
to me