one has paid for. That seems hardly fair. There was a certain rich man, Mr. Dering's younger brother, Sir Samuel Dering, Knight, one of the most substantial City men, a man who had a house in Kensington Palace Gardens, a yacht, a country place in Sussex, and piles of papers in a safe, meaning investments. He was a widower without encumbrance: he was fifty-seven years of age, not yet decayed: he wanted a wife to be the mistress of his house, and to look well at his dinner-parties. Of course, when one does want a wife, at any age, one wants her young. Hilda Arundel, his brother's ward, looked as if she would discharge the duties required of the position admirably. He suggested the arrangement to his brother, who spoke about it.

There was a good deal of taking about it. Mrs. Arundel showed that she knew the value of her daughter; but there was no doubt about the conclusion of the matter. There was a grand wedding, at which all the richer Arundels were present, and none of the poor relations. Mr. Dering, the young lady's guardian, gave her away; Hilda became Lady Dering, and has been perfectly happy ever since. Elsie remained with her mother. Her brother was never spoken of between them. But she remembered him, and she was firm in her conviction that his innocence would be some day established.

After five years, nothing at all having been heard of the notes, Mr. Dering made application to the Bank of England, and received from them the sum of 720l. in new crisp notes in the place of those of which he had been robbed, so that the actual loss at 4 per cent. compound interest amounted to no more than 155l. 19s. 9¾d., which is more than one likes to lose, yet is not actually embarrassing to a man whose income is about ten thousand a year. He ceased to think about the business altogether, except as a disagreeable episode of his office.

Then Athelstan Arundel became completely forgotten. His old friends, the young men with whom he had played and sported, only remembered him from time to time as a fellow who had come to some unknown grief, and had gone away. There is always some young fellow in every set of young fellows who gets into some scrape, and so leaves the circle, and is no more seen or heard of. We go on just the same without him: very seldom is such a man remembered long: it is the way of the world: we cannot stop to lament over the fallen: we must push on: others fall: close up the ranks: push on: Time drives: the memory of the fallen swiftly waxes dim.

Fours years or so after the mysterious business of Edmund Gray, Mr. Dering received a letter with an American stamp marked 'Private and Confidential.' He laid this aside until he had got through the business letters; then he opened it. He turned first to the signature. 'Ha!' he said, 'Athelstan Arundel. At last. Now we shall see. We shall see.'

He expected a full confession of the crime. We should never expect, says the Sage, what we desire, because we never obtain what we expect. It would have made Mr. Dering more comfortable in his mind had the letter contained a confession. Of course, Athelstan had done it. Nobody else could have done it. Yet when he thought about the business at all, there always arose in his mind an uneasy feeling that perhaps the boy had been treated unwisely. It might have been more prudent to have kept the facts from him, although they pointed so strongly in his direction, until proof positive was obtained. It might, again, have been better had the facts been put before him with a few words of confidence, even though that confidence did not exist. Time only strengthened Mr. Dering's suspicions against the young man. The thing must have been done by Checkley or by him. Now, Checkley was not able, if he had wished, to imitate any handwriting. No! It was done by Athelstan. Why he did it, what he got by it, seeing that those notes had never been presented, no one could explain. But he did it—he did it. That was certain.

Mr. Dering therefore began to read the letter with interest. Its commencement was without any opening words of respect or friendliness. And it was not by any means the letter of a wicked man turning away from his wickedness. Not a word of repentance from beginning to end.

'Four years ago,' Mr. Dering read, 'you drove me from your place and changed my whole life, by a suspicion—amounting to a charge—of the gravest kind. You assumed, without explanation or examination, that because certain facts seemed to point in a certain direction, I had been guilty of an enormous crime, that I had robbed my father's oldest friend, my mother's Trustee, my own guardian, my employer, of a great sum of money. You never asked yourself if this suspicion was justified by any conduct of mine—you jumped at it.'