sense of failure, and failure was a thing to which he was not accustomed.

"Your frankness," he admitted grimly, "is almost exhilarating. Our personal relations being so clearly defined, I am inclined to go further even than I had intended. We cannot now possibly misunderstand one another. Supposing I were to tell you that your arrival in Monte Carlo, accidental though it may be, is in a sense opportune; that you may, in a short time meet here one or two politicians, friends of mine, with whom an interchange of views might be agreeable? Supposing I were to offer my services as an intermediary? You would like to bring about better relations with my country, would you not, Sir Henry? You are admittedly a statesman and an influential man in your Party. I am only a banker, it is true, but I have been taken into the confidence of those who direct the destinies of my country."

Hunterleys' face reflected none of the other's earnestness. He seemed, indeed, a little bored, and he answered almost irritably.

"I am much obliged to you," he said, "but Monte Carlo seems scarcely the place to me for political discussions, added to which I have no official position. I could not receive or exchange confidences. While my Party is out of power, there is nothing left for us but to mark time. I dare say you mean well, Mr. Draconmeyer," he added, rising to his feet, "but I am here to forget politics altogether, if I can. If you will excuse me, I think I will look in at the baccarat rooms."

He was on the point of departure when through the open doorway which communicated with the baccarat rooms beyond came a man of sufficiently arresting personality, a man remarkably fat, with close-cropped grey hair which stuck up like bristles all over his head; a huge, clean-shaven face which seemed concentrated at that moment in one tremendous smile of overwhelming good-humour. He held by the hand a little French girl, dark, small, looking almost like a marionette in her slim tailor-made costume. He recognised Draconmeyer with enthusiasm.

"My friend Draconmeyer," he exclaimed, in stentorian tones, "baccarat is the greatest game in the world. I have won—I, who know nothing about it, have won a hundred louis. It is amazing! There is no place like this in the world. We are here to drink a bottle of wine together, mademoiselle and I, mademoiselle who was at once my instructress and my mascot. Afterwards we go to the jeweler's. Why not? A fair division of the spoils—fifty louis for myself, fifty louis for a bracelet for mademoiselle. And then—"

He broke off suddenly. His gesture was almost dramatic.

"I am forgotten!" he cried, holding out his hand to Hunterleys,—"forgotten already! Sir Henry, there are many who forget me as a humble Minister of my master, but there are few who forget me physically. I am Selingman. We met in Berlin, six years ago. You came with your great Foreign Secretary."

"I remember you perfectly," Hunterleys assured him, as he submitted to the newcomer's vigorous handshake. "We shall meet again, I trust."

Selingman thrust his arm through Hunterleys' as though to prevent his departure.

"You shall not run away!" he declared. "I introduce both of you—Mr. Draconmeyer, the great Anglo-German banker; Sir Henry Hunterleys, the English politician—to Mademoiselle Estelle Nipon, of the Opera House. Now we all know one another. We shall be good friends. We will share that bottle of champagne."

"One bottle between four!" mademoiselle laughed, poutingly. "And I am parched! I have taught monsieur baccarat. I am exhausted."

"A magnum!" Selingman ordered in a voice of thunder, shaking his fist at the startled waiter. "We seat ourselves here at the round table. Mademoiselle, we will drink champagne together until the eyes of all of us sparkle as yours do. We will drink champagne until we do not believe that there is such a thing as losing at games or in life. We will drink champagne until we all four believe that we have been brought up together, that we are bosom friends of a lifetime. See, this is how we will place ourselves. Mademoiselle, if the others make love to you, take no notice. It is I who have put fifty louis in one pocket for that bracelet. Do not trust Sir Henry there; he has a reputation."

As usual, the overpowering Selingman had his way. Neither Draconmeyer nor Hunterleys attempted to escape. They took their places at the table. They drank champagne and they listened to Selingman. All the time he talked, save when mademoiselle interrupted him. Seated upon a chair which seemed absurdly inadequate, his great stomach with its vast expanse of white waistcoat in full view, his short legs doubled up beneath him, he beamed upon them all with a smile which never failed.

"It is a wonderful place," he declared, as he lifted his glass for the fifth time. "We will drink to it, this Monte Carlo. It is here that they come from all quarters of the world—the ladies who charm away our hearts," he added, bowing to mademoiselle, "the financiers whose word can shake the money-markets of the world, and the politicians who unbend, perhaps, just a little in the sunshine here, however cold and inflexible they may be under their own austere skies. For the last time, then—to Monte Carlo! To Monte Carlo, dear mademoiselle!—messieurs!"