When Alfred was clear of the crowd, he paused for a moment, and looked around with a vacant stare. In that moment his eyes fell upon Mr. David Sheldrake, who accosted him gaily. Alfred's parched lips moved in response, but no sound came from them. He thought he had spoken aloud, however, and his eyes, after the first swift recognition of Mr. Sheldrake, sought the ground miserably. Mr. Sheldrake made a pretence of not observing Alfred's uneasiness, and he went on to say airily, that he had had a slice of good luck in the City and Suburban, and that he had strolled away from the betting-ring to cool his excitement.

"I was looking for you before the race," he said: "I wanted to give you the tip. I was told by the best jockey of the day that Digby Grand could not be beaten, and I backed the horse, and I wanted you to back it also. But perhaps you did."

He paused for a reply, but Alfred said no word. He was in a stupor of despair. Mr. Sheldrake continued,

"You'll be able to square up now, I suppose. I don't care so much for myself, although, of course, the money will come acceptable, but Con Staveley swears he'll be down on you to-morrow. He says he'll go to your place of business, and if you don't pay, he'll split on you to your employers. That would be serious, wouldn't it? I should advise you not to have anything more to do with Con; he's a hard nail. How much have you won? A couple of monkeys at least, I hope. You must let me into the secret of that new system of yours."

Still no reply from Alfred. Mr. Sheldrake's tone grew grave. He laid his hand upon Alfred's arm, and Alfred shivered at the touch, and feebly endeavoured to shake off the grasp.

"I must insist upon an answer, Alf. Have you won or lost?"

"Lost!" muttered Alfred hoarsely.

"How much?" demanded Mr. Sheldrake.

"Every shilling I had in the world. Let go my arm."

"Be still, or I'll set the police on you! Be still, and tell me," said Mr. Sheldrake with distinct emphasis, "How you are going to replace the money you have taken from your office?"

Alfred trembled violently, but did not raise his eyes.

"You wonder how I know, I daresay," pursued Mr. Sheldrake; "but I know more than you are aware of. What are you going to do?"

"I don't know," replied Alfred, and moved away slowly, Mr. Sheldrake following him thoughtfully.

They were not the only actors in this the last act of the sad drama. An old man, whose eyes never left them, was following them watchfully and warily. A pause of several moments ensued. Then Mr. Sheldrake said, weighing every word,

"I don't like to desert an old friend, even when he has behaved shabbily to me, as you have done. It seems to me that, unless something is done for you at once, it is all up with you. You daren't go back to the office until your accounts are squared, and you daren't go home. The detectives will be on the look out for you. I daresay if Tickle and Flint could get back a portion of the money you have--we may as well speak plainly--stolen, they would be inclined to let you off. I'll see if I can serve you."

Alfred's white face was raised imploringly at this glimpse of hope.

"But I must have authority," continued Mr. Sheldrake, "I must have something to show your people, and to prove to them, if necessary, that they may trust me. Here--write as I dictate."

He tore a leaf from his pocket-book, and handed it to Alfred, with a pencil.

"Put the date first--that's right; and the place--Epsom. Now write: 'I am in great trouble and danger, and cannot come home; my friend, Mr. Sheldrake, is the only man I can trust, and the only man who can save me. Put full faith and trust in him.--Alfred.'"

Alfred, dazed and helpless, wrote the words, and Mr. Sheldrake took the paper, and placed it in his pocket.

"I must get back to the ring now," he said, with a friendly nod; "you know where to find me when you want me."

With these words he turned away: the old man who had been watching him and Alfred tried to avoid him, but Mr. Sheldrake had left Alfred very suddenly, and the old man's movements were not quick enough. Mr. Sheldrake's sharp eyes lighted upon him instantly.

"Hallo, Muzzy!" he exclaimed. "What brings you here?"

"I came to see the race run," said Mr. Musgrave, standing before his employer in a submissive attitude. "It's my favourite race, and I've not missed a year. I was at the first City and Suburban in 1851, when Elthiron won; and the next year, when Butterfly won; and the next, when Ethelbert ran a dead heat with Pancake. I lost a hatful of money over Pancake, at the very moment I thought I had made a fortune."

"It's always the way, Muzzy. You're a regular walking racing calendar! Did you back the winning horse this time, old man?"

"No, sir; I had nothing on."

"Found out the error of your ways, eh? Well, now the race is over, you can do a little business for me. You see that young fellow," pointing to Alfred, who was walking away with hanging head.

Mr. Musgrave shaded his eyes with his hand.

"My eyes are not so good as they used to be, but I fancy I know him."

"O, you know him well enough. It's Alfred, Lizzie's young man."

"Ah, yes; to be sure, to be sure. I recognise him now."

"Keep your eye on him; watch him; don't let him go out of your sight. I want to know what he's up to, and where he is going to."

"I suppose he'll go home to-night," said Mr. Musgrave.

"I am not so sure of that; and if he doesn't, you must see where he puts up, and keep near him. I may want him."

"For what?"

"What's that to you?" retorted Mr. Sheldrake. "Perhaps he owes me money, and I don't intend that he shall give me the slip. Perhaps he's lost on the race and can't pay, and I want to do him a service."

"For the sake of his pretty sister," suggested Mr. Musgrave humbly.

"You dog, you!" retorted Mr. Sheldrake, half angrily, half approvingly. "Whatever it is, it's my business, and not yours. Mind that, old man. If you don't want to be turned off at a moment's notice, do as you're told, and ask no questions. And look here, old man, you know the Myrtle Inn? Well, inquire there the first thing in the morning for a note. I may have to write to you, to give you instructions. And if the place is handy, you can put up there to-night."

Mr. Musgrave nodded submissively, and crept away in the direction that Alfred had taken.

"Mind," said Mr. Sheldrake, overtaking him, "he's not to see you, and not to know that you are watching him. You can drop me a line to-night, telling me where he puts up. Here's a sov. to pay ex's."

Although the old man took the sovereign in silence, his manner did not seem to please Mr. Sheldrake, who muttered, as he looked at the slouching figure creeping away,

"I'd give him the sack if I could; but I must get things straight first. He knows too much. I'll square up the concern, and get rid of him this year. I'll have all the books and vouchers moved from Ivy Cottage this very week."

While this scene was being enacted, Alfred pursued his sad way. His great desire was to escape from the crowd, among which probably there were persons who were acquainted with him. He must get to some place and among people where he could hide himself and would not be known. Mr. Sheldrake had rightly said that he dared not show his face at the office. To-morrow all would be discovered. It had been his unhappy fortune yesterday to receive an uncrossed cheque, payable to bearer, in settlement of a large account due to his employers. This cheque he had cashed, and had used the proceeds in backing the horses of the false prophet upon whom he had placed all his hopes. This was not the only money he had used; for some time he had pursued a system of falsifying the books of the firm, and of appropriating such payments as would be the least likely to be missed. Discovery was imminent every day, every hour. All this money had been lost in betting, and in vainly striving to recover what had gone before. Even in the midst of his despair he groaned to himself that he had done his best, that he had tried system after system, prophet after prophet, with the same result; and that ill-fortune, and not he, was to blame. There was some special reason for each fresh loss--some special reason applicable to that case alone, and which could not by any exercise of forethought have been anticipated or avoided. It brought that smallest of consolation to him which consists in the reflection that the same thing would have happened to anybody else placed in his position; but it brought sharp stings also in the reflection that he might have known, or ought to have known, that such and such a thing might have been anticipated, or suspected, or guessed, and the unfortunate result avoided. No consideration of this description, however, intruded itself in what had occurred to-day in his speculations on the City and Suburban race. Here was a prophet, whose name was known to every betting boy and man in the kingdom, who had actually named five horses as the winner of the race, and not one of these five horses came in among the first three. In the eyes of a reasonable being such a circumstance would be sufficient to stamp this prophet as the veriest impostor and incapable that ever put pen to paper; and he might feel a natural indignation that such mischievous utterances should be openly allowed to lead weak men to acts of folly and crime. Even Alfred, never given to moralising, caring only for himself, and not one jot for the public, cursed this false prophet as he staggered over the Downs, and gave vent to weak imprecations against the man whose cruel prophecies had brought him to this stage of infamy and disgrace.

What would they think at home? Would they guess the truth? What would Lizzie do? He thought mostly of her. If he could get to some new country with her, where they could commence a new life, what happiness it would be! If he could undo the past! In the midst of all these repinings and vain repentances, the terrible thought intruded itself that there was no escape for him. He had but five shillings in his pocket; every article of jewellery he possessed had been mortgaged to raise money to swell the fatal stake he had played this day. The detectives would soon be after him. Could he disguise himself in any way, so as to escape detection? His nerves were strung up to such a high pitch that the slightest unexpected sound was sufficient to terrify him, and the roar from the distant race-course which proclaimed that another race had been decided was converted by his fears into the shouts of pursuers on his track. He quickened his steps instinctively, preparing for flight, but the next his reason returned, and he ascribed the shouts to their correct cause. With a faint smile on his lips, he turned his head in the direction of the cries, and as he turned he suddenly saw Mr. Musgrave. The sight of the old man gave Alfred a shock, and the first thought which flashed through his mind was that the old man had been set to watch him. That this presumption was the correct one was due, not to Alfred's perspicacity, but to his fears. In his condition, every face that was familiar was a face to be suspected. Alfred cast furtive glances at the old man, who, having seen Alfred's recognition of him, looked about listlessly in every direction but that in which Alfred was. He seemed to have come to the spot entirely by accident, and Alfred was partly thrown off his guard by the old man's manner. "But I will make sure," thought Alfred, and he set traps, into which the old man unconsciously fell. Alfred slunk behind a hedge, which was not thick enough to hide him completely from sight, and remaining there for fully a quarter of an hour, watched and waited, and when he emerged into the open plain, the old man was still there, looking about him with ill-concealed listlessness. "He is watching me!" thought Alfred, trembling in every limb. "Who set him on? How can I escape?" He had no thought of addressing the old man to ascertain his purpose. No cordiality had grown between them during their acquaintanceship; Alfred knew that in some way Mr. Musgrave was connected in business with Mr. Sheldrake, and this circumstance was sufficient to convert the old man into a spy, if not into an enemy. Faint, despairing, and weary, Alfred stumbled on across the Downs, and stopped at a quiet inn. The old man was still on his track. Alfred called for brandy, and tried to eat, but the food almost choked him, and he put it aside, sick at heart, and drank more brandy. "Can you give me a sheet of paper and an envelope?" he asked of the girl who served him. She gave him what he required, and pen and ink as well, and he sat down in the parlour, looking at the blank paper, and trying to think. A voice at the bar roused him. It was Mr. Musgrave's voice asking for refreshments. For a moment Alfred thought of going boldly to the old man, and appealing to him, for Lizzie's sake; but he dismissed the thought immediately. "It will be betraying myself," he muttered; "but I must let Lizzie know. How can I get a letter to her?" He went to the rear of the inn, and asked an ostler if he knew any one who was going to London that afternoon. Yes, the ostler said, a man from the yard was going to London by the next train, which would start in a quarter of an hour. The ostler pointed out the man to Alfred. Returning to the parlour, Alfred wrote:

"I have been miserably unfortunate to-day, and I dare not come home. I am at Epsom, and I don't know where to turn for safety. At this very moment I am being watched by an enemy; you know him well, but I will not pain you by naming him. I have done you injury enough already, and I can never, never atone for it. All hope has left me, and I wish my miserable life were ended. I can only ask you to think kindly of me and to forgive me. If I did not love you, I should not be as unhappy as I am. I am afraid to think of the future.--I send this by a stranger. I want you to get it to-night, and the post would not arrive in time. No one must know that you have heard from me. God knows what will happen to me. I have brought shame and disgrace upon all.--A."

Alfred enclosed and addressed the letter, and seeing the man going to the railway station, ran after him, and bargained with him to deliver the letter for four shillings, which was all the money he possessed.

"Don't deceive me," said Alfred imploringly.

"Do you take me for a thief?" was the surly answer. "The young woman shall have the letter all right. You look as if you've been backing the wrong horse, young fellow."

Alfred did not reply, and when the man was out of sight, walked to a quiet spot, and threw himself on the ground, waiting for night to hide himself and his despair from the sight of man.