FOR once Sir George Haredale did not seem to be in the least pleased to see Fielden. He was standing on the lower steps of the stand talking to Major Carden with the air of one who is conversing with an old acquaintance. By Carden's side was his daughter, eager and interested, following all that was going on around her with the zest and enjoyment of a child.

"Oh, here you are," Sir George said fussily. "I was beginning to wonder what had become of you. Carden, this is my daughter. Major Carden and I were at Eton together. We used to do a good deal of racing before you were born."

The Major took off his hat with a flourish.

"Charmed to meet the daughter of my old friend," he said, "charmed. Ah, those were pleasant days when one had youth and strength and a banking account which appeared to be inexhaustible. Now I deem myself fortunate if I can steal a day off occasionally to get down to a suburban racecourse. Let me present you to my daughter. My dear Alice——" "But I know her already," May Haredale cried. "We were at school together. I had no idea that my father and yours knew one another. I am so pleased to see you again. Father, Alice Carden was my greatest friend all the years I was at Eastbourne. We parted promising to write to one another regularly, but somehow or another we have never corresponded. But now that I have met you I won't lose sight of you any more. Major Carden, you really must let Alice come and stay at Haredale Park with me. I want her for a long visit."

Carden professed himself to be delighted, and this in all sincerity. He began to see visions of a snug and comfortable time, away from dingy lodgings and vilely-cooked food to which he had never become accustomed. The two girls paired off, and the Major strolled towards the paddock gates, for he had noticed Phillips there, evidently waiting for a chance to speak to him.

"Got any instructions?" the Major asked.

"Nothing fresh," Phillips explained. "I want you to do exactly as I asked you, and if you can manage it this evening, after you get back to town, so much the better. I have written my address on the back of this card, and it is possible I may be here for two or three days longer. I want you to find out what wagering there was to big money with Selwyn at the Post Club to-day, and wire to the address on this card. It is more than probable that, before the week is out, I may be able to put a good thing in your way. I suppose I can come round and see you whenever I like."

The Major thought that would be all right. It would be just as well, perhaps, to get his daughter out of the way. With diplomacy he might contrive to expedite the invitation to Haredale Park, so that he could have the ground clear without fear of interruption. He returned to the place where his daughter was waiting for him.

At a sign from Phillips, Fielden came forward.

"Well," he asked, "how are you getting on?"

"Splendidly," Phillips replied. "I have been far more fortunate than I anticipated. We will get some fun out of Copley and Foster yet. From your point of view I daresay you may think I am wrong. But I mean to make money out of this. I will expose Copley and fill my purse at the same time. You wonder what I am driving at? Can you manage to stay here over to-morrow?"

"I think so," Fielden said.

"That's good. In that case we can push our investigations farther and, with any luck, before the week is out we shall not only know where Copley gets his money, but how he makes it. Of course, we know that he doesn't even begin as a millionaire; we know that he is an unscrupulous adventurer. But he has the command of ready money, and we wish to know how he makes it. As a matter of fact, I know that already. But there are a few weak points in my case, and we can't make a definite move till these are cleared up. Now I want you to have dinner with me in my lodgings. I told my landlady I might have a friend staying with me, and she will be ready to put a bedroom at your disposal."

"Why this mystery?" Fielden asked.

"Oh, it is no mystery. I only want to interest you. After dark we shall indulge in a little quiet burglary, that is, if you don't object."

"It is not an alluring prospect," Fielden said.

"Of course it isn't," Phillips agreed. "But when you are dealing with scoundrels it is necessary to use their own weapons. I presume you are as interested as I am in the exposure of Copley and Foster and all their methods."

"Up to the hilt," Fielden said between his teeth. "Poor as I am, I would give all I possess to bring that about. I would give five years of my life to manage that between now and Derby Day. And if necessary I can find some money. I am better off than I expected, but I intended to keep the money for a start in life later. Still, if you want it and will promise to put it to a good use, I will give you every farthing cheerfully. You have only to say the word."

Phillips chuckled. "Oh, there's no occasion to do that, sir," he said. "Keep the money in your pocket. I shall have enough and to spare before long. I mean to drag Copley's plunder from between his teeth. I will take all I can get from him, and when the time comes we shall drop a hint in the proper quarter, and there will be an end to Raymond Copley. Within three months you will see that man in gaol. You needn't be alarmed for Miss Haredale. She is as safe from that man as if she were the daughter of the King. I had better be going, because it is as well that we should not be seen talking together for too long. I have scribbled my address on the back of this card, and shall expect you about half-past seven."

Fielden asked no more questions, but returned to his friends with a vivid sense of curiosity. He listened to Major Carden's flamboyant talk, and as he bowed to Alice Carden could not help thinking what a pretty and refined girl she was. He made his excuses for not returning to Haredale, and was faintly amused to see how relieved Sir George appeared to be.

"No, I can't get back to-night," he explained. "I have several things to do here. But I hope to see you on Sunday, if I may be allowed to come over."

"Of course, you may," May smiled, as she held out her hand. "Miss Carden is coming to stay with me to-morrow. I have persuaded her to come at once. I am ashamed to have neglected her so long."

Fielden finished his business, saw the stud-groom and the horses safely on the rail, and then went to the retired part of the village where Phillips' lodgings were situated. It was little more than a cottage, but the place was neat and clean, and the cooking left nothing to be desired.

"It is only a bit of fish and a steak," Phillips said cheerfully, "but you will find it beautifully served, and as to the wine, well, I got that myself, and I know it is everything it should be. Please sit down and make yourself at home. We can discuss matters over our cigars. There's nothing like racing to give you an appetite. I only hope it won't snow before morning."

"I hope not," Fielden said. "To all intents and purposes the racing was spoilt this afternoon by the snow, and it is very odd that no one saw a yard from start to finish of the three o'clock race. It was most annoying."

"Was it?" Phillips asked. "Well, I confess I didn't find it so. Yesterday at the time of the three o'clock race I was at the Post Club, and, singular to say, we had the same blinding snowstorm in Covent Garden. Now it surprises you, but from your point of view and mine that snowstorm was the most fortunate thing that could have happened. When I sat smoking my cigar in the Post Club there came to me the inspiration of a lifetime. I seemed to see in a flash exactly what had happened, and soon I shall know to a dead certainty. You must restrain your curiosity for a little longer. You will probably know all about it before you go to bed. Try one of these cigars. They are excellent."

Fielden had hardly got his cigar aglow before the landlady came in with a telegram, which Phillips opened eagerly. There was a smile of triumph on his face as he handed it to Fielden.

"What do you make of that?" he asked.

"I can make nothing of it," Fielden said. "It is a wire to the effect that no important wager was made this afternoon on the three o'clock race at the Post Club, and is signed Carden. I presume that is our stout friend with the florid face and ingratiating manner, who was talking to you this afternoon. But how it helps us I haven't the ghost of an idea."

Phillips rose and threw his cigar in the fire.

"Come," he said. "It is time to start. You haven't much longer to wait."