She was sitting away from the fire, almost behind the window-curtains, thinking of John Grey and very unhappy in her thoughts, when George Vavasor was announced.

It will of course be understood that Vavasor had at this time received his sister's letter.

He had received it, and had had time to consider the matter since the Sunday morning on which we saw him in his own rooms in Cecil Street.

"She can turn it all into capital to-morrow, if she pleases," he had said to himself when thinking of her income.

But he had also reminded himself that her grandfather would probably enable him to settle an income out of the property upon Alice, in the event of their being married.