"They all do, but it's in their interests--I mean the interests of their country. They worm out secrets, they are utterly unscrupulous, nothing is safe from them," said Fraser.

"Then out with them. I say, Fraser, you get hold of some remarkable information; how do you manage it?" asked Alan.

"I pick my friends; I am careful. What do you think that letter from Berlin is worth?" asked Fraser.

"A good round sum."

"A thousand?"

"Yes."

"Then he shall have it."

"You think it is worth that?"

"I do."

"Then we can't be far out in giving it," said Alan.

"You think I am too careful?"

"Yes."

"It would be better if you were," was the answer.

Alan moved impatiently in his chair.

"I don't consider I spend too much."

Duncan Fraser looked at him with a kindly light in his somewhat hard eyes.

"This is a great business," he said slowly, "or it would never stand the strain. Take my advice and cut down expenses; we're in for lean years."

Alan laughed as he replied:

"What an old croaker you are!"

He got up, put on his motor coat and held out his hand.

"I am glad you sent for me," he said. "I shall just have time to get to the course before the first race."

"Would it matter if you missed it?" said Fraser quietly.

"No actual damage would be done if I did miss it. Still, I'd rather be there; I promised to meet some friends."

"Then I conclude you agree with me and will buy?"

"Certainly; it will be a great stroke of business. I wonder if others are thinking of the same thing?"

"They do not know as much as we--yet," replied Fraser.

"Will you join me at Trent Park for the weekend?" said Alan. "There will be no visitors."

"With pleasure," replied Fraser. "I always enjoy a few days at your lovely place."

On Friday Duncan went to Trent Park. Alan welcomed him cordially, although he had half repented asking him: the manager's presence always seemed to subdue everything, even Alan's exuberant spirits. This feeling, however, quickly vanished on the present occasion, for Duncan Fraser was in an unusually cheerful mood and for once in a way left business behind him.

Alan had to meet a prospective buyer at the Stud, and as Duncan knew nothing, and cared less, about horses he preferred to go for a stroll in the Park. During his walk he met Eve Berkeley and her friend, Ella Hallam. The manager saw little of ladies' society, but he knew Eve and liked her; he could hardly fail to be attracted by her.

He went to The Forest with them and remained for lunch. He knew Alan would not miss him, probably surmise where he was. He rather liked Ella, she was unaffected and talked freely on many subjects; when he left she told Eve she thought him a very agreeable man.

Eve laughed as she replied:

"He is a very sensible man. It is lucky for Alan he has him in charge at Chesney's, or I'm afraid the business would be sadly neglected."

"Is Mr. Chesney not a good business man?" asked Ella.

"Not according to Mr. Fraser."

Ella was rather disappointed she had not met Alan Chesney since her stay at The Forest. She wondered why he did not call; Eve told her he often came.

Duncan Fraser explained where he had been and p.r.o.nounced in favor of Ella Hallam.

"By Jove! I forgot all about her being at The Forest," said Alan. "I met her in Derby week, a jolly girl; I daresay she improves on acquaintance."

"She evidently did not make much of an impression on you," said Duncan smiling.

"I wonder how long she will stay?" said Alan, half to himself.

"I think she said she was going to London to meet her father."

"He's bringing one or two horses from Australia; he has a great opinion of them; I must try and convince him ours are better."

"Strange how some men are so fascinated by horses," said Fraser.

"You care nothing about them?" said Alan, with a tinge of contempt in his voice.

"No, they have never interested me; perhaps it is because I never had any spare time for them; I've been a worker all my life."

"You despise racing men?"

"Oh no; I think some of them are uncommonly sharp," said Duncan.

"They are too sharp sometimes," laughed Alan.