turned to a young lady he had met near Manchester, who had lost her father, whose mother was old and weak, and who had a fortune of about half the amount of that of Alice Heathcote at her own disposal. Miss Farrer was pretty, but with a weak prettiness which would not stand time. Her appearance did not belie her character; she was an affectionate and amiable, but weak girl. Fred had been very attentive to her, and had completely won her mother's heart by playing many games of cribbage with her, and losing almost invariably. So that altogether he felt sure of his ground there. It was not that he had actually any idea of marrying Miss Farrer, he felt too sure of success with Alice to think seriously of the other; but he was a cautious man, and liked to have a second string to his bow in case of accidents. It was one morning after breakfast, about three weeks after Frank's return from the country, that Fred Bingham made up his mind to propose formally to Alice. He had been chatting with his father as to a contract, concerning which they were in treaty. “The margin of profit is not as large as we could wish, Fred. If we were working with our own capital it would be different, but all this discount and advance work makes a large hole in the margin of profit.” “I should think it did,” Fred said, shortly, “it is not to-day that we have found that out.” “I think, Fred, that if I were you I should bring your affair with Miss Heathcote to a head. You have been going there now for a very long time; you tell me that you think you are pretty safe, and even if you do not touch any of her fortune, you would be able to borrow upon better terms as the husband of a rich woman; and, however things went, you would fall upon your feet. Besides, as the husband of Miss Heathcote, you would stand better with Captain Bradshaw.” “Yes, that's all true enough,” Fred said, “and I've thought it all over a thousand times. I suppose it ought to be done, but I would rather remain as I am. However, needs must, I won't put it off any longer. I will settle it this afternoon. There, don't talk about it, it's bad enough to have to do it.” Half an hour afterwards Fred Bingham went out. First down to New Street, where he bought some cigars, as usual, and stayed for some time in the shop smoking and talking with Carry. Then he went out and turned towards Knightsbridge. “She is an awfully nice child,” he thought to himself. “I wish to goodness she was in Alice's place, and Alice in hers. I shouldn't mind even if she had that girl Farrer's money, I would marry her to-morrow. I wish I had never seen her, it would have been better for both of us. Well, it's no use thinking of that now, I must go through with this other business. The old man will have gone up to his club by this time. The sooner it is over the better.” And so he went on to the house in Lowndes Square, where, as he expected, he found Alice Heathcote alone.