William W. Kolderup had returned to his mansion in Montgomery Street. This thoroughfare is the Regent Street, the Broadway, the Boulevard des Italiens of San Francisco. Throughout its length, the great artery which crosses the city parallel with its quays is astir with life and movement; trams there are innumerable; carriages with horses, carriages with mules; men bent on business, hurrying to and fro over its stone pavements, past shops thronged with customers; men bent on pleasure, crowding the doors of the "bars," where at all hours are dispensed the Californian's drinks. There is no need for us to describe the mansion of a Frisco nabob. With so many millions, there was proportionate luxury. More comfort than taste. Less of the artistic than the practical. One cannot have everything. So the reader must be contented to know that there was a magnificent reception-room, and in this reception-room a piano, whose chords were permeating the mansion's warm atmosphere when the opulent Kolderup walked in. "Good!" he said. "She and he are there! A word to my cashier, and then we can have a little chat." And he stepped towards his office to arrange the little matter of Spencer Island, and then dismiss it from his mind. He had only to realize a few certificates in his portfolio and the acquisition was settled for. Half-a-dozen lines to his broker--no more. Then William W. Kolderup devoted himself to another "combination" which was much more to his taste. Yes! she and he were in the drawing-room--she, in front of the piano; he, half reclining on the sofa, listening vaguely to the pearly arpeggios which escaped from the fingers of the charmer. "Are you listening?" she said. "Of course." "Yes! but do you understand it?" "Do I understand it, Phina! Never have you played those 'Auld Robin Gray' variations more superbly." "But it is not 'Auld Robin Gray,' Godfrey: it is 'Happy Moments.'" "Oh! ah! yes! I remember!" answered Godfrey, in a tone of indifference which it was difficult to mistake. The lady raised her two hands, held them suspended for an instant above the keys as if they were about to grasp another chord, and then with a half-turn on her music-stool she remained for a moment looking at the too tranquil Godfrey, whose eyes did their best to avoid hers.