"I _say_!" exclaimed the youth, "what an elegant article--is it real?" "Real!" said Fanchon, facing him with her little eyes flashing. "It's eighteen carat." "Oh, is it?" said Joe. "I see. I never touched eighteen carat in my life--more likely to be nine carat." He winked hard at Fanchon as he spoke. Fanchon, in her rage, took the bracelet off and asked him to examine the hall-mark under the next lamp-post, which he accordingly proceeded to do. He discovered that she was right and handed it back to her with great respect. "How did you come by it?" was his next enquiry. "It is a present--I mustn't say how I came by it." "Eighteen carat gold,"--murmured Joe Burbery. "Eighteen carat, and a very large and specially fine turquoise. Why, there's a thing advertised for exactly like that. I remember it quite well; I saw it in the _Standard_ and the _Morning Post_ and even in some of the local papers here--a bangle just like this which was lost--supposed to be lost in a railway carriage. How funny that you should have one which so exactly answers to the description!" "It is, isn't it?" said Fanchon, laughing with the utmost unsuspicion. "Well," she continued, "I am glad mine isn't lost; I am frightfully proud of it; I shall love it all my days; I don't mean ever to part from it. Even if I get a very rich husband some day, and he gives me lots of jewellery, I will always keep my beautiful bangle. Brenda says that it is the sort you need never be ashamed of." "It is that," admitted Joe. "So _she_ admires it--_she_ knows a good thing when she sees it, doesn't she?" "Oh, yes--she is very clever--" "And a stunner herself, ain't she now?" said Joe Burbery. "I suppose so," replied Fanchon, who did not feel interested in praises of Brenda from the first young man who had come into her life. He ought to be too much devoted to her and her most elegant bangle. The walk came to an end presently. It was necessary in Mrs Dawson's establishment for the young ladies to come in not later than half-past ten, and at that hour the two girls appeared in the hall. Mrs Dawson herself was waiting for them. As she proceeded to lock and chain the front door, she also saw the flash of the bangle on Fanchon's wrist. She immediately exclaimed at its beauty, and asked to have a nearer view of it. "Why, I say," she cried, "what a truly elegant thing! Does it belong to you, Miss Amberley?" "Yes," replied Fanchon. "It was given to me by a great friend." Here she looked meaningly at Brenda.