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BY ORDER OF THE CZAR.

life to be in the position of Philip Forsyth ; and what troubles me a good deal is the feeling that it is quite pos- sible that Dolly Norcott liked me just as much as the man she has become engaged to. I have an idea that Walter Milbanke and his wife considered Philip Forsyth a better match socially and in other respects than myself, rightly, no doubt ; he is a clever, handsome young fellow ; also an artist ; in society and likely to make a position at the West End. Dolly is passionately fond of her sister and her brother-in-law, rather easy-going, kind hearted to a fault ; and the more I think of it and I never think of anything else the more I come to the conclusion that if I had proposed two days before Forsyth I should have been accepted."

" Then, my dear Mr. Swynford, why didn't you ? " asked Mrs. Chetwynd quickly.

" I was too fond of her," said Swynford. " I told her sister the day after I understood she was engaged to Phi- lip that if a certain thing had occurred two or three days earlier, I should have spoken to her and Walter upon the subject, and taken my chance with Dolly."

" May I ask what your reason was for delay ? "

" I was too fond of her," repeated Swynford. "The day after her engagement I was a rich man ; two days before I was only a moderately successful stockbroker. Two days afterwards events occurred on 'Change which I been hoping for and hardly daring to expect. I made fifty thou- sand pounds the day after I lost Dolly Norcott."

" Hello ! " said Chetwynd, passing at the moment. u How do you do, Swynford ? Agnes, my dear, the Mar- chioness of Thistledown is anxious to be introduced to you, and my chief director, Lord Singleton, asks me to make him acquainted with the city gentleman everybody is just now talking about."

" And who may that be ? " asked Swynford.