“It ought never to have been allowed to flourish,” the Minister pronounced.  “Its charter was cunningly devised to cheat our laws, and it succeeded.  After all, though, it is good to think that the days when such an institution could live for a moment have passed.  Labour and the reconstructionists have joined hands in sane legislation.  It is my belief that for the next few decades, at any rate, the British Empire and America—­for the two move now hand in hand—­are entering upon a period of world supremacy.”

The American diplomatist had something to say.

“For that,” he declared, “we may be thankful to those responsible for the destruction of militarism.  Industrial triumphs were never possible under its shadow.  An era of prosperity will also be an era of peace.”

“For how long, I wonder?” the Princess whispered “Human nature has shown remarkably little change through all the ages.  Don’t you think that some day soon one person will have what another covets, and the world will rock again to the clash of arms?”

“We are all selfish,” Josephine murmured.  “Life closes in around us, and we are mostly concerned with what may happen in our own time.  I think that for as long as we live, peace is assured.”

“I am sure I hope so,” Sarah declared.  “I should hate Jimmy to have to go and fight again.”

“What sort of a husband does he make?” Wingate enquired.

“Wonderful!” Sarah acknowledged with emphasis.  “He has developed gifts of which I had not the slightest apprehension.  Of course, Josephine would scratch me if I ventured upon such a thing as comparison,-so I’ll be content with saying that I think we are both very happy women.”

Josephine laughed gaily.  The almost peachlike bloom of girlhood had come back to her cheeks.  She wore a rope of pearls, her husband’s wedding gift, which had belonged to an Empress, and her white gown was the chef d’oeuvre of a great French artiste’s most wonderful season.  She looked across the table.  How was it, she wondered, with a little glad thrill, that the eyes for which she sought seemed always waiting for hers.

“We are very lucky women,” she said simply.

Phipps bit the end off his cigar a little savagely.  He had been casting longing glances towards the table in the centre of the room, with its brilliant company.

“So that is the end of my duel with Wingate,” he muttered.  “I wonder whether it would be worth while.”

“Whether what would be worth while?” his nephew asked.

Phipps made no direct reply.  He rose instead to his feet.

“I am going back to my room at the hotel for a moment, Stanley, to fetch something,” he confided.  “Order some more of the Napoleon brandy.  I shall perhaps need it when I come back.”