Peter Phipps leaned forward in his chair.  It was a favourite attitude of his, and one which had won him many successes.

“See here, Lady Dredlinton,” he began, “you don’t like me.  That’s my misfortune, but it don’t affect the matter as it stands at present between us.  I have a kindly feeling for your husband, and I have—­a feeling for you which I won’t at present presume to refer to.”

“Perhaps,” Josephine said calmly, “you had better not.”

“That feeling,” Phipps went on, “has brought me here this afternoon.  Your husband is not playing the game with us any more than he is with you.”

“What do you know—­”

“Let’s cut that out, shall we,” he interrupted, “Let’s talk like a sensible man and woman.  Do you want us to drop your husband out of the B. & I. Board?”

“Nothing would give me greater pleasure,” Josephine assured him.  “I cannot imagine why you ever put him on.”

Peter Phipps was a little staggered.

“Perhaps you don’t know,” he said, “that your husband’s salary for doing nothing is four thousand pounds a year.”

“I suppose you think him worth that,” Josephine answered coldly, “or you would not pay it.”

“He is worth nothing at all,” Phipps declared bluntly.  “I put him on the Board and I am paying him four thousand a year for a reason which I am surprised you have never guessed.”

“How on earth should I?” Josephine demanded.  “I know nothing whatever about business.  On the face of it, I should think you were mad.”

“We will leave the reason for Lord Dredlinton’s appointment alone for the moment,” Phipps continued.  “I imagined that it would be gratifying to you.  I imagined that the four thousand a year would be of some account in your housekeeping.”

“You were entirely wrong, then,” Josephine replied.  “Whatever Lord Dredlinton may draw from your company, he has kept.  Not one penny of it has come to me, directly or indirectly.”

Phipps was staggered.  He did not doubt for a second, however, that he was listening to the truth.

“Say, this is the worst thing ever!” he declared.  “Why, what do you suppose your husband does with the money?”

“I have no idea, nor have I any interest.”

“Come, come!” Phipps murmured.  “That’s bad.  Of course,” he went on, his eyes narrowing a little as he watched his companion closely, as though to estimate the effect of his words, “of course, I knew that Lord Dredlinton had other interests in life besides his domestic ones, but I had no idea that he carried things to such a length.”

Josephine glanced at the clock.

“Will you forgive my saying that up to the present you have not offered me any sufficient explanation as to the reason for your visit?”

“I was coming to it,” he assured her.  “To tell you the truth, you’ve rather cut the ground away from under my feet, I was coming to tell you that Lord Dredlinton had drawn money from the company to which he was not entitled, besides having overdrawn his salary to a considerable extent.  The cashier has pointed out to me serious irregularities.  I came to you to know what I was to do.”