It was the eve of the great race, and scarcely a member of Lady Susan's house- party had as yet a single bet on. It was one of those unsatisfactory years when one horse held a commanding market position, not by reason of any general belief in its crushing superiority, but because it was extremely difficult to pitch on any other candidate to whom to pin ones faith. Peradventure II was the favourite, not in the sense of being a popular fancy, but by virtue of a lack of confidence in any one of his rather undistinguished rivals. The brains of club- land were much exercised in seeking out possible merit where none was very obvious to the naked intelligence, and the house-party at Lady Susan's was possessed by the same uncertainty and irresolution that infected wider circles.
"It is just the time for bringing off a good coup," said Bertie van Tahn.
"Undoubtedly. But with what?" demanded Clovis for the twentieth time.
The women of the party were just as keenly interested in the matter, and just as helplessly perplexed; even the mother of Clovis, who usually got good racing information from her dressmaker, confessed herself fancy free on this occasion. Colonel Drake, who was professor of military history at a minor cramming establishment, was the only person who had a definite selection for the event, but as his choice varied every three hours he was worse than useless as an inspired guide. The crowning difficulty of the problem was that it could only be fitfully and furtively discussed. Lady Susan disapproved of racing. She disapproved of many things; some people went as far as to say that she disapproved of most things. Disapproval was to her what neuralgia and fancy needlework are to many other women. She disapproved of early morning tea and auction bridge, of ski-ing and the two-step, of the Russian ballet and the Chelsea Arts Club ball, of the French policy in Morocco and the British policy everywhere. It was not that she was
