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“I won quite a big sum at the last races, thanks to you. They say you made a lot of money, too.”

“What else do they say?”

“That you could do very well as a stock-buyer if you wanted to, but that you’re reckless and you’re gambling too much.”

“That’s my own business, isn’t it?”

“Of course. You asked me what people were saying, and I told you.”

They had reached the last ridge of the sandhills, and below them lay the wide sweep of the bay. The white breakers tossing in the moonlight stretched in a ten-mile curve to the hazy line of the ranges away to the right. One could see the glow of a bush-fire burning in one of the far distant gullies. Nearer at hand, on the left, the silent mass of the Puawa Hill showed clearly against the stars. A few yellow spots of light at its base revealed little dwellings on the beach. Out in the roadstead the hull of a solitary ocean tramp was visible.

“Sit down—the sand’s quite dry and warm,” said Marsh abruptly.

Ann hesitated.

“Only for a few minutes then. I must go home.”

“You seem to be a bit more careful of your reputation with me than you were with Holmes.”

“I’ve told you he was terribly unhappy—I wanted to help him.”

“Do you think I’m happy?”

She had seated herself beside him, her hands clasped round her knees.

“Your unhappiness is probably of your own making. His was quite undeserved.”

He was silent for a moment and then he said: