money be gone? We have spent no more this year than for years past. I should think we have spent less. I haven’t been extravagant a bit. You offered me a new hat only last week, and I said I could do without—”

“Yes, yes, of course. It’s quite true, chérie, you have been most good. But, you see, ours has not been a case of an income that goes on year after year—it never was, even from the beginning. There was not enough. And you did have a good education, didn’t you? I spared nothing on it. It’s folly to stint on a girl’s education.—It was one of the best schools in Paris.”

“It was, mother; but we are not talking about schools. Do let us get to the bottom of this horrid muddle! If it isn’t a case of ‘income,’ what can it be? I’m ignorant about money, for you have always managed business matters, but I can’t see what else we can have been living upon?”

Mrs Gifford crinkled her delicate brows, and adopted an air of plaintive self-defence.

“I’m sure it’s as great a shock to me as it is to you; but, under the circumstances, I do think I managed very well. It was only nine thousand pounds at the beginning, and I’ve made it last over thirteen years, with your education! And since we’ve been here, for the last three years, I’ve given you a good time, and taken you to everything that was going on. Naturally it all costs. Naturally money can’t last for ever...”

The blood flooded the girl’s face. Now at last she did understand, and the knowledge filled her with awe.

“Mother! Do you mean that we have been living all this time on capital?”

Mrs Gifford shrugged her shoulders, and extended her hands in an attitude typically French.

“What would you, ma chère? Interest is so ridiculously low. They offered me three per cent. Four was considered high. How could we have lived on less than three hundred a year? Your school bills came to nearly as much, and I had to live, too, and keep you in the holidays. I did what I thought was the best. We should both have been miserable in cheap pensions, stinting ourselves of everything we liked. The money has made us happy for thirteen years.”

Claire rose from her seat and walked over to the window. The road into which she looked was wide and handsome, lined with a double row of trees. The sun shone on the high white houses with the green jalousies, which stood vis-à-vis with the Pension. Along the 

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