four motorcars, or by dismissing three servants of the eight? So Carlotta courageously decided to sell her precious jewels to one of the great jewelers, charging him to keep the matter secret. She was confident that people would not

notice, especially as she had made it her habit to adorn herself with her jewels only very rarely... Beraldi consented to his wife's decision with a heart torn by grief, fearing the sum would not suffice to carry him safely through this difficult period; but he made it a condition to Carlotta that she not sell the pearl necklace he had given her at their wedding. That precious necklace, which all his friends knew, was a clear symbol of his great fortune. Carlotta had worn it at most of the parties over which her husband had presided, and it was also very dear to him for the beloved memory it carried. All through the winter Beraldi went on delighting in the sight of the magical pearls at his wife's neck — those pearls which made others doubt the extent of his misfortune. The sight of them was a pleasant compensation for his fortune and a great solace to his pride.

Winter was at its end when they fell to talking of the splendor of this evening's party, which had rivaled in generosity and lavishness all the par-ties given on the coast that season. They spoke of the guests' delight, their honeyed comments, and the phrases of praise and flattery addressed to her, whose ring in their ears was a sweeter and more delightful melody than the music itself; and they were certain that no sign had shown on their faces of the grief that had been gnawing at their souls for long months — especially since most of the guests had come hoping to catch some small sign that would betray their bankruptcy and the fall of the catastrophe. And while Jean was talking with his wife in her room, he longed to ask her by what miracle she had managed to keep the material balance of their life until now, without giving up a motorcar, or a servant, or the purchase of bouquets of rare flowers every day?... The household expenses were her province alone, and the price of the jewels had been placed at her disposal in the banks six months before, after his old accounts had been exhausted. But when he compared the price of the jewels sold with the monthly allowance he used to give Carlotta in earlier days, he found a clear deficit over the past six months. How, then, had she got free of this material puzzle — she who had never borrowed in her life, nor ever been late in paying her accounts on time? At last he put out his cigarette and said to her:

— Carlotta, we must speak now of unpleasant matters... For weeks I have been very anxious about the balance of our budget. I want to be sure that we shall leave Europe owing not a penny to