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F I N A N C I A L A N A LY S I S
IN PYTHON
From Zero to Hero

Hayden Van Der Post

Reactive Publishing
To my daughter, may she know anything is possible.
 CONTENTS

Title Page
Dedication
Chapter 1: Why Choose Python for Financial Analysis?
Chapter 2: Setting Up Your Python Environment
Chapter 3: Basics of Financial Data with Python
Chapter 4: Time Series Analysis with Python
Chapter 5: Statistical Analysis and Hypothesis Testing
Chapter 6: Portfolio Analysis with Python
Chapter 7: Financial Modelling and Forecasting
Chapter 8: Algorithmic Trading with Python
Chapter 9: Advanced Topics: Machine Learning in Finance
Chapter 10: Wrapping Up and the Future of Python in Finance
 CHAPTER 1: WHY
CHOOSE PYTHON FOR
FINANCIAL ANALYSIS?
Choosing the right tool for a specific task is always a crucial decision.
When it comes to financial analysis, that decision becomes even more vital
as it impacts efficiency, precision, and the potential for innovative practices.
Python, a general-purpose language that has become a mainstay in the
world of financial analysis, fits the bill perfectly.

But why the growing penchant for Python? Let's delve into this question.

To begin with, Python embodies simplicity and readability. For

professionals who are novices in programming, Python presents a gentle
learning curve. Its syntax hardly resembles cryptic programming jargon.
Instead, it mirrors English, making it intuitive to learn, read, and write. This
simplicity does not, however, cost Python its power. This dynamic language
can perform complex financial operations with a few, clear-cut commands.

Another compelling attribute of Python is its versatility. It has successfully

permeated multiple fields, from web development to data science, and of
course, finance. In our context, this implies that Python can handle various
tasks within financial analysis – be it data fetching, preprocessing,
hypothesis testing, or complex modeling.

The potent combination of Python with its highly useful libraries further
amplifies its applicability in finance. Libraries like NumPy and pandas
serve as potent tools for numerical computations and data analysis.
Meanwhile, libraries like Matplotlib and Seaborn simplify data
visualization, a key aspect of financial analysis. Moreover, the open-source
nature of Python means that this list of powerful libraries only continues to
grow and evolve.

Python also shines in its ability to integrate with different data sources, a
crucial facet for financial analysts, considering they often work with vast
amounts of data coming from disparate sources. Python's effective API
integrations allow for seamless data retrieval, whether it's from databases,
other programming languages, or direct online sources.

Lastly, a decisive factor for choosing Python in financial analysis is its

active and vibrant community. As one of the world's most popular
programming languages, Python enjoys extensive community support. This
translates to regular updates, guidance, peer solutions, and a host of
resources like ready modules and packages that further ease the tasks of
financial analysts.

The power of Python lies in its simplicity, versatility, and comprehensive

nature, making it the weapon of choice for financial analysis. As we
traverse this book, we'll explore the various facets of Python and how they
lend themselves to empowering financial analyses like never before. Hold
on to this thought as we dive deeper into Python's role in the financial
industry.

A brief history of Python in the financial industry

The genesis of Python as a programming language dates back to the late

1980s when its creator, Guido van Rossum, began working on this
relatively simpler, more readable language during his Christmas holidays.
Released in 1991, Python took off gradually, gaining its real momentum
post-2000. However, its infiltration into the financial world took a slightly
different trajectory.

During the late '90s and early 2000s, finance industry technology was
predominantly ruled by languages like Excel, VBA (Visual Basic for
Applications), and C++. These languages were instrumental in automating
tasks, data analysis, and application building respectively. But, as the
financial world began dealing with larger data sets and more complex
models, these languages' limitations started to emerge. For instance, Excel
was restrictive in handling large datasets, VBA was slow and not well-
suited for complex computations, and C++ was far too intricate for certain
finance professional's coding skills.

As this struggle persisted, Python began its subtle invasion into the
financial technology scene. Financial professionals found in Python an able
all-rounder that could handle sizable data, perform complex computations,
and yet maintain relative simplicity and easy readability. This paradigm
shift wasn't swift. Nevertheless, Python steadily made inroads into financial
institutions and trading floors, replacing or working in conjunction with the
existing languages.

Python's decisive moment in the financial industry came during the 2008
financial crisis. This period saw a heightened need for risk management and
liquidity assessment – tasks that required managing large data sets and
intricate modeling. Python, with its high-data handling capacity and
powerful libraries, emerged as the hero, reinforcing its relevance in the
financial industry.

Post-2008, Python's growth in the financial world accelerated. Corporations

like J.P. Morgan and Bank of America commenced large-scale Python
training programs. The development of Python libraries tailored for
financial analysis, such as pandas in 2008, boosted its adoption further. As
of now, Python has established itself as a vital tool within the financial
industry, be it for trading, risk management, or financial modeling.

In essence, Python’s journey in the finance domain has mirrored its overall
growth - slow, steady, but certain. From its humble beginnings to becoming
an indispensable tool on Wall Street, Python has truly come a long way. As
we dive deeper into this book, we will not only use Python extensively but
explore how it continues to evolve and impact the financial industry.

The power of Python libraries

Python's immense popularity in the realm of financial analysis isn't solely
attributed to the language's simplicity or readability. A substantial portion of
Python's power comes from its diverse libraries. These libraries, collections
of reusable modules, are what confer Python its functionality and
versatility, making it a one-stop solution for various financial computation
needs.

Let's delve into the core Python libraries exploited in the financial industry.

1) NumPy (Numerical Python):

At the heart of many Python-based data analysis functions lies NumPy. This
library provides the backbone of high-level mathematical functions and
operations on large arrays and matrices of numeric data. Its ability to handle
complex mathematical computations with relative ease and speed has made
it indispensable. In finance, NumPy finds utility in areas like calculating the
mean, median, variance, standard deviation, correlation and regression, and
in building financial models.

2) pandas (Python Data Analysis Library):

One of the most influential libraries in financial analysis is pandas –
providing flexible data structures that allow you to work with labeled and
relational data seamlessly. It's specifically designed to handle data
preparation. It offers robust data structures for efficient manipulation and
cleaning, thereby making it suitable for tasks like data wrangling, reading
and writing data, rearranging data, and handling missing data points in
financial datasets.

3) matplotlib:
While finance largely deals with numbers and computations, visualizing
these data can help reveal trends, patterns, and anomalies. Here comes
matplotlib – the de-facto standard library for generating graphs and plots.
With its diverse plots like line, bar, scatter, histograms, etc., it provides a
concrete visualization of financial concepts and scenarios.

4) SciPy (Scientific Python):

Built on top of NumPy, SciPy is another critical library in finance. It
provides more functionality, extending the use of NumPy to areas in
financial statistics, such as probability distributions, descriptive statistics,
correlation functions, and more.

5) scikit-learn:
When it comes to implementing machine learning algorithms in Python,
scikit-learn is the library to choose from. It supports various algorithms like
regression, classification, clustering, and others. Its diverse functionality
finds extensive application in predictive analysis and event-driven trading.

6) StatsModels:
Used for estimating and testing statistical models, StatsModels supports
specifying models using R-style formulas and arrays. With a wide range of
statistical tests, it is a handy tool for constructing confidence intervals and
hypothesis testing in finance.

7) Zipline:
Used extensively by Quantopian, a free online platform for finance-focused
coding, for their backtesting functionality. Zipline handles all kinds of
corporate actions and is suitable for trading strategies that don’t demand a
high frequency.

8) PyAlgoTrade:
A step above Zipline, PyAlgoTrade supports event-driven backtesting, and
even though it doesn't handle corporate actions, such as dividends or stock
splits, it is suited for high-frequency trading strategies due to its
functionality.

Python's power-packed libraries contribute to its adaptability but also

enabling a synergy among them. The strong interconnectedness and
interoperability of these libraries make Python a comprehensive terminal
for financial analysis. The combination of these libraries only broadens the
range of tasks Python can perform, effectively transforming it from just a
programming language to a multifaceted financial toolbox.
Through the chapters of this book, we will unlock the power of these
libraries, unravel their functions, and explore their applications in various
financial scenarios.

Overview of the financial analysis process

Commencing your journey without understanding your destination, and the

route to reach it, is similar to diving into financial analysis without
comprehending its integral process. This chapter illuminates the financial
analysis process's core structure, its significance, and how Python fits into
this big picture. Keep in mind that each analysis will vary as per the
complexity and the particular scenario at hand, but understanding the
skeleton of the process will guide every kind of financial analyst, be it a
novice or an adept professional.

1. Define the Problem or Objective:

The first and most critical step is to understand what you intend to achieve
through this analysis. This could be forecasting future revenues, evaluating
the risk of an investment portfolio, determining the valuation of a company,
or creating an economic model. The aim is specific and clear and sets the
course for the consequent steps in the process.

2. Data Collection:
Once the objective is concrete, collect the necessary data to commence your
analysis. Data could be quantitative, like numerical or financial statistics, or
qualitative, such as information about company management or industry
outlook. Primary data sources can be company reports, financial news,
market data, while secondary data sources could include databases like
Quandl or Alpha Vantage. Python, with its libraries like pandas and its
ability to scrape data from the web or through APIs, ensures efficient and
systematic data gathering.

3. Data Cleaning and Processing:

Here's where Python leaps in again. After collection, data typically needs to
be cleaned and preprocessed before analysis. This might involve handling
missing data, removing outliers, or transforming variables. Leveraging
libraries like pandas and NumPy, Python automates these tasks, ensuring
they're handled accurately, and time-effectively.

4. Conduct Descriptive Analysis:

This involves an examination of the data's main features, often using
statistical measures such as mean, median, standard deviation, or graphical
techniques. For instance, matplotlib or seaborn, Python's visualization
libraries, help create histograms, box plots, and scatter diagrams to explain
the data distribution effectively.

5. Constructing and Evaluating Models:

Depending upon the problem, apply suitable financial models or statistical
techniques. Python's prowess with libraries like SciPy, statsmodels, and
scikit-learn caters to a raft of financial models and statistical tests. From
regression models and time-series analysis to machine learning algorithms,
Python weaves complex computations into comprehensible methods.

6. Interpret and Communication of Information:

Once findings have been deduced, they need to be interpreted and
communicated in a comprehensive format. Here, Python's advanced
libraries help create user-friendly dashboards or engaging plots. Today's
finance industry demands professionals to not just crunch numbers but also
transform those numbers into compelling stories.

7. Review and Revision:

Finally, reflecting on the results and revising the analyses is crucial to
ensure accuracy. Changes in external factors like market scenarios,
economic trends, or internal changes like business strategy may warrant
revisiting the analysis.

This overview serves as a roadmap to the financial analysis process, with

Python as your vehicle on this journey. It's flexible, scalable and equipped
for varied financial terrains, making Python a go-to companion for finance
professionals across the globe. As we delve into this book further, you will
see these steps unfold with real examples and hands-on coding to truly
harness Python's power in financial analysis.
Setting the stage: Python’s role in today's finance world

In the rollicking world of modern finance, where data is the binding fabric
that holds decision-making procedures together, a tool that can tailor this
intricate cloth efficiently is an undeniable asset. Python, an open-source
programming language, has been that tool, diligently threading the path of
data analysis to deepen and refine financial comprehendibility.

Python's dominance in today's finance world is not an abrupt entrant, but a

progressive placeholder, evolving with the industry's zeitgeist. It emerged as
a beacon of productivity, versatility, and simplicity amid the seismic
changes rocking the finance sector. Embracing technology, digitization, and
enhanced computational footing has bolstered Python's importance,
influencing finance professionals to step up from traditional spreadsheet
analysis to more advanced, automated methods.

Python's robust set of libraries and frameworks has painted it as a potent

ally in various facets of financial analysis. The industry's shift towards
quantitative analysis is well-served by libraries like NumPy and pandas,
providing high-performance data analysis tools. Scikit-learn and
StatsModels cater to modern techniques like machine learning, supporting
predictive modeling. Libraries such as matplotlib and seaborn champion
data visualization, aiding in creating compelling graphical representations
of complex financial data.

Financial markets constantly produce vast volumes of complex data, where

bursts of information rain down in milliseconds. Here Python's power to
handle large datasets quickly comes to the fore. It can efficiently synergize
with big data frameworks like PySpark and Hadoop, truly enabling
financial experts to navigate the data deluge. Automated tasks like data
scraping and usage of API for real-time data retrieval, simplify data
acquisition processes.

Merging finances and technology has required a proliferation of

sophisticated, algorithm-driven investment strategies. This arena,
particularly high-frequency trading and algorithmic trading, is under
Python's able wings. Python demonstrates an unparalleled ability to operate
in microseconds, handling vast data influxes and making rapid trading
decisions, a crucial requirement for these trading strategies.

Python allows for an effective mix of power and simplicity. Its easy-to-
understand syntax encourages even finance professionals with minimal
coding experience to calibrate it into their workflows. Additionally, an
active global community constantly refines and expands Python's
capabilities, ensuring it remains in sync with the ever-evolving finance
world.

Emerging paradigms such as Machine Learning and Artificial Intelligence

in finance also see an upsurge in Python usage. Python's arsenal of
sophisticated libraries like TensorFlow and PyTorch accommodates these
cutting-edge technologies, enabling finance professionals to explore
predictive modelling, natural language understanding, pattern recognition,
thus driving better strategic decisions.

Recognizing this significance, leading financial institutions worldwide from

Goldman Sachs to J.P.Morgan have integrated Python into their day-to-day
operations. Younger tech-driven firms and fintech startups embrace Python
for its fluidity between complex computations and web development tasks.

While we admire Python's prominence, we cannot overlook the ethical

considerations that emerge with such technological influence. Maintaining
data confidentiality, integrity, and ensuring reliable and unbiased results are
paramount. These concerns are valid and require a riveting discourse, as we
shall see in the latter part of this book.

Python's position in today's finance world is indomitable, catalyzing a

technological revolution in financial analysis. This book will unravel
Python's multifaceted brilliance in finance, simplifying its complexities, and
making it an accessible and essential tool for every finance professional.
Let's embark on this transformative journey, where Python becomes an
extension of a finance professional's thinking process, mirroring their
aspirations and insights with its computational dynamism.
 CHAPTER 2: SETTING UP
YOUR PYTHON
ENVIRONMENT
Installing Python - A Smooth
Beginning
Navigating the realm of financial analysis with Python necessitates an
initial step—installing Python. It's a straightforward procedure that sets the
stage for all the remarkable analysis you will perform. Think of it as
establishing a robust foundation on which you'll erect an edifice of
insightful financial vibes.

So, how to install Python? Regardless of your operating system—Windows,

macOS, or Linux—the method is smooth and direct. Upfront, ensure you
are installing the most recent version of Python (currently Python 3.x) to
avail yourself of the newest features and security updates.

For Windows and macOS users, download the executable installer from
Python's official website. Upon initiation, check the box affirming that
Python is added to the PATH. This step streamlines how your computer
locates Python for running scripts. Proceed with the on-screen installation
instructions—agreeing to license terms and finally clicking on the "install"
button. It's all you need for a smooth sail into the land of Python.

Linux users might find Python pre-installed. Verify this by typing 'python3 -
-version' in your terminal. In case you don't find Python preinstalled or
require a version upgrade, you can easily fetch it through your distribution's
package manager. The exact commands differ, but they generally encode
'sudo apt-get install python3' or 'sudo yum install python3', followed by the
enter key.

Installation is merely the opening act in this performance. A vibrant Python

atmosphere also necessitates an Integrated Development Environment
(IDE). An IDE is not merely a text editor—it's an encompassing hub of
code writing, execution, debugging, and testing. Python provides its simple
IDLE, but complex financial analysis may demand more powerful options.

From Anaconda-friendly Jupyter Notebooks, handy for dynamic financial

analysis and visualization, to PyCharm, an IDE favored for its smart
assistance and built-in debugger, there exists a broad vista depending on
your specific needs. It wouldn't be a stretch to consider your IDE a trusted
collaborator, assisting you through every twist and turn of coding
adventure. We will deliberate further on IDE selection in the coming
sections.

Python’s potential is capitalized by a miscellany of libraries and how to

install them effectively is another keystone in Python setup. They
encompass everything from data manipulation with pandas, scientific
computing with NumPy, to data visualization with matplotlib, seaborn, or
plotly. Each library enhances Python's capabilities, meshing perfectly with
financial analysis.

Installing a library is as effortless as it can get. The Python Package

Installer (pip), installed concurrently with Python, will be your chariot in
this context. To install a library like pandas, type 'pip install pandas' on your
command line and voila! The facility of installing libraries is almost poetic.

Finally, we touch upon the spine of financial data—APIs. They serve as

gateways to a treasure trove of real-time financial data. Understanding API
and their integrations will have profound impacts on your journey. More on
this later.

Setting up Python is like building a tool kit. The process involves careful
selections that tailor to your research and coding style while engraining a
comprehension of where and how to use each tool. So here's to a smooth
Other documents randomly have
different content
The Project Gutenberg eBook of Anne Page
 This ebook is for the use of anyone anywhere in the United
States and most other parts of the world at no cost and with
almost no restrictions whatsoever. You may copy it, give it away
or re-use it under the terms of the Project Gutenberg License
included with this ebook or online at www.gutenberg.org. If you
are not located in the United States, you will have to check the
laws of the country where you are located before using this
eBook.

Title: Anne Page

Author: Netta Syrett

Release date: February 22, 2024 [eBook #73015]

Language: English

Original publication: New York: John Lane, 1909

Credits: MWS, Terry Jeffress and the Online Distributed

Proofreading Team at https://www.pgdp.net (This file
was produced from images generously made available
by The Internet Archive/American Libraries.)

*** START OF THE PROJECT GUTENBERG EBOOK ANNE PAGE

***
ANNE PAGE
 ANNE PAGE
BY

NETTA SYRETT
AUTHOR OF “THE CHILD OF PROMISE,” ETC.

NEW YORK
JOHN LANE COMPANY
MCMIX
 PRINTED BY
WILLIAM CLOWES AND SONS, LIMITED
LONDON AND BECCLES

All rights reserved

 ANNE PAGE

I
At the hour between sunset and twilight Miss Page was generally to
be found in her garden.
The long irregular front of Fairholme Court faced the west, and
before it, through the interminable evenings of summer, was spread
the pageant of the sunset, the quiet glory of the after-glow, and
finally the transition, mysterious, indefinably subtle, from the light of
day, to the vaporous purple of night.
It was at this quiet end of evening that the garden, always
beautiful, took on an added grace, the dream-like delicate charm
which belongs to the enchanted places of the earth—places such as
Corot knew, and with a magic equal to their own, has transferred
upon canvasses which hold for ever the glamour of the dawn or the
mystic spell of twilight.
The house, built originally in the last years of Elizabeth, and
enlarged in succeeding reigns, was a medley of incongruous
architecture, resulting in a style delightful and fantastic enough for a
dwelling in a fairy tale. The latest wing, added in Georgian days, its
red brick toned now to a restful mellow colour, imparted an air of
formal stateliness to the irregular but charming structure.
Roses wreathed the latticed window-panes of the older part of
the house; clematis rioted over part of the roof and climbed the
chimney-stacks. On the sunny walls of the later wing a vine had
been trained.
The door of the panelled hall in the middle of the house opened
upon a square of flagstones, and level with these, a lawn, its
smoothness unspoilt by flower-beds, stretched to a sunk fence from
which meadowland, whose broad expanse was broken here and
there by groups of elms, extended far as the eye could see till its
verge touched the sunset sky.
On the lawn to the right of the house, one magnificent beech tree
swept the ground with its lower branches, and then soared
majestically towards the sky. On the left there was a group of
chestnuts. But, except for a small white fountain opposite the hall
porch, the lawn in its velvet softness was left unadorned.
The fountain Miss Page had brought back after one of her
periodical journeys to Italy. It was a slight, graceful thing, of delicate
workmanship, its thread of water falling from a fluted shell into a
square marble basin. It was a fountain beloved by the fan-tailed
pigeons, who from their dovecote behind the kitchen garden came to
it often to drink. When they perched on the edge of the shell, or
walked near it on the grass, their snowy tails outspread, a hint of
Italian courtyards, a sort of fragrance of Italy, was wafted into the
English garden.
All the flowers grew in secluded sheltered spots, protected by
high walls or hedges of yew.
Away from the lawn, behind the beech tree, a moss-grown wall
into which a little gate was set, gave promise of scent and colour
within—of a garden enclosed.
This particular enclosure, one of many, was known as the
“lavender garden.” It was arranged in the formal Dutch fashion—
divided into square beds filled with pink monthly roses, each bed
surrounded by a thick border of lavender. A sundial stood in the
midst, and against the sundial, her elbows resting upon its lichen-
stained plate, leant Anne Page, her face turned towards the lingering
sunset.
She was expecting friends to dinner, but unable to resist the
temptation of the garden, she had wandered from the drawing-room
into the sweet evening air. She wore a dress the colour of which, in
its shades of grey-green and purple, might have been suggested by
the lavender in the borders. It was a graceful flowing dress; beautiful
naturally, inevitably. Anne Page possessed the gift of surrounding
herself with everything that was exquisite, as simply as a flower
surrounds itself with leaves and dainty buds.
She was not a young woman. She had indeed travelled quite far
on the road that leads from youth to death.
It was even on record that a girl staying at the vicarage had
alluded to her as an old lady.
Every one had started with shocked surprise. None of Anne
Page’s friends were accustomed to consider her age.
To them, she was just “beautiful Miss Page.” In the same way,
one never thought of analyzing her appearance, nor of criticizing her
features. It would have seemed an impertinence. One felt vaguely
that she would have been quite as lovely without any, for her beauty
was like a rare effect of light that has no connection with the object it
transfigures.
Certainly her face had the delicacy of a white rose. Certainly her
eyes were blue; blue as cornflowers; blue as the sea. But they were
Miss Page’s eyes, and one instinctively compared them to lovely
natural things.
She turned her head as the gate creaked.
Burks, in a frilled apron and a becoming cap with streamers, was
hurrying up the path towards the sundial.
“There’s a carriage coming up the drive, ma’am,” she said.
“Thank you, Burks, I’ll come.”
The maid hastened back, her skirts ruffling the lavender borders,
and, gathering up the filmy folds of her own gown, her mistress
followed her.
At the gate, she turned for a last glance at the dying sunset sky.
On her way across the lawn, she noticed, with a thrill of pleasure,
the beauty of the trees, motionless, dreaming in the dusk. White and
slim in the half-light, the little fountain suggested to her a strayed
nymph, transfixed with surprise and fear to find herself so near the
haunts of man. Smiling at the fancy, Anne entered the drawing-room
by one of the long open windows, and waited for her guests.
In a few moments, Burks admitted the Vicar and his wife.
 The Reverend George Carfax was of the type already somewhat
vieux jeu, of the muscular school of Christianity.
Good-looking, clean-shaven, bullet-headed, his appearance was
rather that of a country squire than of a vicar of Christ. An excellent
cricketer, hearty in manner, sound in health, he was nevertheless the
ideal pastor for the rising generation of youths and maidens, whose
muscles were possibly better worth developing than their souls.
His wife was the dowdy little woman, who inevitably by a process
of natural selection becomes the mate of the muscular Christian.
In her first youth she had possessed the undistinguished
prettiness common to thousands of English girls whose character,
composed of negative qualities, renders them peculiarly acceptable
to the average self-assertive man.
Now, at forty-five, in spite of her family of children, her figure was
as spare and meagre as it had been at twenty, and the gown she
wore, a black silk, slightly cut out at the neck, and trimmed with
cheap coffee lace, was as dowdy as any of the dresses of her
girlhood.
Miss Page walked with a charming dignity, her long gown moving
over the floor with a soft frou-frou suggestive of silk, and cloudy
concealed frills. Her appearance as she bent towards the dowdy little
woman, made a contrast almost ludicrous, if it had not also been
somewhat pathetic.
Mrs. Carfax, innocent of contrasts and all they implied, took her
hand in both of hers with an affectionate movement, and in the
Vicar’s firm handshake, and in his hearty words of greeting, the
same evident liking for their hostess was expressed.
“Dr. and Mrs. Dakin,” said Burks, at the door, and again Miss
Page’s smile welcomed the new-comers.
She particularly liked the tall thin man who entered. Dr. Dakin
was a scholar and a dreamer, a man too unpractical by nature
adequately to cope with a profession eminently practical. The doctor
was only a partial success at Dymfield, where a man of the Vicar’s
stamp, genial, a trifle blustering, always cheerful, would have
inspired more confidence than the dreamy medical man, who did not
treat illness in the high-handed fashion unconsciously expected by
his patients.
 Only his success with one or two really serious cases in the
neighbourhood preserved for him some measure of respect, and a
general concurrence of opinion, that absent-minded as he appeared
before the milder forms of ailment, when it came to graver maladies,
Dr. Dakin was presumably to be trusted. To no one was his lack of
force and “push” a greater trial than to his wife, whose ambition for
her husband had been a London practice, and for herself a smart
amusing circle of acquaintances.
She was a pretty little woman of six or seven and twenty, with soft
dark hair, and a slim figure. Endowed with all the nervous energy her
husband lacked, she bore the traces of her discontent about her
well-shaped mouth, and in the expression, exasperated and
querulous of her brown eyes.
They softened into a wholly admiring glance however as they
rested on Miss Page.
“My dear lady,” she whispered, “that’s the most lovely dress I ever
saw in my life! Where do you get your things? And however do you
manage to look so delightful in them?”
Anne laughed.
“Let me return the compliment. You look charming, Madge.”
Mrs. Dakin blushed with pleasure, as she turned to shake hands
with Mrs. Carfax.
“We are waiting for another guest,” said Miss Page, sitting down
in one of the big, chintz-covered chairs. “Monsieur Fontenelle, who,
as I dare say you know, has just been made President of the
International Art Congress.”
Dr. Dakin looked up quickly from the examination of an
eighteenth-century fan, which he recognized as a new treasure in a
cabinet filled with ivories, enamel snuff-boxes, old lace, old treasures
of all kinds.
“Really?” he exclaimed. “That’s most interesting. The Monsieur
Fontenelle, in fact?”
“He’s a very old friend of mine,” said Anne.
“In England for the opening of the show next week, of course?”
“Yes. He’s been staying for a couple of days at The Chase, and
as he goes to London to-morrow I asked him to join us this evening.”
 To none of Anne’s visitors but the doctor was the Frenchman’s
name significant.
Dymfield was not interested in the world of art. Very few of its
inhabitants had ever heard of the International Art Congress, and
even if they had, it would have conveyed nothing to their minds.
Nevertheless, a tremor of excitement and curiosity passed over
the faces of Mrs. Carfax and Mrs. Dakin.
Strangers at Dymfield were rare, and a visitor who was staying at
The Chase, as the guest of Lord Farringchurch was on that account
alone, a distinguished if not an alarming personality.
“A Frenchman!” exclaimed Mrs. Carfax. “I hope he speaks
English?” she added below her breath.
“Oh, perfectly,” Anne assured her, as the door opened.
“Monsieur Fontenelle!”
Burks, who had frequently accompanied her mistress in foreign
travel, delivered the name with commendable swing and correctness
of accent.
The man who entered looked considerably younger than his
forty-seven years. Slight, still elegant in figure, his face possessed
the distinction of clear-cut features, combined with an expression
which only the charm of his smile saved from a suspicion of
arrogance.
His hair, a little white on the temples, was thick and slightly wavy.
His blue eyes, keen above a hawk-like nose, gleamed every now
and then with a trace of irony; that irony which has become habitual,
the recognized medium through which its possessor views the world.
A shrewd observer would have guessed the character represented
by such a face to be difficult and complex. Instinctively one knew that
François Fontenelle would be no very easy man to thwart; one
guessed also that he might be a man apt to form his own rules of
conduct, to carve his own path in life, without too much consideration
for the convenience or the paths of others.
As Miss Page rose and stretched out her hand, he stooped and
kissed it with the graceful ease of manner natural to a Frenchman.
Mrs. Carfax felt quite embarrassed.
“So foreign,” she thought; the phrase expressing unconscious
disapprobation.
 “Glad we haven’t those monkey tricks!” was her husband’s half-
formed mental exclamation.
Mrs. Dakin’s heart gave a curious little flutter for which she could
not account, except that she liked the manners of Frenchmen, and
was for the moment acutely conscious of the dulness of life.
To her husband, the action suddenly recalled the days of
Madame de Pompadour.
He glanced at the fan he still held, and his mind wandered to a
book of that lady’s period which he had long coveted, and had
hitherto been unable to obtain.
Absorbed in reverie, he missed Miss Page’s formal introduction,
and was only recalled to the present day by the general movement
following the announcement that dinner was served.
The dining-room at Fairholme Court, in the older part of the
house, was a long, low room with casement windows, and carved
beams supporting the ceiling.
In its midst the table sparkled with glass and silver, arranged with
studied care between the shaded candles in sconces of Sheffield
plate, and the crystal bowls of roses. It had the look of something
exquisite, something in fact which belonged to Miss Page, and was
marked with her individuality.
Mrs. Dakin made anxious notes. Her dinner-table never looked a
work of art, and in the intervals of her study of, and speculations
concerning Monsieur Fontenelle, she wondered why. Several times
her glance wandered to Miss Page, whose eyes were bright, and
whose faint pink colour was rather deeper than usual.
Did the Frenchman she wondered, represent Miss Page’s
romance? It was strange how little one knew about Miss Page.
Nothing, in fact. Mrs. Dakin realized the fact for the first time with a
little shock of surprise. But then one never expected Miss Page to
talk about her own affairs. Quite naturally, inevitably as it seemed,
one went to Miss Page for advice, for sympathy, for encouragement
about one’s self.
But this man must belong to the past life of her hostess, whatever
it had been—something charming, something gentle, since Miss
Page had lived it. Of course she had been loved. She was too pretty
not to have been loved. Had this man loved her perhaps? If so, why
had they not married?
Mrs. Dakin roused herself, and began to pay attention to the
conversation to which, so far, she had only contributed mechanical,
unheeding remarks. Indefinitely she felt that it was on a higher level
than usual; the sort of conversation to which Dymfield was
unaccustomed.
The Frenchman talked with the vivacity, the wealth of phrase and
imagery common to his race, and Miss Page talked too, eagerly,
fluently, leaning a little forward, as though enjoying a much-loved
rarely indulged delight.
Dr. Dakin, roused at last from his dreaming, also sat upright,
glancing from one to the other, throwing in now and again a question
or a comment which was often seized upon appreciatively to form
fresh material for conversation. Mrs. Dakin sat and wondered,
mystified, scarcely comprehending. The topics over which the talk
ranged, abstract subjects for the most part, illustrated by frequent
references to books;—novels, French novels mostly, of which she
sometimes just knew the titles, philosophy of which she had never
heard—belonged to a class of ideas which as yet had never
appeared upon her mental horizon. She was interested, as well as
overwhelmed, by a new view of her hostess. Miss Page, this brilliant
conversationalist, this subtle reasoner, to whose words the
Frenchman, himself so fluent, such an acute critic and thinker,
accorded a deference so obviously spontaneous and sincere! Miss
Page, who would spend hours in discussing the organization of a
mothers’ meeting, of a local flower show, of a Church bazaar. Miss
Page, to whom one applied for recipes for pot pourri, for dainty
invalid dishes, for remedies against chills. Miss Page, who
suggested the fashion for one’s new summer muslin, and cut out
night-shirts for the children in the Cottage Hospital!
“How we must bore her!” was Mrs. Dakin’s involuntary mental
exclamation. “And how well, how delightfully she disguises it,” was
her next reflection.
She remembered other dinners at Fairholme Court—dinners at
which the guests had discussed the new curate, the latest book of
Miss Marie Corelli, the village cricket match, the fund for the new
organ.
She remembered Miss Page’s gracious charm of manner on
these occasions, her apparent interest in each of these trivial topics.
Even now, surprised, uncomprehending as she was with regard
to most of the conversation, she did not fail to remark the tact which
with a word, with a question easy to answer, she kept three of her
guests, at least, ostensibly within the pale of the conversation.
“It’s quite fair. We are evenly matched, to-night. Our stupidity has
always outweighed her intelligence before, so she never had a
chance,” thought Mrs. Dakin. The bitterness of the reflection was
caused by the conviction that it was ignorance, not lack of ability,
which kept her, at least, out of discussions which interested her. Mrs.
Dakin was one of those women whom mental laziness, not lack of
brain quality, goes far to ruin. Her mind, naturally active and restless,
was unemployed. She had never trained herself to think. To-night,
with sudden self-recognition, she regretted both circumstances.
Harry, she noticed it with a curious sensation, half jealousy, half
pride, was not out of the talk. He was no conversationalist, but he
understood, he appreciated, he contributed. That his point of view
was valuable, she knew by the brightening of Miss Page’s eyes
when he spoke; by an occasional vivacious affirmative nod from
Monsieur Fontenelle.
An idea, odd, staggering in its novelty, occurred to her.
“Perhaps I bore Harry?”
Never before had this aspect of affairs presented itself to her
consciousness, and the notion passed like a flash.
The conviction that the exhausting mental ailment of boredom
belonged by right to her alone, was too firmly established to be upset
by a fugitive ridiculous fancy.
Again she listened.
The Frenchman’s eloquence and vivacity amused and excited
her. He spoke rapidly, and though the words were English,
pronounced with only the slightest foreign accent, their use, their
handling was French.
Never before, for instance, had she heard any one utter at length
a panegyric such as that to which she was now listening. It was
evoked by the name of an author of whom she had never heard, and
it was the sort of thing which in a book she was accustomed to skip.
Spoken with the ease and certainty which indicated a natural habit of
fluent speech, it amazed and impressed her.
Never before had she guessed that Miss Page was witty. Wit at
Dymfield was not understood; it was ignored, passed over in silence
disapproving because uncomprehended. Quicker than her
neighbours, Mrs. Dakin realized that in an argument on a play of
Bernard Shaw’s which Monsieur Fontenelle had recently seen in
America, Miss Page was saying good things. In opposing his view,
her raillery, delicate and ingenious, brought a frequent smile to his
lips, and more than once an appreciative burst of laughter.
Mr. Carfax, who had never heard of Bernard Shaw, asked for the
story of the play.
His hostess told it in a few words. That they were in every respect
well chosen, Mrs. Dakin, who had also never read the works of the
latter-day apostle, guessed from a faint smile of admiration, which at
various points in the narrative lighted the Frenchman’s face. Mr.
Carfax nodded his head approvingly when she ceased.
“Very good, I should say. Full of common sense and right views.
We want some one to elevate the stage; and I’m glad this man,
what’s his name? Ah! Shaw—is a Britisher. I believe in home-grown
literature; something that expresses the character of the English
people. A fine, sturdy character; the best in the world.”
Miss Page rose without looking at Monsieur Fontenelle, whose
smile, for greater safety, had taken refuge in his eyes.
Mrs. Dakin and Mrs. Carfax followed her into the drawing-room,
and as though stricken with fear lest the dinner-table topics had
resulted in dissatisfaction for her guests, she moved close to Mrs.
Carfax.
“I saw Sylvia, to-day, looking so pretty,” she began in her gentle,
caressing voice.
Mrs. Carfax bridled, half pleased, half unwilling to accept a
compliment on behalf of a daughter who was unsatisfactory.
“Looks don’t matter so much as right behaviour,” she returned.
“She displeases her father very much with what he calls her
advanced ideas. I don’t know what they are, I’m sure, except wanting
to get away from a good home. I wish you would speak to her, Miss
Page. She thinks so much of you. You might bring her to her
senses.”
“Poor little Sylvia,” said Miss Page, softly. “She’s very young, my
dear—and she’s a sweet child at heart. Do ask her to come to tea
with me to-morrow.”
“I think your French friend is most interesting,” remarked Mrs.
Dakin, suddenly, putting down her coffee cup, and taking a seat
beside Anne on the sofa.
Her hostess turned to her with a pleased smile.
“I’m so glad. You are always appreciative, Madge.”
“I never heard any one talk like you two,” continued Mrs. Dakin,
slowly.
“I’m afraid we talked too much.” The quick colour sprang to her
cheeks. “I hope you weren’t bored?” She included the two women in
a swift, apologetic glance. “Talking too much is an old habit of mine,
a habit of long ago, which revives when I see François. I——” she
paused suddenly.
“I was never so interested in my life,” said Mrs. Dakin, with such
obvious sincerity that Anne’s face cleared.
“Very clever, I’m sure. Very clever,” murmured Mrs. Carfax. “Tell
me, my dear, what shall I do about Emma? The girl gets worse and
worse. She’s no good at all as a parlourmaid. I’ve been thinking
about her all dinner-time, and wondering whether I should give her
notice, or whether——”
The entrance of the three men interrupted the heart-searchings of
Mrs. Carfax.
Monsieur Fontenelle stood a moment just within the door. His
eyes fell upon Mrs. Dakin, who sat in the corner of the sofa, her
slender little figure in its white dress showing to advantage against
its coloured background.
A tremor of pleasure shook her as he drew up a chair of gilded
cane, and leaning over the arm of the sofa, began to talk to her.
Mr. Carfax and Dr. Dakin, who both made simultaneously for Miss
Page’s corner of the room, were met by her with a little amused
laugh, to which each responded.
 “We can’t both talk to her,” declared Mr. Carfax, “because of
course we each want her advice.”
“I yield to you,” said the Doctor, characteristically. “But you
mustn’t keep her too long.”
“Time passes all too quickly with Miss Page,” returned Mr. Carfax,
with his hearty laugh. “I can make no promises.”
“Do you really want to consult me?” asked his hostess, turning to
him with her flattering air of undivided, interested attention.
“About many things. There’s that case of Mrs. O’Malley’s. It’s
really very difficult. Now, what would you advise?” He recounted at
length a conversation he had lately held with the drunken old
woman, on the circumstances of whose life, though upon this point
she was silent, Miss Page’s knowledge was considerably fuller than
his own.
She listened thoughtfully, and suggested a different method of
attack.
“Thank you,” said the Vicar, his brow clearing. “I never thought of
that.”
“Anything else?” asked Miss Page.
“Oh well, yes; but I haven’t time for that now. I must come some
other day. I want to have a long talk with you about Sylvia. I can’t
make the girl out.” He frowned. “She’s so restless and discontented.
I can’t imagine why she doesn’t settle down and be of some little
assistance to her mother. The girl annoys me. I have no patience
with the modern shirking of home duties.”
“Dear little Sylvia!” repeated Miss Page. “She’s coming to tea with
me to-morrow. I always like talking to Sylvia. She’s so pretty and
charming.”
Mr. Carfax looked a little mollified. “There’s Dakin thinking I’ve
overstepped my time-limit,” he declared. “Come along, Dakin, your
innings now.”
The doctor approached Miss Page’s chair, a smile on his long
thin face.
“I only want you to show me your latest toys,” he said, glancing at
the cabinet. “I see you have one or two new things there.”
She rose with alacrity, and in a few moments they were bending
over and discussing a piece of Battersea enamel.
 Dr. Dakin, also an enthusiastic collector, was especially
interested in the dainty trifles of the eighteenth century, which Anne
too loved. It was a period which specially appealed to him, and the
conversation passing from the frail things they handled—fans
painted on chicken-skin, ivories, patch-boxes—soon extended to
books, many of which he found Anne possessed.
Their conversation became engrossing, and Mrs. Dakin turned to
her companion with a laugh.
“My husband is very happy,” she remarked.
“No wonder,” he returned. “Every one is happy with Miss Page.”
“And she’s so pretty, isn’t she?”
“The most beautiful woman of my acquaintance,” he replied
gravely. “Because she has acquired her beauty—secreted it, in the
same marvellous way that from hidden cells a rose draws its colour
and its sweetness.”
Mrs. Dakin glanced at him curiously. “It takes a Frenchman to say
that. But it describes Miss Page,” she added.
She hesitated a moment, curiosity very strong within her.
“You have known her a long time? Many years?” she asked.
“I first met sweet Anne Page twenty years ago, in this very
house.”
He smiled, a quiet reminiscent smile.
“And she wasn’t young even then!” exclaimed Mrs. Dakin,
involuntarily.
“Pardon me. Anne Page was always young, in the sense that the
brooks and the hawthorn-trees and the roses are always young.”
The smile was still on his lips, and Mrs. Dakin blushed.
“Oh yes, I know,” she began hurriedly. “One never thinks of age
with regard to her. I didn’t mean that exactly.”
“He must have been in love with her!” The idea ran into the
undercurrent of her thoughts. “Perhaps he is still. It would be awfully
romantic. And not absurd at all,” she added, as a sudden mental
supplement. “Sweet Anne Page is quite pretty.”
Aloud, still impelled by irresistible curiosity, she went on asking
questions.
“But this house didn’t belong to her then, did it? We haven’t been
at Dymfield long enough, of course, but the old people in the village