Act I The scene is a drawing-room of the
Hotel de Paris Monte-Carlo. Lady Mereston wants her brother Paradine Fouldes to stop her son Charles's affair with Lady Frederick: she is 15 years his senior, and in debt. Lady Frederick tells the Admiral that her brother Gerald wants to marry his daughter Rose. The Admiral, knowing that Gerald is a gambler, disapproves. Paradine Fouldes once had an affair with Lady Frederick. He has a long conversation with her about her possibly marrying Charles; saying "I'm going to play this game with my cards on the table," she replies "You're never so dangerous as when you pretend to be frank." Eventually Lady Frederick, saying "you've not seen my cards yet," produces love-letters from Charles's late father to a singer at the
Folies Bergère. She invites Paradine to burn them, but he declines, saying "It's not fair to take an advantage over me like that. You'd bind my hands with fetters." Captain Montgomerie asks Lady Frederick to marry him; Gerald later tells her that it was because he is in debt to Montgomerie.
Act II The same scene as Act I. Lady Frederick has found that her creditor has sold the debt, and does not know who now has it; this increases her anxiety. Fouldes suggests getting out of debt by selling him the love-letters (produced in Act I). Lady Frederick's dressmaker, to whom she owes money, comes in. Lady Frederick tells her she regards her as one of her best friends; flattered, the dressmaker refuses to accept the cheque she starts to write. Montgomerie talks to Lady Frederick: it emerges that he has bought her debts. He says he wants to get into fashionable society; if she marries him, he will burn the bills and Gerald's IOU. Charles tells Lady Mereston and Fouldes that he knows of Fouldes' affair with Lady Frederick – he thinks she did not really love him. When Lady Mereston produces a letter written by Lady Frederick which seems to show that she was someone's mistress. Charles believes her explanation of the letter, that there was no affair. Lady Frederick burns the love-letters (produced in Act I), so she never has the temptation to use them. She says she wants nothing to do with Charles. But Charles asks her to marry him.
Act III The scene is Lady Frederick's dressing room. Charles arrives to hear Lady Frederick's answer, and is shown to her dressing room. She has her hair done by her maid, and makes up her face: this is her answer, she says, to his proposal; if she married him, she would have to continue trying to appear youthful. The Admiral has given Gerald a cheque for the money owed to Montgomerie; his gambling debts settled, Gerald can marry Rose. The Admiral asks Lady Frederick to marry him. When Montgomerie comes in for the money she owes him, she prevaricates, saying she has already sent it. Eventually Fouldes gives Montgomerie a cheque to settle the debt. Finally, Fouldes talks to Lady Frederick. He is glad she burnt the letters, which, he says, she did in spite of being provoked by his sister Lady Mereston; he says they should get married, and she consents. ==Epigrams==