An opportunity arises to invest in a risky gold-mining venture, highlighting the clash between Jolyon's cautious approach and the board's aggressive stance on profit above all. James and Soames are further convinced he is entirely at odds with the firm's objectives and their attempts to oust him intensify. Irene contends with her new reality of destitution by seeking employment, while Soames tries to alleviate her anguish by taking her on various outings.

Jolyon assures Frances and June he has cut ties with Louisa. Frances resumes her efforts to secure Horatio for June. In Paris, Soames realises he doesn't fit in with Irene's friends.