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unfortunate stripling with only two pleasures in life, to love his mother and to knock the heads off other youths whose weight coincided with his own; and misfortune, until we took him up, had barred him almost completely from the second pastime. Our editorial heart was melted. We adopted Comrade Brady. And look at him now! Matched against Eddie Wood! And Comrade Waterman will support me in my statement that a victory over Eddie Wood means that he gets a legitimate claim to meet Jimmy Garvin for the championship."

"It is abominable," burst forth Mr. Wilberfloss. "It is disgraceful. I never heard of such a thing. The paper is ruined."

"You keep reverting to that statement, Comrade Wilberfloss. Can nothing reassure you? The returns are excellent. Prosperity beams on us like a sun. The proprietor is more than satisfied."

"The proprietor?" gasped Mr. Wilberfloss. "Does he know how you have treated the paper?"

"He is cognisant of our every move."

"And he approves?"

"He more than approves."

Mr. Wilberfloss snorted.

"I don't believe it," he said.

The assembled ex-contributors backed up this statement with a united murmur. B. Henderson Asher snorted satirically.

"They don't believe it," sighed Psmith. "Nevertheless, it is true."

"It is not true," thundered Mr. Wilberfloss, hopping to avoid a perambulating cat. "Nothing will convince me of it. Mr. Benjamin White is not a maniac."

"I trust not," said Psmith. "I sincerely trust not. I have every reason to believe in his complete sanity. What makes you fancy that there is even a possibility of his being—er—?"

"Nobody but a lunatic would approve of seeing his paper ruined."

"Again!" said Psmith. "I fear that the notion that this journal is ruined has become an obsession with you, Comrade Wilberfloss. Once again I assure you that it is more than prosperous."

"If," said Mr. Wilberfloss, "you imagine that I intend to take your word in this matter, you are mistaken. I shall cable Mr. White to-day, and inquire whether these alterations in the paper meet with his approval."

"I shouldn't, Comrade Wilberfloss. Cables are expensive, and in these hard times a penny saved is a penny earned. Why worry Comrade White? He is so far away, so out of touch with our New York literary life. I think it is practically a certainty that he has not the slightest inkling of any changes in the paper."

Mr. Wilberfloss uttered a cry of triumph.

"I knew it," he said, "I knew it. I knew you would give up when it came to the point, and you were driven into a corner. Now, perhaps, you will admit that Mr. White has given no sanction for the alterations in the paper?"

A puzzled look crept into Psmith's face.

"I think, Comrade Wilberfloss," he said, "we are talking at cross-purposes. You keep harping on Comrade White and his views and tastes. One would almost imagine that you fancied that Comrade White was the proprietor of this paper."

Mr. Wilberfloss stared. B. Henderson Asher stared. Every one stared, except Mr. Jarvis, who, since the readings from the Kid's reminiscences had ceased, had lost interest in the discussion, and was now entertaining the cats with a ball of paper tied to a string.

"Fancied that Mr. White . . .?" repeated Mr. Wilberfloss. "I don't follow you. Who is, if he isn't?"

Psmith removed his monocle, polished it thoughtfully, and put it back in its place.

"I am," he said.







CHAPTER XXIX — THE KNOCK-OUT FOR MR. WARING

"You!" cried Mr. Wilberfloss.

"The same," said Psmith.

"You!" exclaimed Messrs. Waterman, Asher, and the Reverend Edwin Philpotts.

"On the spot!" said Psmith.

Mr. Wilberfloss groped for a chair and sat down.

"Am I going mad?" he demanded feebly.

"Not so, Comrade Wilberfloss," said Psmith encouragingly. "All is well. The cry goes round New York, 'Comrade Wilberfloss is to the good. He does not gibber.'"

"Do I understand you to say that you own this paper?"

"I do."

"Since when?"

"Roughly speaking, about a month."

Among his audience (still excepting Mr. Jarvis, who was tickling one of the cats and whistling a plaintive melody) there was a tendency toward awkward silence. To start bally-ragging a seeming nonentity and then to discover he is the proprietor of the paper to which you wish to contribute is like kicking an apparently empty hat and finding your rich uncle inside it. Mr. Wilberfloss in particular was disturbed. Editorships of the kind which he aspired to are not easy to get. If he were to be removed from Cosy Moments he would find it hard to place himself anywhere else. Editors, like manuscripts, are rejected from want of space.

"Very early in my connection with this journal," said Psmith, "I saw that I was on to a good thing. I had long been convinced that about the nearest approach to the perfect job in this world, where good jobs are so hard to acquire, was to own a paper. All you had to do, once you had secured your paper, was to sit back and watch the other fellows work, and from time to time forward big cheques to the bank. Nothing could be more nicely attuned to the tastes of a Shropshire Psmith. The glimpses I was enabled to get of the workings of this little journal gave me the impression that Comrade White was not attached with any paternal fervour to Cosy Moments. He regarded it, I deduced, not so much as a life-work as in the light of an investment. I assumed that Comrade White had his price, and wrote to my father, who was visiting Carlsbad at the moment, to ascertain what that price might be. He cabled it to me. It was reasonable. Now it so happens that an uncle of mine some years ago left me a considerable number of simoleons, and though I shall not be legally entitled actually to close in on the opulence for a matter of nine months or so, I anticipated that my father would have no objection to staking me to the necessary amount on the security of my little bit of money. My father has spent some time of late hurling me at various professions, and we had agreed some time ago that the Law was to be my long suit. Paper-owning, however, may be combined with being Lord Chancellor, and I knew he would have no objection to my being a Napoleon of the Press on this side. So we closed with Comrade White, and—"

There was a knock at the door, and Master Maloney

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