forwards, carrying loads of men over to the Berkshire side.
The university barge, and all the other barges, were decked with
flags, and the band was playing lively airs as the St. Ambrose
crew reached the scene of action.

No time was lost in the dressing-room, and in two minutes they
were all standing in flannel trousers and silk jerseys at the
landing-place.

"You had better keep your jackets on," said the Captain; "we
sha'n't be off yet."

"There goes Brazen-nose."

"They look like work, don't they?"

"The black and yellow seems to slip along so fast. They're no end
of good colors. I wish our new boat was black."

"Hang her colors, if she's only stiff in the back, and don't
dip."

"Well, she didn't dip yesterday; at least, the men on the bank
said so."

"There go Baliol, and Oriel, and University."

"By Jove, we shall be late! Where's Miller?"

"In the shed, getting the boat out. Look, here's Exeter."

The talk of the crew was silenced for the moment as every man
looked eagerly at the Exeter boat. The Captain nodded to Jervis
with a grim smile as they paddled gently by.

Then the talk began again, "How do you think she goes?"

"Not so badly. They're very strong in the middle of the boat."

"Not a bit of it; it's all lumber."

"You'll see. They're better trained than we are. They look as
fine as stars."

"So they ought. They've pulled seven miles to our five for the
last month, I'm sure."

"Then we sha'n't bump them."

"Why not?"

"Don't you know that the value of products consist in the
quantity of labor which goes to produce them? Product pace over
course from Iffley up. Labor expended, Exeter 7; St. Ambrose, 5.
You see it is not in the nature of things that we should bump
them--Q.E.D."

"What moonshine! as if ten miles behind their stroke are worth
two behind Jervis!"

"My dear fellow, it isn't my moonshine; you must settle the
matter with the philosophers. I only apply a universal law to a
particular case."

Tom, unconscious of the pearls of economic lore which were being
poured out for the benefit of the crew, was watching the Exeter
eight as it glided away towards the Cherwell. He thought they
seemed to keep horribly good time.

"Halloa, Drysdale; look, there's Jack going across in one of the
punts."

"Of course it is. You don't suppose he would go down to see the
race."

"Why won't Miller let us start? Almost all the boats are off."

"There's plenty of time. We may just