of every mill in Lancashire. The last state
of the Empire might be worse than the first."

"It wouldn't be serious. If I pinched Stella's leg as I'm going to in a
minute, she will no doubt kick me; and her instincts are such that she
will probably kick me with the leg I pinched, but that won't prevent our
going to the football match together tomorrow and presenting a united
front to the world."

They all laughed, and Stella pulled down her lengthening petticoats with
an air of great offence, but John Murchison shook his head.

"If they manage it, they will be clever," he said.

"Talking of Lancashire," said Williams, "there are some funny fellows
over there writing in the Press against a tax on foreign cotton because
it's going to ruin Lancashire. And at this very minute thousands of
looms are shut down in Lancashire because of the high price of cotton
produced by an American combine--and worse coming, sevenpence a pound
I hear they're going to have it, against the fourpence ha'penny they've
got it up to already. That's the sort of thing they're afraid to
discourage by a duty."

"Would a duty discourage it?" asked John Murchison.

"Why not--if they let British-grown cotton in free? They won't
discourage the combine much--that form of enterprise has got to be
tackled where it grows; but the Yankee isn't the only person in the
world that can get to understand it. What's to prevent preferential
conditions creating British combines, to compete with the American
article, and what's to prevent Lancashire getting cheaper cotton in
consequence? Two combines are better than one monopoly any day."

"May be so. It would want looking into. We won't see a duty on cotton
though, or wool either for that matter. The manufacturers would be
pleased enough to get it on the stuff they make, but there would be a
fine outcry against taxing the stuff they use."

"Did you see much of the aristocracy, Mr Murchison?" asked Mrs Williams.

"No," replied Lorne, "but I saw Wallingham."

"You saw the whole House of Lords," interposed Stella, "and you were
introduced to three."

"Well, yes, that's so. Fine-looking set of old chaps they are, too.
We're a little too funny over here about the Lords--we haven't had to
make any."

"What were they doing the day you were there, Lorne?" asked Williams.

"Motorcar legislation," replied Lorne. "Considerably excited about it,
too. One of them had had three dogs killed on his estate. I saw his
le