ey were as puzzled as puzzled could be,
With a down;
And one of them said to his mate,
'We've got these mems in a doose of a state,'
With a down derry, derry down!

"Oh, they were wild, these oarsmen three,
Down, a-down, a-down--hey down!
Especially one with the white puggree,
With a down;
For it's precious hard to divide by three
A sum on whose total you can't agree,
With a down derry, derry down!

"They bit their pencils and tore their hair,
Down, a-down, a-down--hey down!
But those blessed bills, they wouldn't come square,
With a down;
'Midst muddle and smudge it is hard to fix
If a six is a nine or a nine is a six,
With a down derry, derry down!

"A crumpled account from a pocket of flannel
Down, a-down, a-down--hey down!
With dirt in dabs, and the rain in a channel,
With a down,
Is worse to decipher than uniform text,
Oh, that is the verdict of oarsmen vext,
With a down derry, derry down!

"A man in a boat his ease will take,
Down, a-down, a-down--hey down!
But financial conscience at last will wake,
With a down;
Then Nemesis proddeth the prodigal soul
When he finds that the parts are much more than the whole,
With a down derry, derry down!

"Those oarsmen are having a deuce of a time,
Down, a-down, a-down--hey down!
The man in the puggree is ripe for crime,
With a down.
Now heaven send every boating man
For keeping accounts a more excellent plan,
With a down derry, derry down!"

So pencilled poet Milliken. "The man in the puggree" is Sir John,--ripe
for many years to come, and when he has another banquet, may I be there
to see.

_The Two Pins Club_ was a _Punch_ institution.

Original notice of

"THE TWO PINS CLUB.

"There are Coaching Clubs, Four-in-hand Clubs, Tandem Clubs, and
Sporting Clubs of all sorts, but there is no _Equestrian Club_.

"The object of the present proposed Club is to supply this want.

"The Members will meet on Sundays, and ride to some place within
easy reach of town: there lunch, spend a few hours, and return.

"Due notice will be given of each 'Meet,' and replies must be sent in to
the Secretary by Wednesday afternoon at latest. When it is considered
necessary