THE PERSONAL EQUATION.

Dick (who hasn't sold a single Picture this year). "AND AS FOR THE BEASTLY BRITISH PUBLIC, NOTHING REALLY GOOD EVER GOES DOWN WITH IT—NOTHING BUT VULGAR ROT!"

Tom (who has sold every Picture he has painted). "OH, BOSH AND GAMMON, MY DEAR FELLOW. GOOD HONEST WORK IS ALWAYS SURE OF ITS MARKET—AND ITS PRICE!"