“Oh? But I thought that the truth, regardless of consequences, was our motto?”

“Of course—without fear or favour in a sense—but where there are extra risks——”

What did this slow-coach of a man mean?——”What risks?” Amory asked abruptly.

“Well, say risks to Cosimo as proprietor.”

“You mean he might lose his money?” she said, with a glance round the satiny triceps and the apple-bud of an elbow.

“Well—does he want to lose his money?—What I mean is, that we aren’t paying our way—we’ve scarcely any advertisements, you see——”

“I think that what you mean is that we ought to become Liberals?” There was a little ring in Amory’s voice.

Mr. Strong made no reply.

“Or Fabians, perhaps?”

Still Mr. Strong did not answer.