It was not to be expected that Mr Quarmby, inveterate chatterbox of the Reading-room and other resorts, should keep silence concerning what he had heard of Mr Rackett's intentions. The rumour soon spread that Alfred Yule was to succeed Fadge in the direction of The Study, with the necessary consequence that Yule found himself an object of affectionate interest to a great many people of whom he knew little or nothing. At the same time the genuine old friends pressed warmly about him, with congratulations, with hints of their sincere readiness to assist in filling the columns of the paper. All this was not disagreeable, but in the meantime Yule had heard nothing whatever from Mr Rackett himself and his doubts did not diminish as week after week went by.

The event justified him. At the end of October appeared an authoritative announcement that Fadge's successor would be—not Alfred Yule, but a gentleman who till of late had been quietly working as a sub-editor in the provinces, and who had neither friendships nor enmities among the people of the London literary press. A young man, comparatively fresh from the university, and said to be strong in pure scholarship. The choice, as you are aware, proved a good one, and The Study became an organ of more repute than ever.

Yule had been secretly conscious that it was not to men such as he that positions of this kind are nowadays entrusted. He tried to persuade himself that he was not disappointed. But when Mr Quarmby approached him with blank face, he spoke certain wrathful words which long rankled in that worthy's mind. At home he kept sullen silence.

No, not to such men as he—poor, and without social recommendations. Besides, he was growing too old. In literature, as in most other pursuits, the press of energetic young men was making it very hard for