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figures, why not multiply by ten? The result is so much more satisfactory."

This sounded so plausible that Mr. Birdlip felt ashamed to ask how it was to be done.

"Will you have a cigar, sir?" asked Sanford, handing out the only one with a band on it. Mr. Birdlip accepted it, and looked as though he were about to ask a question. Sanford went on rapidly.

"Speaking of circulation," he said, "when I am consulted I am always surprised to note that newspaper proprietors are so prone to view the matter merely as a question of distribution; of—well, of merchandising," he added, as his eye fell upon that word in his copy of System. "Indeed it rests upon quite another basis. The essence of merchandising" (he repeated the word with relish, noting its soothing effect on his employer) "is what?"

He made a dramatic pause, and Mr. Birdlip, carried away, wondered what indeed was the essence.

"The essence of merchandising," said Sanford (he smote the arm of his chair, and leaned forward in emphasis), "and by merchandising I mean of course in the modern sense, merchandising on a big scale, is nothing but Confidence. Confidence, an impalpable thing, a state of mind. Now, sir,