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culation rise. Of course the right kind of editors must be very highly paid."

This was a strange doctrine to Mr. Birdlip, who never read the editorial page of his own paper, and secretly wondered how the editors found so much to write about.

"The great error that so many newspaper owners make," said Sanford, sonorously, "is to think of their product as they would of any other article of commerce which is turned out day by day, in standardized units, from a factory. A newspaper is not standardized. It is born anew every issue. It is not a manufacturing routine that puts it together: it is a human organism, built up out of human brains. Every unit is different. It depends not primarily on machinery but on human personalities. I cannot understand why it is that newspaper owners yearn for the finest and most modern presses, and yet are often content to staff their journals with second-rate men."

"I agree with you," said Mr. Birdlip. "It is all a question of getting the right man. That is one reason why I am so fond of travelling; I always meet up with new ideas. Now, sir (I am sorry I do not know your name, for your face is rather familiar; I think I must have met you at