science. You, my dear, to——"

She would have said to "Political Economy," but a thought checked her. For a singular thing had happened only the day before. This friend of hers, this Angela Messenger, who had recently illustrated the strength of women's intellect by passing a really brilliant examination in that particular science, astonished her friends at a little informal meeting in the library by an oration. In this speech she went out of her way to pour contempt upon Political Economy. It was a so-called science, she said—not a science at all: a collection of theories impossible of proof. It treated of men and women as skittles, it ignored the principal motives of action, it had been put together for the most part by doctrinaires who lived apart, and knew nothing about men and less about women, and it was a favorite study, she cruelly declared, of her own sex, because it was the most easily crammed and made the most show. As for herself, she declared that for all the good it had done her, she might just as well have gone through a course of æsthetics or studied the symbols of advanced ritualism.

Therefore, remembering the oration, Constance Woodcote hesitated. To what Cause (with a capital C) should Angela Messenger devote her life?

"I will tell you presently," said Angela, "how I shall begin my life. Where the beginning will lead me, I cannot tell."

Then there was silence for a while. The sun sank lower and the setting rays fell upon the foliage, and every leaf showed like a leaf of gold, and the river lay in shadow and became ghostly, and the windows of Trinity Library opposite to them glowed, and the New Court of St. John's at their left hand became like unto the palace of Kubla Khan.

"Oh!" sighed the young mathematician. "I shall never be satisfied till Newnham crosses the river. We must have one of these colleges for ourselves. We must have King's. Yes, King's will be the best. And oh! how differently we shall live from the so-called students who are now smoking tobacco in each other's rooms, or playing billiards, or even cards—the superior sex!"

"As for us, we shall presently go back to our rooms, have a cup of tea and a talk, my dear. Then we shall go to bed. As regards the men, those of your mental level, Constance, do not, I suppose, play billiards; nor do they smoke tobacco. Undergraduates are not all students, remember. Most of them are nothing but mere pass-men who will become curates."

Two points in this speech seem to call for remark. First, the singular ignorance of mankind, common to all women, which led the girl to believe that a great man of science is superior to the pleasures of weaker brethren; for they cannot understand the delights of fooling. The second point is—but it may be left to those who read as they run.

Then they rose and walked slowly under the grand old trees of Trinity Avenue, facing the setting sun, so that when they came to the end and turned to the left, it seemed as if they plunged into night. And presently they came to the gates of Newnham, the newer Newnham, with its trim garden and Queen Anne mansion. It grates upon one that the beginnings of a noble and lasting reform should be housed in a palace built in the conceited fashion of the day. What will they say of it in fifty years, when the fashion has changed and new styles reign?

"Come," said Angela, "come into my room. Let my last evening in the dear place be spent with you, Constance."

Angela's own room was daintily furnished and adorned with as many pictures, pretty things, books, and bric-à-brac as the narrow dimensions of a Newnham cell will allow. In a more advanced Newnham there will be two rooms for each student, and these will be larger.

The girls sat by the open window: the air was soft and sweet. A bunch of cowslips from the Coton meadows perfumed the room; there was the jug-jug of a nightingale in some tree not far off; opposite them were the lights of the other Newnham.

"The last night!" said Angela. "I can hardly believe that I go down to-morrow."

Then she was silent again.

"My life," she went on, speaking softly in the twilight, "begins to-morrow. What am I to do with it? Your own solution seems so easy because you are clever and you have no money, while I, who am—well, dear, not devoured by thirst for learning—have got so much. To begin with, there is the Brewery. You cannot escape from a big brewery if it belong to you. You cannot hide it away. Messenger, Marsden & Company's Stout, their XXX, their Old and Mild, their Bitter, their Family Ales (that particularly at eight-and-six the nine-gallon cask, if paid for on delivery), their drays, their huge horses, their strong men, whose very appearance advertises the beer, and makes the weak-kneed and the narrow-chested rush to Whitechapel—my dear, these things stare one in the face wherever you go. I am that brewery, as you know. I am Messenger, Marsden & Company, myself, the sole partner in what my lawyer sweetly calls the Concern. Nobody else is concerned in it. It is—alas!—my own Great Concern, a dreadful responsibility."

"Why? Your people manage it for you."

"Yes—oh! yes—they do. And whether they manage it badly or well I do not know; whether they make wholesome beer or bad, whether they treat their clerks and workmen generously or meanly, whether the name of the company is beloved or hated, I do not know. Perhaps the very making of beer at all is wickedness."

"But—Angela," the other interrupted, "it is no business of yours. Naturally, wages are regulated by supply and——"

"No, my dear. That is political economy. I prefer the good old English plan. If I employ a man and he works faithfully, I should like that man to feel that he grows every day worth to me more than his marketable value."

Constance was silenced.

"Then, beside the brewery," Angela went on, "there is an unconscionable sum of money in the funds."

"There, at least," said her friend, "you need feel no scruple of conscience."

"But indeed I do; for how do I know that it is right to keep all this money idle! A hundred pounds saved and put into the funds mean three pounds a year. It is like a perennial stream flowing from a hidden reservoir in the hillside. But this stream, in my case, does no good at all. It neither fertilizes the soil nor is it drunk by man or beast, nor does it turn mills, nor is it a beautiful thing to look upon, nor does its silver current flow by banks of flowers or fall in cascades. It all runs away, and makes another reservoir in another hillside. My dear, it is a stream of compound interest, which is constantly getting deeper and broader and stronger, and yet is never of the least use, and turns no wheels. Now, what am I to do with this money?"

"Endow Newnham; there, at least, is something practical."

"I will found some scholarships, if you please, later on, when you have made your own work felt. Again, there are my houses in the East End."

"Sell them."

"That is only to shift the responsibility. My dear, I have streets of houses. They all lie about Whitechapel way. My grandfather, John Messenger, bought houses, I believe, just as other people buy apples, by the peck, or some larger measure, a reduction being made on taking a quantity. There they are, and mostly inhabited."

"You have agents, I suppose?" said Constance unsympathizingly. "It is their duty to see that the houses are well kept."

"Yes, I have agents. But they cannot absolve me from responsibility."

"Then," asked Constance, "what do you mean to do?"

"I am a native almost of Whitechapel. My grandfather, who succeeded to the brewery, was born there. His father was also a brewer: his grandfather is, I believe, prehistoric: he lived there long