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of course, I have managed it. My life is insured for five hundred pounds. But that is no provision for possible disablement. If I could no longer earn money with my pen, what would become of me?”

Marian could have made an encouraging reply, but did not venture to utter her thoughts.

“Sit down,” said her father. “You are not to work for a few days, and I myself shall be none the worse for a morning’s rest. Poor old Hinks! I suppose we shall help him among us, somehow. Quarmby, of course, is comparatively flourishing. Well, we have been companions for a quarter of a century, we three. When I first met Quarmby I was a Grub Street gazetteer, and I think he was even poorer than I. A life of toil! A life of toil!”

“That it has been, indeed.”

“By the by”⁠—he threw an arm over the back of his chair⁠—“what did you think of our imaginary review, the thing we were talking about last night?”

“There are so many periodicals,” replied Marian, doubtfully.

“So many? My dear child, if we live another ten years we shall see the number trebled.”

“Is it desirable?”

“That there should be such growth of periodicals? Well, from one point of view, no. No doubt they take up the time which some people would give to solid literature. But, on the other hand, there’s a far greater number of people who would probably not read at all, but for the temptations of these short and new articles; and they may be induced to pass on to substantial works. Of course it all depends on the quality of the periodical matter you offer. Now, magazines like”⁠—he named two or three of popular stamp⁠—“might very well be dispensed with, unless one regards them as an alternative to the talking of scandal or any other vicious result of total idleness. But such a monthly as we projected would be of distinct literary value. There can be no doubt that someone or other will shortly establish it.”

“I am afraid,” said Marian, “I haven’t so much sympathy with literary undertakings as you would like me to have.”

Money is a great fortifier of self-respect. Since she had become really conscious of her position as the owner of five thousand pounds, Marian spoke with a steadier voice, walked with firmer step; mentally she felt herself altogether a less dependent being. She might have confessed this lukewarmness towards literary enterprise in the anger which her father excited eight or nine days ago, but at that time she could not have uttered her opinion calmly, deliberately, as now. The smile which accompanied the words was also new; it signified deliverance from pupilage.

“I have felt that,” returned her father, after a slight pause to command his voice, that it might be suave instead of scornful. “I greatly fear that I have made your life something of a martyrdom⁠—”

“Don’t think I meant that, father. I am speaking only of the general question. I can’t be quite so zealous as you are, that’s all. I love books, but I could wish people were content for a while with those we already have.”

“My dear Marian, don’t suppose that I am out of sympathy with you here. Alas! how much of my work has been mere drudgery, mere labouring for a livelihood! How gladly I would have spent much more of my time among the great authors, with no thought of making money of them! If I speak approvingly of a scheme for a new periodical, it is greatly because of my necessities.”

He paused and looked at her. Marian returned the look.

“You would of course write for it,” she said.

“Marian, why shouldn’t I edit it? Why shouldn’t it be your property?”

“My property⁠—?”

She checked a laugh. There came into her mind a more disagreeable suspicion than she had ever entertained of her father. Was this the meaning of his softened behaviour? Was he capable of calculated hypocrisy? That did not seem consistent with his character, as she knew it.

“Let us talk it over,” said Yule. He was in visible agitation and his voice shook. “The idea may well startle you at first. It will seem to you that I propose to make away with your property before you have even come into possession of it.” He laughed. “But, in fact, what I have in mind is merely an investment for your capital, and that an admirable one. Five thousand pounds at three percent⁠—one doesn’t care to reckon on more⁠—represents a hundred and fifty a year. Now, there can be very little doubt that, if it were invested in literary property such as I have in mind, it would bring you five times that interest, and before long perhaps much more. Of course I am now speaking in the roughest outline. I should have to get trustworthy advice; complete and detailed estimates would be submitted to you. At present I merely suggest to you this form of investment.”

He watched her face eagerly, greedily. When Marian’s eyes rose to his he looked away.

“Then, of course,” she said, “you don’t expect me to give any decided answer.”

“Of course not⁠—of course not. I merely put before you the chief advantages of such an investment. As I am a selfish old fellow, I’ll talk about the benefit to myself first of all. I should be editor of the new review; I should draw a stipend sufficient to all my needs⁠—quite content, at first, to take far less than another man would ask, and to progress with the advance of the periodical. This position would enable me to have done with mere drudgery; I should only write when I felt called to do so⁠—when the spirit moved me.” Again he laughed, as though desirous of keeping his listener in good humour. “My eyes would be greatly spared henceforth.”

He dwelt on that point, waiting its effect on Marian. As she said nothing he proceeded:

“And suppose I really were doomed to lose my sight in the course of a few years, am

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