laughing.

"If you'll listen a moment," said Tinkleby glibly, "I'll explain the
whole matter in two words.

"The fellows in the Fifth used to run a manuscript magazine. Aston was
the first editor, and he called it the 'Portfolio,' because it was
bound up in the case of an old blotter that he bagged out of the
reading-room. The chaps who contributed papers called themselves the
Fifth Form Literary Society, and elected a secretary, treasurer, and
president. Aston was so pleased with one of the numbers that he sent
it to _The Melchester Herald_ to be reviewed; but after waiting about
six months for a notice to appear, he went down to the office, and the
editor said that the manuscript was lost, and that Aston ought to have
enclosed stamps if he wanted it returned. Godson, one of the prefects,
said he saw a bit at Snell's the fish-shop, where they were using it to
wrap up screws of shrimps; but that was all rot, and he only said it
because the fellows in the Sixth were jealous. Well, then, it was
suggested that the magazine should be printed, and the members
subscribed towards bringing out the first number; but after they'd
raked in all the money they could get, they found there wasn't enough
for the purpose, so they decided to spend what they'd got in having a
feed at 'Duster's,' and it was agreed it should be an annual affair.

"When I was made president I brought out two numbers of the
'Portfolio,' but in the second I wrote rather a smart thing on old
Ward, and called it 'The Career of a Class Master.' It was really so
good I thought he'd enjoy reading it, and so I got another fellow to
show it him; but he didn't properly appreciate it, and cut up rough.
He said he would overlook the personal allusions, but he really
couldn't allow any fellow in his form to be so backward in spelling,
and therefore I must borrow a spelling-book from one of the kids, and
learn two pages a day until I improved. He used to hear me before we
began first lessons. It was rather rough on the president of a
literary society, making him stand up every morning and reel off two
pages of 'Butter's Spelling-Book.' And that squashed the 'Portfolio;'
fellows wouldn't send in any more papers, for fear they should be
hauled up in the same manner.

"But they went on subscribing for the feed," continued Tinkleby,
brightening up. "We didn't let that fall through. It comes off on the
breaking-up day, after the old boys' match. The Sixth are