rawing-room, they resumed the subject of
newspapers.

"You know," said Mr Myson, "it's really a very bad thing indeed for a
district to have only one daily newspaper. I've nothing myself to say
against _The Staffordshire Signal_, but you'd perhaps be
astonished"--this in a confidential tone--"at the feeling there is
against the _Signal_ in many quarters."

"Really!" said Denry.

"Of course its fault is that it isn't sufficiently interested in the
great public questions of the district. And it can't be. Because it
can't take a definite side. It must try to please all parties. At any
rate it must offend none. That is the great evil of a journalistic
monopoly.... Two hundred and fifty thousand people--why! there is an
ample public for two first-class papers. Look at Nottingham! Look at
Bristol! Look at Leeds! Look at Sheffield!...and _their_
newspapers."

And Denry endeavoured to look at these great cities! Truly the Five
Towns was just about as big.

The dizzy journalistic intoxication seized him. He did not give Mr Myson
an answer at once, but he gave himself an answer at once. He would go
into the immense adventure. He was very friendly with the _Signal_
people--certainly; but business was business, and the highest welfare of
the Five Towns was the highest welfare of the Five Towns.

Soon afterwards all the hoardings of the district spoke with one blue
voice, and said that the _Five Towns Weekly_ was to be transformed
into the _Five Towns Daily_, with four editions, beginning each day
at noon, and that the new organ would be conducted on the lines of a
first-class evening paper.

The inner ring of knowing ones knew that a company entitled "The Five
Towns Newspapers, Limited," had been formed, with a capital of ten
thousand pounds, and that Mr Myson held three thousand pounds' worth of
shares, and the great Denry Machin one thousand five hundred, and that
the remainder were to be sold and allotted as occasion demanded. The
inner ring said that nothing would ever be able to stand up against the
_Signal_. On the other hand, it admitted that Denry, the most
prodigious card ever born into the Five Towns, had never been floored by
anything. The inner ring anticipated the future with glee. Denry and Mr
Myson anticipated the future with righteous confidence. As for the
_Signal_, it went on its august way, blind to sensational
hoardings.

II

On the day of the appearance of the first issue of the _Five Towns
Dail