e?"

"It is," I admitted. "But why?"

"Because last year," said Joan, "our Christmas presents cost us exactly
seven pounds twelve and twopence. In other words it means that we can
only afford--owing to the extra taxes--to spend half that sum on
presents this year."

I nodded.

"Well," continued Joan, "I have a splendid idea. Our folk, I know, won't
expect proper presents this year. How would it be if we----"

"I know what you mean," I chimed in. "Give them half-presents! Half a
lace scarf to your mother, one fur glove only to your father,
afternoon-tea saucers to Aunt Emma, a Keats Calendar for 182-1/2 days to
Uncle Peter, kilt-lengths instead of dress-lengths to Cook and Phoebe,
and so on, all with promissory notes for the balance attached."

"I don't mean anything of the sort," said Joan. "We shall give no
half-presents. We shall give one whole present where it will be needed
far more than by our relations. It will have a face-value of three
pounds sixteen and a penny, but virtually it will represent a sum of
seven pounds twelve and twopence."

I coughed a sceptic's cough.

"You don't believe me," said Joan. "Now, will you be content to give me,
here and now, a cheque for three pounds sixteen and a penny, and credit
your conscience with double that sum? Will you be willing to leave its
disposal to me if I guarantee that that shall be the full extent of your
liability?"

"Absolutely!" I replied with enthusiasm. "Can't you arrange to settle
the rates, the electric-light bill and the coal bill on the same terms?"

"No," said Joan gravely, "my principle only applies to presents. Here's
your cheque-book and here's my fountain-pen."

"What is your principle?" I asked as I meekly complied with her demand.

"What did Mr. ASQUITH say in 1912?" was all the answer Joan vouchsafed,
so I decided to follow that eminent statesman's advice and wait and see.

* * *

When I came down to breakfast two days later Joan passed me _The Times_.
"Read that," she said, indicating a paragraph in the "Personal" column
marked in pencil.

"The Chancellor of the Exchequer," I read out, "acknowledges the
receipt of two pounds and three shillings conscience-money from----"

"Oh! I've marked the wrong paragraph," exclaimed Joan. "It's the one
underneath." Then I saw--

"The Hon. Treasurer of the QUEEN'S 'Work for Women' Fund, 33, Portland
Place, W., gratefully acknowledges the receipt of Treasury notes and
postal orders to