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Gould's employees, who was toiling at risk of life and limb for about $2 a day while his imperial master was doing the dolce far niente act for $714,000 per diem and his board, comments as follows in a letter to the ICONOCLAST: "W. C. BRANN: It might be pertinent for you to find out how the festive George, of yacht-racing, Waler-hob-nobbing fame, has managed to reap such pronounced benefits from the revival in business.

The big cracks had finished their engagements and were making back for Southampton. "Well, as I say, this north wind was a treat; especially coming, as it did, after a week of light airs and calms that had spoilt most of the yacht-racing. Some time in the afternoon I heard talk that our skipper well, I won't mention names and, as it turned out in the end, everyone was implicated.

It has become apparent that in this monarchy of ours, in which honour is heaped high upon money- making, even if it is money-making that adds nothing to the collective wealth or efficiency, and denied to the most splendid public services unless they are also remunerative; where public applause is the meed of cricketers, hostile guerillas, clamorous authors, yacht-racing grocers, and hopelessly incapable generals, and where suspicion and ridicule are the lot of every man working hard and living hard for any end beyond a cabman's understanding; in this world-wide Empire whose Government is entrusted as a matter of course to peers and denied as a matter of course to any man of humble origin; where social pressure of the most urgent kind compels every capable business manager to sell out to a company and become a "gentleman" at the very earliest opportunity, the national energy is falling away.