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principle he accepted them in practice and saw no way of altering a situation which industry had created out of its own dynamic.
    However, on his second visit he saw more, could not fail to see more, of the poverty and distress which his colleagues talked about and which had led to protest meetings and riots in the new towns. And now it was not just the distress of the exploited, it was the distress of the manufacturers themselves, faced with over-production and the closure of the European markets by the new edict of Napoleon, which had almost put a stop even to the smuggling in of manufactured goods via Heligoland and the Mediterranean ports. Many of the mill-chimneys no longer smoked, and a worse hunger than ever before stalked the towns. Beggars and child prostitutes infested the streets.
    George stayed with a man called John Outram, who represented a pocket borough in Wiltshire but who had property in the north. Outram was convinced that only peace with France would save the manufacturing interests from disaster. But this, it seemed, was as far away as ever. The obstinate, pedestrian group of Tories who ran the country, and who were supported not only by the King but by the sentiment of much of the country itself, would not negotiate yet again with the great Corsican. They persisted in the delusion that somehow, if they held on long enough like a battered old bulldog with its teeth locked, they could defeat him - or he would defeat himself - or he would die - or some other piece of good fortune would occur to get them out of the mess they were in. In the meantime a quarter of manufacturing England starved.
    Outram said if only one could see peace in a year there were outstanding pickings to be had in Manchester at this time. A dozen big firms he knew personally were on the verge of bankruptcy. Five had already crashed - and that of course was not counting the plight and the fate of many of the small ones. A hundred thousand pounds laid out now would be worth a million next year - if there were only peace. But what chance was there?
    George licked his lips. 'If the King were to die ...'
    'Ah, Prinny would change it all, I know. He's committed to turning these nonentities out of office. We'd have a negotiated peace in six months. But there's little real chance of that. The King is seventy-three, but they say he's as vigorous and hearty as a man of fifty. Perhaps more vigorous, if the truth be told, than his eldest son!'
    'It comes of living a better life,' said George coldly.
    'I've no doubt,' said Outram, looking sidelong at his friend. 'I've no doubt. Though personally, over the years, I wouldn't have minded being in Prinny's shoes. You must admit he's had the pick of the crop in every field! Ha! Ha!'
    While he was in the north George took time to examine some of the opportunities that existed. He hadn't the least intention of investing any of his money in this area while the future remained so unpredictable, but it gave him pleasure to see some of the businesses and properties which, if not already officially on the market, could be picked up cheap one way or another at this time. It interested his keen brain to see how mills and factories operated, how they balanced the price of their goods against their operating costs, how much of those costs went on the human factor of wages, how much on the machines they worked. It stimulated him to consider in what ways he could have improved on the organization; and sometimes the primitive book-keeping amused him. It would have shocked Cary.
    Each time he thanked the anxious owners for their time and trouble and said he would consider the matter and write later. Of course he never wrote. But in the bow-window of his sunny, autumnal bedroom in Knutsford, he made careful notes of what he had seen, and filed away for future reference all the information he had been given. One never knew when such things would come in useful.
    He returned to Truro on the evening that Ross Poldark met