In fine, he perceived from Mr Myson’s eyes that his position was unique.

And after they had chatted a little, and the conversation had deviated momentarily from journalism to house property, he offered to display Machin House (as he had christened it) to Mr Myson, and Mr Myson was really impressed beyond the ordinary.  Mr Myson’s homage to Mrs Machin, whom they chanced on in the paradise of the bath-room, was the polished mirror of courtesy.  How Denry wished that he could behave like that when he happened to meet countesses.

Then, once more in the drawing-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.