January 21.—I am very much concerned at Lupin having started a pony-trap.  I said: “Lupin, are you justified in this outrageous extravagance?”  Lupin replied: “Well, one must get to the City somehow.  I’ve only hired it, and can give it up any time I like.”  I repeated my question: “Are you justified in this extravagance?”  He replied: “Look here, Guv., excuse me saying so, but you’re a bit out of date.  It does not pay nowadays, fiddling about over small things.  I don’t mean anything personal, Guv’nor.  My boss says if I take his tip, and stick to big things, I can make big money!”  I said I thought the very idea of speculation most horrifying.  Lupin said “It is not speculation, it’s a dead cert.”  I advised him, at all events, not to continue the pony and cart; but he replied: “I made £200 in one day; now suppose I only make £200 in a month, or put it at £100 a month, which is ridiculously low—why, that is £1,250 a year.  What’s a few pounds a week for a trap?”

I did not pursue the subject further, beyond saying that I should feel glad when the autumn came, and Lupin would be of age and responsible for his own debts.  He answered: “My dear Guv., I promise you faithfully that I will never speculate with what I have not got.  I shall only go on Job Cleanands’ tips, and as he is in the ‘know’ it is pretty safe sailing.”  I felt somewhat relieved.  Gowing called in the evening and, to my surprise, informed me that, as he had made £10 by one of Lupin’s tips, he intended asking us and the Cummings round next Saturday.  Carrie and I said we should be delighted.