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98 say on a basis of 43⅓% to one, thirty-eight dollars would come to about $97,347.83 in third debenture ten per cent, certificates, exclusive of the cost of printing, advertising, and the number we give away as sample copies."

"Quite a saving," said Alice.

"Yes," said the Hatter. "We save all we can. Economy in real money is our watchword. We never spend a cent where a bond will serve the purpose."

By this time Alice and her hosts had reached the building occupied by the Department of Public Verse, and upon entering its spacious doorway the party were greeted by the Commissioner, the Haberdasher, to whom Alice was promptly introduced. He reminded her very forcibly of her old acquaintance Bill the Lizard, but she was not sure enough on this point to recall their previous meeting when she had so tactlessly kicked him up through the chimney flue of the Wonderland Cottage.