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 xxxviii family the Covent Garden pantomime at Christmas 1870-71. The party exceeded ninety in number, and he engaged for his guests, after much negotiation, the whole of the first row of the dress circle. Millais's children filled the central places.

In 1870 Smith's energy revived in its pristine abundance, and, finding inadequate scope in his publishing business, it sought additional outlets elsewhere. Early in the year he resolved to make a supreme effort to produce a morning paper. A morning edition of the 'Pall Mall Gazette' was devised anew on a grand scale. In form it followed the lines of 'The Times.' Smith threw himself into the project with exceptional ardour. He spent every night at the office supervising every detail of the paper's production. But the endeavour failed, and, after four months of heavy toil and large expenditure, the enterprise was abandoned. Meanwhile the independent evening issue of the 'Pall Mall' continued to make satisfactory progress. But the discouraging experience of the morning paper did not daunt his determination to obtain occupation and investments for capital supplemental to that with which his publishing business provided him. Later in 1870 he went into partnership with Mr. Arthur Bilbrough, as a shipowner and underwriter, at 36 Fenchurch Street. The firm was known as Smith, Bilbrough, & Co. Smith joined Lloyd's in 1871, but underwriting did not appeal much to him, and he soon gave it up. On the other hand, the width of his interest and intelligence rendered the position of a shipowner wholly congenial. His operations in that capacity were vigorously pursued, and were attended by success. The firm acquired commanding interests in thirteen or fourteen sailing vessels of large tonnage, and they built in 1874 on new principles, which were afterwards imitated, a cargo boat of great dimensions, which Smith christened Old Kensington, after Miss Thackeray's well-known novel. The book had just passed serially through the 'Cornhill.' Sailors who were not aware of the source of the name raised a superstitious objection to the epithet 'Old,' but Smith, although sympathetic, would not give way, and cherished a personal pride in the vessel. When in 1879 he resigned his partnership in Smith, Bilbrough, & Co., he still retained his share in the Old Kensington.

Until 1879, when he withdrew from the shipping business, he spent the early part of each morning at its office in Fenchurch Street and the rest of the working day at Waterloo Place, where, despite his numerous other interests, he spared no pains to develop his publishing connection. His settlement in Waterloo Place almost synchronised with the opening of his cordial relations with Robert Browning. Smith had met Browning casually in early life, and Browning's friend Chorley had asked Smith to take over the poet's publications from his original publisher, Moxon; but, at the moment, the financial position of Smith, Elder, & Co. did not justify him in accepting the proposal. In 1868 Browning himself asked him to undertake a collective issue of his 'Poetical Works,' and he produced an edition in six volumes. Later in the same year Browning placed in Smith's hands the manuscript of 'The Ring and the Book.' He paid the poet 1,250l. for the right of publication during five years. The great work appeared in four monthly volumes, which were issued