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Rh Mr. Mallows was out, it seemed, but Mr. Stedman, the secretary, was in, and him Dorrington saw. Mr. Stedman was a pleasant, youngish man, who had been a famous amateur bicyclist in his time, and was still an enthusiast. In ten minutes business was settled and dismissed, and Dorrington's tact had brought the secretary into a pleasant discursive chat, with much exchange of anecdote. Dorrington expressed much interest in the subject of bicycling, and, seeing that Stedman had been a racing man, particularly as to bicycling races.

"There'll be a rare good race on Saturday, I expect," Stedman said. "Or rather," he went on, "I expect the fifty miles record will go. I fancy our man Gillett is pretty safe to win, but he'll have to move, and I quite expect to see a good set of new records on our advertisements next week. The next best man is Lant—the new fellow, you know—who rides for the 'Avalanche' people."

"Let's see, they're going to the public as a limited company, aren't they?" Dorrington asked casually.

Stedman nodded, with a little grimace.

"You don't think it's a good thing, perhaps,"