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1
Copyright © 2020 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written onsent of McGraw-Hill Education.
Crafting and Executing Strategy, 22e (Thompson)
Chapter 6 Strengthening a Company's Competitive Position
1) Bonobos's Guideshop store concept allows men to have a personalized shopping experience,
where they can try on clothing in any size or color, and then have it delivered the next day to
their home or office. This fashion retail concept is a good example of
A) an offensive strategy to leapfrog competitors by being the first adopter of next-generation
technologies or being first to market with next-generation products.
B) an offensive strategy to offer an equally good or better product at a lower price.
C) an offensive strategy to seek uncharted waters and compete in blue oceans.
D) a defensive strategy to minimize the competitive advantages of rivals.
E) a defensive strategy to capture occupied territory by maneuvering around rivals.
Answer: C
Explanation: See Illustration Capsule 6.1. The principal offensive strategy options include: (1)
offering an equally good or better product at a lower price; (2) leapfrogging competitors by being
the first to market with next-generation technology or products; (3) pursuing continuous product
innovation to draw sales and market share away from less innovative rivals; (4) pursuing
disruptive product innovations to create new markets; (5) adopting and improving on the good
ideas of other companies; (6) using hit-and-run or guerrilla warfare tactics to grab sales and
market share from complacent or distracted rivals; and (7) launching a preemptive strike to
capture a rare opportunity or secure an industry's limited resources. Blocking the avenues open to
challengers is considered a defensive strategy.
Difficulty: 2 Medium
Topic: Strategic Approaches to Winning a Sustainable Competitive Advantage
Learning Objective: 06-01 How and when to deploy offensive or defensive strategic moves.
Bloom's: Understand
AACSB: Knowledge Application
Accessibility: Keyboard Navigation

2
2) A hit-and-run or guerrilla warfare type offensive strategy
A) involves random offensive attacks used by a market leader to steal customers away from
unsuspecting smaller rivals.
B) involves undertaking surprise moves to secure an advantageous position in a fast-growing and
profitable market segment; usually the guerrilla signals rivals that it will use deep price cuts to
defend its newly won position.
C) works best if the guerrilla is the industry's low-cost leader.
D) involves pitting a small company's own competitive strengths head-on against the strengths of
much larger rivals.
E) involves unexpected attacks (usually by a small-to-medium size competitor) to grab sales and
market share from complacent or distracted rivals.
Answer: E
Explanation: Guerrilla offensives are surprising moves that are particularly well suited to small-
to-medium size challengers that have neither the resources nor the market visibility to mount a
full-fledged attack on industry leaders.
Difficulty: 1 Easy
Bloom's: Remember
3) Sometimes it makes sense for a company to go on the offensive to improve its market position
and business performance. The best offensives tend to incorporate the following EXCEPT
A) focusing relentlessly on building a competitive advantage.
B) applying resources where rivals are least able to defend themselves.
C) using a strategic offensive to allow the company to leverage its weaknesses to strengthen
operating vulnerabilities.
D) employing the elements of surprise as opposed to doing what rivals expect and are prepared
for.
E) displaying a strong bias for swift, decisive, and overwhelming actions to overpower rivals.
Answer: C
Explanation: The best offensives tend to incorporate several principles: (1) focusing relentlessly
on building competitive advantage and then striving to convert it into a sustainable advantage,
(2) applying resources where rivals are least able to defend themselves, (3) employing the
element of surprise as opposed to doing what rivals expect and are prepared for, and (4)
displaying a capacity for swift and decisive actions to overwhelm rivals.
Difficulty: 1 Easy
Bloom's: Remember

3
4) Once a company has decided to employ a particular generic competitive strategy, then it must
make the following additional strategic choices, except whether to
A) focus on building competitive advantages.
B) employ the element of surprise as opposed to doing what rivals expect and are prepared for.
C) display a strong bias for swift, decisive, and overwhelming actions to overpower rivals.
D) create and deploy company resources to cause rivals to defend themselves.
E) pay special attention to buyer segments that a rival is already serving.
Answer: E
Explanation: The best offensives tend to incorporate several principles: (1) focusing relentlessly
on building competitive advantage and then striving to convert it into a sustainable advantage,
(2) applying resources where rivals are least able to defend themselves, (3) employing the
element of surprise as opposed to doing what rivals expect and are prepared for, and (4)
displaying a capacity for swift and decisive actions to overwhelm rivals.
Bloom's: Understand
AACSB: Analytical Thinking
5) Companies like Amazon, Apple, Facebook, and Google employ all but ONE of the following
offensive actions to complement and supplement the choice of one of the five generic
competitive strategies. Which is not an example of an offensive move?
A) focusing on building competitive advantages
B) employing the element of surprise as opposed to doing what rivals expect and are prepared for
C) pursuing a market share leadership strategy
D) displaying a strong bias for swift, decisive, and overwhelming actions to overpower
E) creating and deploying company resources to cause rivals to defend themselves
Answer: C
Explanation: The offensive moves that these four companies pursue incorporate: (1) focusing
relentlessly on building competitive advantage and then striving to convert it into a sustainable
advantage, (2) applying resources where rivals are least able to defend themselves, (3)
employing the element of surprise as opposed to doing what rivals expect and are prepared for,
and (4) displaying a capacity for swift and decisive actions to overwhelm rivals. Pursuing a
market share leadership strategy is not among those moves.
Bloom's: Understand

4
6) Strategic offensives should, as a general rule, be based on
A) exploiting a company's strongest competitive assets—its most valuable resources and
capabilities.
B) instigating and executing the chosen strategy efficiently and effectively.
C) scoping and scaling an organization's internal and external situation.
D) molding an organization's character and identity.
E) satisfying the buyer's needs that the company seeks to meet.
Answer: A
Explanation: Strategic offensives should, as a general rule, be grounded in a company's
strategic assets and employ a company's strengths to attack rivals in the competitive areas where
they are weakest.
Bloom's: Understand
7) The principal offensive strategy options include all of the following except
A) offering an equally good or better product at a lower price.
B) using hit-and-run or guerrilla warfare tactics to grab sales and market share from complacent
or distracted rivals.
C) launching a preemptive strike to secure an advantageous position that rivals are prevented or
discouraged from duplicating.
D) pursuing continuous product innovation to draw sales and market share away from less
innovative rivals.
E) initiating a market threat and counterattack simultaneously to effect a distraction.
Answer: E
Explanation: The principal offensive strategy options include: (1) offering an equally good or
better product at a lower price; (2) leapfrogging competitors by being first to market with next-
generation products; (3) pursuing continuous product innovation to draw sales and market share
away from less innovative rivals; (4) pursuing disruptive product innovations to create new
markets; (5) adopting and improving on the good ideas of other companies; (6) using hit-and-run
or guerrilla warfare tactics to grab market share from complacent or distracted rivals; and (7)
launching a preemptive strike to secure an industry's limited resources or capture a rare
opportunity.
Bloom's: Understand

5
8) Offensive strategic moves involve all of the following except
A) leapfrogging competitors by being first to market with next-generation products.
B) using hit-and-run or guerrilla warfare tactics to grab sales and market share.
C) launching a preemptive strike to secure an advantageous position that rivals are prevented or
discouraged from duplicating.
D) pursuing continuous product innovation to draw sales and market share away from rivals.
E) blocking the avenues open to challengers.
Answer: E
Explanation: The principal offensive strategy options include: (1) offering an equally good or
better product at a lower price; (2) leapfrogging competitors by being first to market with next-
generation products; (3) pursuing continuous product innovation to draw sales and market share
away from less innovative rivals; (4) pursuing disruptive product innovations to create new
markets; (5) adopting and improving on the good ideas of other companies; (6) using hit-and-run
or guerrilla warfare tactics to grab market share from complacent or distracted rivals; and (7)
launching a preemptive strike to secure an industry's limited resources or capture a rare
opportunity. Blocking the avenues open to challengers is a defensive strategy.
Bloom's: Understand
9) An offensive to yield good results can be short if
A) buyers respond immediately (to a dramatic cost-based price cut or imaginative ad campaign).
B) competition creates an appealing new product.
C) the technology needs debugging.
D) new production capacity needs to be installed.
E) consumer acceptance of an innovative product takes time.
Answer: A
Explanation: How long it takes for an offensive to yield good results varies with the
competitive circumstances. It can be short if buyers respond immediately (as can occur with a
dramatic cost-based price cut, an imaginative ad campaign, or a disruptive innovation).
Difficulty: 1 Easy
Bloom's: Understand

6
10) Bumble, a digital dating site where women make the first move, specifically uses which
strategic weapon in its offensive arsenal?
A) pursuing disruptive product innovations to create new markets
B) adopting and improving on the good ideas of other companies or rival firms
C) using hit-and-run guerilla warfare tactics to grab market share from distracted or complacent
rivals
D) launching a preemptive strike to capture an industry's limited resources or capture a rare
opportunity
E) offering an equally good or better product at a lower price than rivals
Answer: A
Explanation: Disruptive innovation to create new markets involves perfecting a new product
with a few trial users and then quickly rolling it out to the whole market in an attempt to get
many buyers to embrace an altogether new and better value proposition quickly. While this
strategy can be riskier and more costly than a strategy of continuous innovation, it can be a game
changer if successful. Examples include online universities, Bumble (dating site where women
make the first move), Venmo (digital wallet), Apple Music, CampusBookRentals, and Waymo
(Alphabet's self-driving tech company).
Bloom's: Analyze
11) The worst targets for an offensive-minded company to target are
A) market leaders that are strong.
B) runner-up firms with strengths in areas where the offensive-minded challenger is weaker.
C) large multinational companies with vast capabilities and resources.
D) runner-up firms that have amassed sufficient resources and capabilities to place them on the
verge of becoming market leaders.
E) other offensive-minded companies that possess a sizable war chest of cash and marketable
securities.
Answer: E
Explanation: The following are the best targets for offensive attacks: (1) market leaders that are
vulnerable; (2) runner-up firms that possess weaknesses in areas where the challenger is strong;
(3) struggling enterprises that are on the verge of going under; and (4) small local and regional
firms that possess limited capabilities and resources.
Bloom's: Analyze

7
12) Launching a preemptive strike type of offensive strategy entails
A) sapping the rival's financial strength and competitive position.
B) weakening the rival's resolve.
C) moving first to secure advantageous competitive assets that rivals can't readily match or
duplicate.
D) threatening the rival's overall survival in the market.
E) using hit-and-run tactics to grab sales and market share away from complacent or distracted
rivals.
Answer: C
Explanation: By definition, a preemptive strike by a challenger means moving first to secure
advantageous competitive assets that rivals cannot readily match or duplicate.
Difficulty: 1 Easy
Bloom's: Understand
13) A blue-ocean strategy
A) is an offensive strike employed by a market leader that is directed at pilfering customers away
from unsuspecting rivals to boost profitability.
B) involves an unexpected (out-of-the-blue) preemptive strike to secure an advantageous
position in a fast-growing market segment.
C) works best when a company is the industry's low-cost leader.
D) involves abandoning efforts to beat out competitors in existing markets and instead invent a
new industry or new market segment that renders existing competitors largely irrelevant and
allows a company to create and capture altogether new demand.
E) involves the use of highly creative, never-used-before strategic moves to attack the
competitive weaknesses of rivals.
Answer: D
Explanation: A blue-ocean strategy seeks to gain a dramatic and durable competitive advantage
by abandoning efforts to beat out competitors in existing markets and, instead, inventing a new
market segment that renders existing competitors irrelevant and allows a company to create and
capture altogether new demand.
Difficulty: 1 Easy
Bloom's: Remember

8
14) A good example of blue-ocean type of offensive strategy is
A) a company like EERO that leapfrogged rivals in innovation in the home Wi-Fi market.
B) a company like EasyJet that developed a cost advantage to undercut its rivals in passenger
airlines
C) a company like Home Depot that adopted and improved on the good ideas of other
companies.
D) a company like Australian winemaker Casella Wines that created a Yellow Tail brand
designed to appeal to a wider market, one that also includes consumers of other alcoholic
beverages.
E) a company like Google that plays hardball, aggressively pursuing competitive advantage and
trying to reap the benefits a competitive edge offers—a leading market share, excellent profit
margins, and rapid growth.
Answer: D
Explanation: Casella Wines' Yellow Tail is prominently mentioned in the chapter as an
exemplar of using a blue-ocean strategy, one that seeks to gain a dramatic and durable
competitive advantage by inventing a new industry or distinctive market segment that renders
existing competitors largely irrelevant and allows a company to create and capture altogether
new demand. All of the other companies mentioned have deployed offensive strategies of one
kind or another, but none use a blue-ocean strategy.
Difficulty: 3 Hard
Bloom's: Analyze
15) An example of a company that does not use blue-ocean market strategy is
A) eBay in the online auction industry
B) Tune Hotels in the lodging industry
C) Uber and Lyft in the ridesharing industry
D) Cirque du Soleil in the live entertainment industry
E) Walmart's logistics and distribution in the retail industry
Answer: E
Explanation: A notable example of such blue-ocean market space is the online auction industry
that eBay created and now dominates. Other companies that have created and continue to
dominate blue-ocean market spaces include Cirque du Soleil, Drybar, Netjets, Uber and Lyft,
and Tune Hotels.
Difficulty: 3 Hard
Bloom's: Analyze

9
16) As general manager of a local restaurant chain, you have been asked to develop defensive
moves to protect your company's market position and restrict any challenger's options for
initiating a competitive attack. You would present all but ONE of the following strategic options
to your executive team.
A) Challenge struggling runner-up restaurants that are on the verge of going under.
B) Grant volume discounts or better financing terms to dealers/distributors and provide discount
coupons to customers to help discourage them from frequenting other local restaurants.
C) Signal to challengers and new entrants in the local restaurant industry that retaliation is likely
in the event they launch an attack.
D) Publicly commit your restaurant chain to a policy of matching a competitor's terms or prices
or breadth of menu items.
E) Maintain a war chest of cash and/or marketable securities.
Answer: A
Explanation: Challenging struggling runner-up restaurants that are on the verge of going under
is instead an example of an offensive strategy. In the fiercely competitive local restaurant market,
all firms are subject to offensive challenges from rivals. The purposes of defensive strategies are
to lower the risk of being attacked, weaken the impact of any attack that occurs, and induce
challengers to aim their efforts at other rivals.
Difficulty: 3 Hard
Bloom's: Apply
17) The purposes of a defensive strategy do not include
A) increasing the risk of having to defend an attack.
B) weakening the impact of any attack that occurs.
C) pressuring challengers to aim their efforts at other rivals.
D) helping protect a competitive advantage.
E) decreasing the risk of being attacked.
Answer: A
Explanation: In a competitive market, all firms are subject to offensive challenges from rivals.
The purposes of defensive strategies are to lower the risk of being attacked, weaken the impact
of any attack that occurs, and induce challengers to aim their efforts at other rivals. While
defensive strategies usually don't enhance a firm's competitive advantage, they can definitely
help fortify the firm's competitive position, protect its most valuable resources and capabilities
from imitation, and defend whatever competitive advantage it might have.
Difficulty: 1 Easy
Bloom's: Remember

10
18) To fend off a competitive attack, defensive-minded companies
A) remain steadfast to current product features and models to ensure resources are not diverted
toward unproductive efforts.
B) avoid giving suppliers volume discounts or providing them with better financing terms from
the strategic response in order to maintain current profitability levels.
C) use innovation and intellectual property protection to obtain product line exclusivity to force
competitors to use other distributors.
D) void all lengthy warranties to save money.
E) avoid competitor's clients since their loyalty will not allow them to switch.
Answer: C
Explanation: The most frequently employed approach to defending a company's present
position involves actions that restrict a challenger's options for initiating a competitive attack.
Any number of obstacles can be placed in the path of would-be challengers. A defender can
introduce new features, add new models, or broaden its product line to close off gaps and vacant
niches to opportunity-seeking challengers. It can thwart rivals' efforts to attack with a lower price
by maintaining its own lineup of economy-priced options. It can discourage buyers from trying
competitors' brands by lengthening warranties, making early announcements about impending
new products or price changes, offering free training and support services, or providing coupons
and sample giveaways to buyers most prone to experiment. It can induce potential buyers to
reconsider switching. It can challenge the quality or safety of rivals' products. Finally, a defender
can grant volume discounts or better financing terms to dealers and distributors to discourage
them from experimenting with other suppliers, or it can convince them to handle its product line
exclusively and force competitors to use other distribution outlets.
Bloom's: Understand

11
19) What is the goal of signaling a challenger that strong retaliation is likely in the event of an
attack?
A) to alleviate their fears by committing to reduce the costs of value chain activities
B) to cause the challenger to begin the attack instead of waiting
C) to dissuade challengers from attacking or diverting them into using less-threatening options
D) to create collaborative relationships with challengers
E) to insulate other firms from adverse impacts resulting from the challenge
Answer: C
Explanation: The goal of signaling challengers that strong retaliation is likely in the event of an
attack is either to dissuade challengers from attacking at all or to divert them to less-threatening
options. Either goal can be achieved by letting challengers know the battle will cost more than it
is worth.
Bloom's: Understand
20) A signal that would not warn challengers that strong retaliation is likely is
A) publicly announcing management's commitment to maintain market share.
B) publicly committing to a company policy of matching competitors' terms or pricing.
C) maintaining a war chest of cash and marketable securities.
D) making a strong counter-response to the moves of weak competitors.
E) publicly announcing strong quarterly earnings potential to financial analysts.
Answer: E
Explanation: Signals to would-be challengers can be given by: publicly announcing
management's commitment to maintaining the firm's present market share; publicly committing
the company to a policy of matching competitors' terms or prices; maintaining a war chest of
cash and marketable securities; making an occasional strong counter response to the moves of
weak competitors to enhance the firm's image as a tough defender.
Difficulty: 1 Easy
Bloom's: Remember

12
21) Tinder's first-mover strategic thrust into the online dating industry resulted in a high payoff
in all of the following except
A) pioneering rollout of the dating app on college campuses helped build up the firm's image and
reputation and created strong brand loyalty.
B) users remained strongly loyal to Tinder because of incentives and switching cost barriers.
C) learning how to use Tinder was kept proprietary.
D) moving first constituted a preemptive strike, making competitive imitation very difficult or
unlikely for rivals.
E) market uncertainties made it difficult for Tinder's founding team to ascertain whether or not
the dating app would eventually succeed.
Answer: E
Explanation: See Illustration Capsule 6.2. There are five conditions in which first-mover
advantages are most likely to arise: (1) when pioneering helps build a firm's reputation and
creates strong brand loyalty; (2) when a first mover's customers will thereafter face significant
switching costs; (3) when property rights protections thwart rapid imitation of the initial move;
(4) when an early lead enables the first mover to move down the learning curve ahead of rivals;
and (5) when a first mover can set the technical standard for the industry.
Learning Objective: 06-02 When being a first mover, fast follower, or a late mover is most
advantageous.
Bloom's: Understand

13
22) Being a first mover is not particularly advantageous under which circumstance?
A) when moving first with a preemptive strike makes imitation difficult or unlikely
B) when first-time buyers remain strongly loyal to pioneering firms in making repeat purchases
C) when early commitments to new technologies, types of components, or emerging distribution
channels produce an absolute cost advantage over rivals
D) when markets are slow to accept the innovative product offering of a first mover, and fast
followers possess sufficient resources and marketing muscle to overtake a first mover
E) when being a pioneer helps build a firm's image and reputation with buyers
Answer: D
Explanation: There are five such conditions in which first-mover advantages are most likely to
arise: (1) when pioneering helps build a firm's reputation and creates strong brand loyalty; (2)
when a first mover's customers will thereafter face significant switching costs; (3) when property
rights protections thwart rapid imitation of the initial move; (4) when an early lead enables the
first mover to move down the learning curve ahead of rivals; and (5) when a first mover can set
the technical standard for the industry.
advantageous.
Bloom's: Understand

14
23) First-mover disadvantages (or late-mover advantages) rarely arise when
A) the costs of pioneering are much higher than being a follower and only negligible
learning/experience curve benefits accrue to the pioneer.
B) rapid market evolution gives fast followers an opening to leapfrog the pioneer with next-
generation products of their own.
C) the pioneer's products are somewhat primitive and do not live up to buyer expectations,
allowing clever followers to win disenchanted buyers with better-performing products.
D) the marketplace is skeptical about the benefits of a new technology or product being
pioneered by a first mover.
E) the market response is strong and the pioneer gains a monopoly position that enables it to
recover its investment.
Answer: E
Explanation: In some instances, there are advantages to being an adept follower rather than a
first mover. Late-mover advantages (or first-mover disadvantages) arise in five instances: (1)
when the costs of pioneering are high relative to the benefits accrued and imitative followers can
achieve similar benefits with far lower costs; (2) when an innovator's products are somewhat
primitive and do not live up to buyer expectations, thus allowing a follower with better-
performing products to win disenchanted buyers away from the leader; (3) when rapid market
evolution (due to fast-paced changes in either technology or buyer needs) gives second movers
the opening to leapfrog a first mover's products with more attractive next-version products; (4)
when market uncertainties make it difficult to ascertain what will eventually succeed, allowing
late movers to wait until these needs are clarified; and (5) when customer loyalty to the pioneer
is low and a first mover's skills, know-how, and actions are easily copied or even surpassed.
advantageous.
Bloom's: Understand

15
24) Late-mover advantages (or first-mover disadvantages) are not likely to arise when
A) the costs of pioneering are much higher than being a follower and only negligible
learning/experience benefits accrue to the pioneer.
B) the marketplace is skeptical about the benefits of a new technology or product being
pioneered by a first mover.
C) the pioneer's products are somewhat primitive and are easily bested by late movers.
D) opportunities exist for a blue-ocean strategy to invent a new industry or distinctive market
segment that creates altogether new demand.
E) technological change is rapid, and fast-following rivals find it easy to leapfrog the pioneer
with next-generation products of their own.
Answer: D
Explanation: In some instances, there are advantages to being an adept follower rather than a
first mover. Late-mover advantages (or first-mover disadvantages) arise in five instances: (1)
when the costs of pioneering are high relative to the benefits accrued, and imitative followers can
achieve similar benefits with far lower costs; (2) when an innovator's products are somewhat
primitive and do not live up to buyer expectations, thus allowing a follower with better-
performing products to win disenchanted buyers away from the leader; (3) when rapid market
evolution (due to fast-paced changes in either technology or buyer needs) gives second movers
the opening to leapfrog a first mover's products with more attractive next-version products; (4)
when market uncertainties make it difficult to ascertain what will eventually succeed, allowing
late movers to wait until these needs are clarified; and (5) when customer loyalty to the pioneer
is low, and a first mover's skills, know-how, and actions are easily copied or even surpassed.
advantageous.
Bloom's: Understand

16
25) First-mover advantages are unlikely to be present when
A) pioneering helps build a firm's image and reputation with buyers.
B) rapid market evolution (due to fast-paced changes in technology or buyer preferences)
presents opportunities to leapfrog a first-mover's products with more attractive next-version
products.
C) early commitments to new technologies, new-style components, new or emerging distribution
channels, and so on, can produce an absolute cost advantage over rivals.
D) moving first can constitute a preemptive strike, making imitation extra hard or unlikely.
E) first-time customers remain strongly loyal to pioneering firms in making repeat purchases.
Answer: B
Explanation: When rapid market evolution occurs, often involving furious technological change
or product innovation, a first mover may become vulnerable to next-generation technologies or
next-generation products. Markets can be slow to accept the innovative product offering of a first
mover, in which event a fast follower with substantial resources and marketing muscle is able to
"leapfrog" the first mover.
advantageous.
Bloom's: Understand
26) Because the timing of a strategic move can be just as important as the choice of move to
make, a company's best option with respect to timing of an action is
A) to be the first mover.
B) to be a fast follower.
C) to be a late mover (because it is cheaper and easier to imitate the successful moves of the
leaders and moving late allows a company to avoid the mistakes and costs associated with trying
to be a pioneer—first-mover disadvantages usually overwhelm first-mover advantages).
D) to be the last mover—playing catch-up is usually fairly easy and almost always is much
cheaper than any other option.
E) to carefully weigh the first-mover advantages against the first-mover disadvantages and act
accordingly.
Answer: E
Explanation: Because the timing of strategic moves can be consequential, it is important for
company strategists to be aware of the nature of first-mover advantages and disadvantages and
the conditions favoring each type of move.
advantageous.
Bloom's: Understand

17
27) The race among rivals for industry leadership is more likely to be a marathon rather than a
sprint when
A) new industry or market segments are yet to be developed and create altogether new consumer
demand.
B) fast followers find it easy to leapfrog the pioneer with even better next-generation products of
their own.
C) the market depends on the development of complementary products or services that are
currently not available, buyers have high switching costs, and influential rivals are in position to
derail the efforts of a first mover.
D) entry barriers are high, substitute products or services are readily available, and buyers are
prone to negotiate aggressively for better terms and lower prices.
E) there are nearly always big advantages to being a slow mover rather than an early mover,
especially in regard to avoiding the "mistakes" of first or early movers.
Answer: C
Explanation: Any company that seeks competitive advantage by being a first mover thus needs
to ask some hard questions: Does market takeoff depend on the development of complementary
products or services that currently are not available? Is new infrastructure required before buyer
demand can surge? Will buyers need to learn new skills or adopt new behaviors? Will buyers
encounter high switching costs in moving to the newly introduced product or service? Are there
influential competitors in a position to delay or derail the efforts of a first mover? When the
answers to any of these questions are yes, then a company must be careful not to pour too many
resources into getting ahead of the market opportunity—the race is likely going to be closer to a
10-year marathon than a 2-year sprint.
advantageous.
Bloom's: Understand

18
28) For every emerging opportunity, there exists a(n)
A) market penetration curve, and this typically has an inflection point where the business model
falls into place.
B) opportunity to achieve first-mover status, which depends on analyzing the competitive status
curve where all the potential rivals are encoded.
C) emerging pitfall that is a counterpoint to the intended growth.
D) normal curve scenario which signifies the average growth curve will be opportunistic.
E) intense competition that constrains the company's prospects for rapid growth and superior
profitability.
Answer: A
Explanation: The lesson here is that there is a market penetration curve for every emerging
opportunity. Typically, the curve has an inflection point at which all the pieces of the business
model fall into place, buyer demand explodes, and the market takes off.
advantageous.
Bloom's: Understand
29) Market conditions and factors that tend not to favor first movers include
A) buyer behavior that is readily attracted to new technology or product features.
B) conditions that make imitation difficult and absolute cost advantages that accrue to those who
make early commitments to new technologies, components, or distribution channels.
C) quick market penetration and strong loyalty among first-time customers.
D) growth in demand that depends on the development of complementary products or services
that are not currently available and new-industry infrastructure that is needed before buyer
demand can surge.
E) pouring too few resources into getting ahead of the market opportunity.
Answer: D
Explanation: In situations when rapid market evolution including growth in demand occurs
(due to fast-paced changes in either technology or buyer needs and expectations), fast followers
and maybe even cautious late movers have an opening to leapfrog a first mover's products with
more attractive next-version or even complementary products.
Difficulty: 3 Hard
advantageous.
Bloom's: Analyze

19
30) What does the scope of the firm refer to?
A) the range of activities the firm performs externally and its social responsibility activities
B) to gain competitive advantage based on where it locates its various value chain activities
C) the firm's capability to employ vertical integration strategies
D) the range of activities the firm performs internally and the breadth of its product offerings, the
extent of its geographic market, and its mix of businesses
E) to prevent foreign competition from affecting the market
Answer: D
Explanation: The scope of the firm refers to the range of activities that the firm performs
internally, the breadth of its product and service offerings, the extent of its geographic market
presence, and its mix of businesses.
Difficulty: 1 Easy
Topic: Value Chain Analysis
advantageous.
Bloom's: Remember
31) ________ is the range of product and service segments that the firm serves within its market.
A) Horizontal scope
B) Vertical integration
C) Vertical scope
D) Product outsourcing
E) Joint venture partnership
Answer: A
Explanation: Several dimensions of firm scope have relevance for business-level strategy in
terms of their capacity to strengthen a company's position in a given market. These include the
firm's horizontal scope, which is the range of product and service segments that the firm serves
within its product or service market.
Difficulty: 1 Easy
advantageous.
Bloom's: Remember

20
32) ________ is the extent to which a firm's internal activities encompass one, some, many, or
all of the activities that make up an industry's entire value chain system.
A) Horizontal scale
B) Vertical scope
C) Outsourcing scope
D) Cooperative scaled scope
E) Focal scope
Answer: B
Explanation: Vertical scope is the extent to which the firm engages in the various activities that
make up the industry's entire value chain system, from initial activities such as raw-material
production all the way to retailing and after-sale service activities.
Difficulty: 1 Easy
Topic: Value Chain Analysis
advantageous.
Bloom's: Remember
33) The difference between a merger and an acquisition is that
A) a merger involves one company purchasing the assets of another company with cash, whereas
an acquisition involves a company acquiring another company by buying all of the shares of its
common stock.
B) a merger is the combining of two or more companies into a single corporate entity, whereas
an acquisition involves one company (the acquirer) purchasing and absorbing the operations of
another company (the acquired).
C) in a merger, the companies retain their original names, whereas in an acquisition the name of
the company being acquired is changed to be the name of the acquiring company.
D) a merger is a combination of three or more companies, whereas an acquisition is a pooling of
interests of just two companies.
E) a merger involves two or more companies deciding to adopt the same strategy, whereas an
acquisition involves one company taking over the strategy-making function of another company.
Answer: B
Explanation: A merger is the combining of two or more companies into a single corporate
entity, with the newly created company often taking on a new name. An acquisition is a
combination in which one company, the acquirer, purchases and absorbs the operations of
another, the acquired.
Topic: Acquisitions and Mergers
Learning Objective: 06-03 The strategic benefits and risks of expanding a company's horizontal
scope through mergers and acquisitions.
Bloom's: Understand

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"HE SPUN ROUND WITH A
SCREAM AND FELL UPON
HIS BACK."
(See page 11.)

TABLE OF CONTENTS
Page
THE RETURN OF SHERLOCK HOLMES. By A. Conan Doyle. 3
HAPPY EVENINGS. 15
THE CONVERSION OF AUNT SARAH. By Archibald Marshall. 24
HOW A CROMO-LITHOGRAPH IS PRINTED. By L. Gray-Gower. 33
SADI THE FIDDLER. By Max Pemberton. 40
PRINCE HENRY'S BEAST BOOK. 49
DIALSTONE LANE. By W. W. Jacobs. 55
Illustrated Interviews. LXXX—M. CURIE, THE DISCOVERER OF
RADIUM. By Cleveland Moffett.
65
TROUSERS IN SCULPTURE. By Ronald Graham. 74
THE COILS OF FATE. By L. J. Beeston. 81
ECCENTRICITIES OF EQUILIBRIUM. By Louis Nikola. 91
MISS CAIRN'S COUGH-DROPS. By Winifred Graham. 97
Solutions to the Puzzles in the December Number. 104
THE PHŒNIX AND THE CARPET. By E. Nesbit. 108
CURIOSITIES. 116

The Strand Magazine.
Vol. xxvii. JANUARY, 1904.
No. 157.

THE RETURN OF SHERLOCK
HOLMES.
By A. CONAN DOYLE.
Copyright, 1904, by A. Conan Doyle in the United States of
America.

IV.—The Adventure of the
Solitary Cyclist.
F rom the years 1894 to 1901 inclusive Mr. Sherlock
Holmes was a very busy man. It is safe to say that there
was no public case of any difficulty in which he was not
consulted during those eight years, and there were
hundreds of private cases, some of them of the most
intricate and extraordinary character, in which he played a prominent
part. Many startling successes and a few unavoidable failures were
the outcome of this long period of continuous work. As I have
preserved very full notes of all these cases, and was myself
personally engaged in many of them, it may be imagined that it is
no easy task to know which I should select to lay before the public. I
shall, however, preserve my former rule, and give the preference to
those cases which derive their interest not so much from the
brutality of the crime as from the ingenuity and dramatic quality of
the solution. For this reason I will now lay before the reader the
facts connected with Miss Violet Smith, the solitary cyclist of
Charlington, and the curious sequel of our investigation, which
culminated in unexpected tragedy. It is true that the circumstances
did not admit of any striking illustration of those powers for which
my friend was famous, but there were some points about the case
which made it stand out in those long records of crime from which I
gather the material for these little narratives.
On referring to my note-book for the year 1895 I find that it was
upon Saturday, the 23rd of April, that we first heard of Miss Violet
Smith. Her visit was, I remember, extremely unwelcome to Holmes,
for he was immersed at the moment in a very abstruse and
complicated problem concerning the peculiar persecution to which

John Vincent Harden, the well-known tobacco millionaire, had been
subjected. My friend, who loved above all things precision and
concentration of thought, resented anything which distracted his
attention from the matter in hand. And yet without a harshness
which was foreign to his nature it was impossible to refuse to listen
to the story of the young and beautiful woman, tall, graceful, and
queenly, who presented herself at Baker Street late in the evening
and implored his assistance and advice. It was vain to urge that his
time was already fully occupied, for the young lady had come with
the determination to tell her story, and it was evident that nothing
short of force could get her out of the room until she had done so.
With a resigned air and a somewhat weary smile, Holmes begged
the beautiful intruder to take a seat and to inform us what it was
that was troubling her.
"At least it cannot be your health," said he, as his keen eyes darted
over her; "so ardent a bicyclist must be full of energy."
She glanced down in surprise at her own feet, and I observed the
slight roughening of the side of the sole caused by the friction of the
edge of the pedal.
"Yes, I bicycle a good deal, Mr. Holmes, and that has something to
do with my visit to you to-day."
My friend took the lady's ungloved hand and examined it with as
close an attention and as little sentiment as a scientist would show
to a specimen.
"You will excuse me, I am sure. It is my business," said he, as he
dropped it. "I nearly fell into the error of supposing that you were
typewriting. Of course, it is obvious that it is music. You observe the
spatulate finger-end, Watson, which is common to both professions?
There is a spirituality about the face, however"—he gently turned it
towards the light—"which the typewriter does not generate. This
lady is a musician."

Larger Image
"MY FRIEND TOOK THE LADY'S
UNGLOVED HAND AND EXAMINED IT."
"Yes, Mr. Holmes, I teach music."
"In the country, I presume, from your complexion."
"Yes, sir; near Farnham, on the borders of Surrey."
"A beautiful neighbourhood and full of the most interesting
associations. You remember, Watson, that it was near there that we
took Archie Stamford, the forger. Now, Miss Violet, what has
happened to you near Farnham, on the borders of Surrey?"
The young lady, with great clearness and composure, made the
following curious statement:—
"My father is dead, Mr. Holmes. He was James Smith, who
conducted the orchestra at the old Imperial Theatre. My mother and
I were left without a relation in the world except one uncle, Ralph
Smith, who went to Africa twenty-five years ago, and we have never

had a word from him since. When father died we were left very poor,
but one day we were told that there was an advertisement in the
Times inquiring for our whereabouts. You can imagine how excited
we were, for we thought that someone had left us a fortune. We
went at once to the lawyer whose name was given in the paper.
There we met two gentlemen, Mr. Carruthers and Mr. Woodley, who
were home on a visit from South Africa. They said that my uncle was
a friend of theirs, that he died some months before in great poverty
in Johannesburg, and that he had asked them with his last breath to
hunt up his relations and see that they were in no want. It seemed
strange to us that Uncle Ralph, who took no notice of us when he
was alive, should be so careful to look after us when he was dead;
but Mr. Carruthers explained that the reason was that my uncle had
just heard of the death of his brother, and so felt responsible for our
fate."
"Excuse me," said Holmes; "when was this interview?"
"Last December, four months ago."
"Pray proceed."
"Mr. Woodley seemed to me to be a most odious person. He was for
ever making eyes at me—a coarse, puffy-faced, red-moustached
young man, with his hair plastered down on each side of his
forehead. I thought that he was perfectly hateful—and I was sure
that Cyril would not wish me to know such a person."
"Oh, Cyril is his name!" said Holmes, smiling.
The young lady blushed and laughed.
"Yes, Mr. Holmes; Cyril Morton, an electrical engineer, and we hope
to be married at the end of the summer. Dear me, how did I get
talking about him? What I wished to say was that Mr. Woodley was
perfectly odious, but that Mr. Carruthers, who was a much older
man, was more agreeable. He was a dark, sallow, clean-shaven,
silent person; but he had polite manners and a pleasant smile. He
inquired how we were left, and on finding that we were very poor he
suggested that I should come and teach music to his only daughter,

aged ten. I said that I did not like to leave my mother, on which he
suggested that I should go home to her every week-end, and he
offered me a hundred a year, which was certainly splendid pay. So it
ended by my accepting, and I went down to Chiltern Grange, about
six miles from Farnham. Mr. Carruthers was a widower, but he had
engaged a lady-housekeeper, a very respectable, elderly person,
called Mrs. Dixon, to look after his establishment. The child was a
dear, and everything promised well. Mr. Carruthers was very kind
and very musical, and we had most pleasant evenings together.
Every week-end I went home to my mother in town.
"The first flaw in my happiness was the arrival of the red-
moustached Mr. Woodley. He came for a visit of a week, and oh, it
seemed three months to me! He was a dreadful person, a bully to
everyone else, but to me something infinitely worse. He made
odious love to me, boasted of his wealth, said that if I married him I
would have the finest diamonds in London, and finally, when I would
have nothing to do with him, he seized me in his arms one day after
dinner—he was hideously strong—and he swore that he would not
let me go until I had kissed him. Mr. Carruthers came in and tore
him off from me, on which he turned upon his own host, knocking
him down and cutting his face open. That was the end of his visit, as
you can imagine. Mr. Carruthers apologized to me next day, and
assured me that I should never be exposed to such an insult again. I
have not seen Mr. Woodley since.
"And now, Mr. Holmes, I come at last to the special thing which has
caused me to ask your advice to-day. You must know that every
Saturday forenoon I ride on my bicycle to Farnham Station in order
to get the 12.22 to town. The road from Chiltern Grange is a lonely
one, and at one spot it is particularly so, for it lies for over a mile
between Charlington Heath upon one side and the woods which lie
round Charlington Hall upon the other. You could not find a more
lonely tract of road anywhere, and it is quite rare to meet so much
as a cart, or a peasant, until you reach the high road near
Crooksbury Hill. Two weeks ago I was passing this place when I
chanced to look back over my shoulder, and about two hundred

yards behind me I saw a man, also on a bicycle. He seemed to be a
middle-aged man, with a short, dark beard. I looked back before I
reached Farnham, but the man was gone, so I thought no more
about it. But you can imagine how surprised I was, Mr. Holmes,
when on my return on the Monday I saw the same man on the same
stretch of road. My astonishment was increased when the incident
occurred again, exactly as before, on the following Saturday and
Monday. He always kept his distance and did not molest me in any
way, but still it certainly was very odd. I mentioned it to Mr.
Carruthers, who seemed interested in what I said, and told me that
he had ordered a horse and trap, so that in future I should not pass
over these lonely roads without some companion.
"The horse and trap were to have come this week, but for some
reason they were not delivered and again I had to cycle to the
station. That was this morning. You can think that I looked out when
I came to Charlington Heath, and there, sure enough, was the man,
exactly as he had been the two weeks before. He always kept so far
from me that I could not clearly see his face, but it was certainly
someone whom I did not know. He was dressed in a dark suit with a
cloth cap. The only thing about his face that I could clearly see was
his dark beard. To-day I was not alarmed, but I was filled with
curiosity, and I determined to find out who he was and what he
wanted. I slowed down my machine, but he slowed down his. Then I
stopped altogether, but he stopped also. Then I laid a trap for him.
There is a sharp turning of the road, and I pedalled very quickly
round this, and then I stopped and waited. I expected him to shoot
round and pass me before he could stop. But he never appeared.
Then I went back and looked round the corner. I could see a mile of
road, but he was not on it. To make it the more extraordinary, there
was no side road at this point down which he could have gone."
Holmes chuckled and rubbed his hands. "This case certainly presents
some features of its own," said he. "How much time elapsed
between your turning the corner and your discovery that the road
was clear?"

"Two or three minutes."
"Then he could not have retreated down the road, and you say that
there are no side roads?"
Larger Image
"I SLOWED DOWN MY MACHINE."
"None."
"Then he certainly took a footpath on one side or the other."
"It could not have been on the side of the heath or I should have
seen him."
"So by the process of exclusion we arrive at the fact that he made
his way towards Charlington Hall, which, as I understand, is situated
in its own grounds on one side of the road. Anything else?"
"Nothing, Mr. Holmes, save that I was so perplexed that I felt I
should not be happy until I had seen you and had your advice."

Holmes sat in silence for some little time.
"Where is the gentleman to whom you are engaged?" he asked, at
last.
"He is in the Midland Electrical Company, at Coventry."
"He would not pay you a surprise visit?"
"Oh, Mr. Holmes! As if I should not know him!"
"Have you had any other admirers?"
"Several before I knew Cyril."
"And since?"
"There was this dreadful man, Woodley, if you can call him an
admirer."
"No one else?"
Our fair client seemed a little confused.
"Who was he?" asked Holmes.
"Oh, it may be a mere fancy of mine; but it has seemed to me
sometimes that my employer, Mr. Carruthers, takes a great deal of
interest in me. We are thrown rather together. I play his
accompaniments in the evening. He has never said anything. He is a
perfect gentleman. But a girl always knows."
"Ha!" Holmes looked grave. "What does he do for a living?"
"He is a rich man."
"No carriages or horses?"
"Well, at least he is fairly well-to-do. But he goes into the City two or
three times a week. He is deeply interested in South African gold
shares."
"You will let me know any fresh development, Miss Smith. I am very
busy just now, but I will find time to make some inquiries into your
case. In the meantime take no step without letting me know. Good-

bye, and I trust that we shall have nothing but good news from
you."
"It is part of the settled order of Nature that such a girl should have
followers," said Holmes, as he pulled at his meditative pipe, "but for
choice not on bicycles in lonely country roads. Some secretive lover,
beyond all doubt. But there are curious and suggestive details about
the case, Watson."
"That he should appear only at that point?"
"Exactly. Our first effort must be to find who are the tenants of
Charlington Hall. Then, again, how about the connection between
Carruthers and Woodley, since they appear to be men of such a
different type? How came they both to be so keen upon looking up
Ralph Smith's relations? One more point. What sort of a ménage is it
which pays double the market price for a governess, but does not
keep a horse although six miles from the station? Odd, Watson—
very odd!"
"You will go down?"
"No, my dear fellow, you will go down. This may be some trifling
intrigue, and I cannot break my other important research for the
sake of it. On Monday you will arrive early at Farnham; you will
conceal yourself near Charlington Heath; you will observe these facts
for yourself, and act as your own judgment advises. Then, having
inquired as to the occupants of the Hall, you will come back to me
and report. And now, Watson, not another word of the matter until
we have a few solid stepping-stones on which we may hope to get
across to our solution."
We had ascertained from the lady that she went down upon the
Monday by the train which leaves Waterloo at 9.50, so I started
early and caught the 9.13. At Farnham Station I had no difficulty in
being directed to Charlington Heath. It was impossible to mistake
the scene of the young lady's adventure, for the road runs between
the open heath on one side and an old yew hedge upon the other,
surrounding a park which is studded with magnificent trees. There

was a main gateway of lichen-studded stone, each side pillar
surmounted by mouldering heraldic emblems; but besides this
central carriage drive I observed several points where there were
gaps in the hedge and paths leading through them. The house was
invisible from the road, but the surroundings all spoke of gloom and
decay.
The heath was covered with golden patches of flowering gorse,
gleaming magnificently in the light of the bright spring sunshine.
Behind one of these clumps I took up my position, so as to
command both the gateway of the Hall and a long stretch of the
road upon either side. It had been deserted when I left it, but now I
saw a cyclist riding down it from the opposite direction to that in
which I had come. He was clad in a dark suit, and I saw that he had
a black beard. On reaching the end of the Charlington grounds he
sprang from his machine and led it through a gap in the hedge,
disappearing from my view.
A quarter of an hour passed and then a second cyclist appeared.
This time it was the young lady coming from the station. I saw her
look about her as she came to the Charlington hedge. An instant
later the man emerged from his hiding-place, sprang upon his cycle,
and followed her. In all the broad landscape those were the only
moving figures, the graceful girl sitting very straight upon her
machine, and the man behind her bending low over his handle-bar,
with a curiously furtive suggestion in every movement. She looked
back at him and slowed her pace. He slowed also. She stopped. He
at once stopped too, keeping two hundred yards behind her. Her
next movement was as unexpected as it was spirited. She suddenly
whisked her wheels round and dashed straight at him! He was as
quick as she, however, and darted off in desperate flight. Presently
she came back up the road again, her head haughtily in the air, not
deigning to take any further notice of her silent attendant. He had
turned also, and still kept his distance until the curve of the road hid
them from my sight.

I remained in my hiding-place, and it was well that I did so, for
presently the man reappeared cycling slowly back. He turned in at
the Hall gates and dismounted from his machine. For some few
minutes I could see him standing among the trees. His hands were
raised and he seemed to be settling his necktie. Then he mounted
his cycle and rode away from me down the drive towards the Hall. I
ran across the heath and peered through the trees. Far away I could
catch glimpses of the old grey building with its bristling Tudor
chimneys, but the drive ran through a dense shrubbery, and I saw
no more of my man.
However, it seemed to me that I had done a fairly good morning's
work, and I walked back in high spirits to Farnham. The local house
agent could tell me nothing about Charlington Hall, and referred me
to a well-known firm in Pall Mall. There I halted on my way home,
and met with courtesy from the representative. No, I could not have
Charlington Hall for the summer. I was just too late. It had been let
about a month ago. Mr. Williamson was the name of the tenant. He
was a respectable elderly gentleman. The polite agent was afraid he
could say no more, as the affairs of his clients were not matters
which he could discuss.
Mr. Sherlock Holmes listened with attention to the long report which
I was able to present to him that evening, but it did not elicit that
word of curt praise which I had hoped for and should have valued.
On the contrary, his austere face was even more severe than usual
as he commented upon the things that I had done and the things
that I had not.
"Your hiding-place, my dear Watson, was very faulty. You should
have been behind the hedge; then you would have had a close view
of this interesting person. As it is you were some hundreds of yards
away, and can tell me even less than Miss Smith. She thinks she
does not know the man; I am convinced she does. Why, otherwise,
should he be so desperately anxious that she should not get so near
him as to see his features? You describe him as bending over the
handle-bar. Concealment again, you see. You really have done

remarkably badly. He returns to the house and you want to find out
who he is. You come to a London house-agent!"
"What should I have done?" I cried, with some heat.
"Gone to the nearest public-house. That is the centre of country
gossip. They would have told you every name, from the master to
the scullery-maid. Williamson! It conveys nothing to my mind. If he
is an elderly man he is not this active cyclist who sprints away from
that athletic young lady's pursuit. What have we gained by your
expedition? The knowledge that the girl's story is true. I never
doubted it. That there is a connection between the cyclist and the
Hall. I never doubted that either. That the Hall is tenanted by
Williamson. Who's the better for that? Well, well, my dear sir, don't
look so depressed. We can do little more until next Saturday, and in
the meantime I may make one or two inquiries myself."
Next morning we had a note from Miss Smith, recounting shortly and
accurately the very incidents which I had seen, but the pith of the
letter lay in the postscript:—
"I am sure that you will respect my confidence, Mr. Holmes, when I
tell you that my place here has become difficult owing to the fact
that my employer has proposed marriage to me. I am convinced that
his feelings are most deep and most honourable. At the same time
my promise is, of course, given. He took my refusal very seriously,
but also very gently. You can understand, however, that the situation
is a little strained."
"Our young friend seems to be getting into deep waters," said
Holmes, thoughtfully, as he finished the letter. "The case certainly
presents more features of interest and more possibility of
development than I had originally thought. I should be none the
worse for a quiet, peaceful day in the country, and I am inclined to
run down this afternoon and test one or two theories which I have
formed."
Holmes's quiet day in the country had a singular termination, for he
arrived at Baker Street late in the evening with a cut lip and a

discoloured lump upon his forehead, besides a general air of
dissipation which would have made his own person the fitting object
of a Scotland Yard investigation. He was immensely tickled by his
own adventures, and laughed heartily as he recounted them.
"I get so little active exercise that it is always a treat," said he. "You
are aware that I have some proficiency in the good old British sport
of boxing. Occasionally it is of service. To-day, for example, I should
have come to very ignominious grief without it."
I begged him to tell me what had occurred.
"I found that country pub which I had already recommended to your
notice, and there I made my discreet inquiries. I was in the bar, and
a garrulous landlord was giving me all that I wanted. Williamson is a
white-bearded man, and he lives alone with a small staff of servants
at the Hall. There is some rumour that he is or has been a
clergyman; but one or two incidents of his short residence at the
Hall struck me as peculiarly unecclesiastical. I have already made
some inquiries at a clerical agency, and they tell me that there was a
man of that name in orders whose career has been a singularly dark
one. The landlord further informed me that there are usually week-
end visitors—'a warm lot, sir'—at the Hall, and especially one
gentleman with a red moustache, Mr. Woodley by name, who was
always there. We had got as far as this when who should walk in but
the gentleman himself, who had been drinking his beer in the tap-
room and had heard the whole conversation. Who was I? What did I
want? What did I mean by asking questions? He had a fine flow of
language, and his adjectives were very vigorous. He ended a string
of abuse by a vicious back-hander which I failed to entirely avoid.
The next few minutes were delicious. It was a straight left against a
slogging ruffian. I emerged as you see me. Mr. Woodley went home
in a cart. So ended my country trip, and it must be confessed that,
however enjoyable, my day on the Surrey border has not been much
more profitable than your own."
The Thursday brought us another letter from our client.

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