'Twas the night before Christmas, when all through the house Not a creature was stirring, not even a mouse. Even Emily slept, so full of mince pie, But she stirred when she sensed in the side of her eye… A dark bearded man who calmly announced, "I have just acquired Bagpuss, we must settle accounts. You paid for him sixpence - that'll settle the score!" But Emily cried that her cat was worth more: "He's saggy, he's old and made only of cloth, and there's just a suspicion he's affected by moth, But I love him!" said Emily "How can sixpence be fair? To sell him so cheaply I just could not bear!"

"But most of the things in your shop are not sold— They are given away, or so I've been told," Said the stranger. "Not Bagpuss" said Emily choking back tears, "He's my friend, my companion, I have loved him for years."

Then all of a sudden another appeared: He was fat, he was old, with a long white beard: "Now Baxter! now Bonbright! now Edwards and Bell! Use your brains, let us see that all is done well!" At that the dark bearded man vanished into thin air and Emily slept, sure that all was true and fair.

And when Emily woke, 'twas a bright Christmas morn With all of the magic of that special dawn. There were pressies: new dresses, some guesses from aunties And things of all kinds for bright Christmas parties. Many and many were Emily's surprises And it wasn't the point that some were the wrong sizes. But the best was her cat, lying safely asleep Thinking thoughts - who knows what? - but thoughts that were deep.

But Emily wondered, thinking, had Bagpuss been lost His worth was much more than historical cost. And nor would 'Fair value' be fair recompense Replacing her cat would cost shillings, not pence!

And let us not end without wishing each friend The very best wishes we could possibly send: Before hedge accounting drive reason from sight, "Happy Christmas to all, and to all a good night."

WITH APOLOGIES TO CLEMENT CLARKE MOORE AND OLIVER POSTGATE AND THANKS TO JILL STEVENS AND JO WILLIAMS.