Margaret is the protagonist of the novel and the eldest of the Schlegel siblings. The sisters are English on their mother’s side and German on their father’s side, and they are not nationalistic when either country is mentioned. They are said to take after their father, who was interested in art and philosophy rather business and empire. While both of the Schlegel sisters are thoughtful, idealistic, and interested in the arts, Margaret is less impulsive and more pragmatic than Helen. The narrator also says at one point that while Margaret understands herself, it is unclear whether Helen does. 

Margaret’s pragmatism is most visible in her relationship with Mr. Wilcox. Margaret recognizes Mr. Wilcox’s faults, such as his inability to understand his own and other people’s emotions, but she does not dismiss him on account of this. Instead, she admires his good qualities and believes that by showing him love, rather than criticizing him, she will be able to repair his faults. This strategy shows mixed results. In a climactic scene, she says that she has spoiled Mr. Wilcox, and she resolves to leave him after he is unable to recognize the similarities between his own affair with Jacky and Helen’s affair with Leonard.