Quite some time ago I was using one of those Walmart (Schwinn? Bell? one of those) bags that works kind of like a stuff sack on a plastic hoop with a mount that clamps to the handlebars and braces under the stem, and it was... fine, for lunch and a sweater. If I'd had a heavier load I'd have wanted it lower.
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Genesis 49:16-17
"Well, well!" said Holmes, impatiently. "A good cyclist does not need a high road. The moor is intersected with paths and the moon is at the full."