Lovejoy was, I think, a retired cop. Some Googling says that UK police had full pension plans as early as the late 19th century, so he would have a pension *plus* the money he earned from Hockley. Since he lived with Hockley, he didn't pay for food or lodging, so his pension money and wages from Hockley gave him a pretty good life.
Now, while most people in first class were upper middle class to "wealthy", $1700 in today's money for a single berth luxury cabin in first class for at least 5 days is not really a back breaker for even a solid middle class man. Even the cheaper single berth cabins gave you first class dining and other accommodations. A middle class man couldn't afford the $50K suites Hockley bought, but $1700 was manageable. Even today, where can you stay for 5-7 days for $1700 and get meals included?
And yes, he was solidly middle class to upper middle class. He was more than a servant, he was also Hockley's bodyguard. I'm sure he was very well compensated.
If he was no longer employed by Hockley, would he buy a first class single berth ticket? He might, or he might take second class which was cheaper and by all accounts, as good as other liner's first class.
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