Sentence:  Evidently he did not mean to be a mere figurehead, but to carry on the old <WSD>tradition</WSD> of Wilsthorpe's; and that was considered to be a good thing in itself and an augury for future prosperity. 
Meaning of the word marked with <WSD> tags:  A part of culture that is passed from person to person or generation to generation, possibly differing in detail from family to family, such as the way to celebrate holidays.