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emissary to request a conference with a representative of the fruit company. The Vesuvius sent Mr. Franzoni, a little, stout, cheerful man, always cool, and whistling airs from Verdi's operas. Senor Espirition, of the office of the Minister of Finance, attempted the sandbagging in behalf of Anchuria. The meeting took place in the cabin of the Salvador, of the Vesuvius line.

Senor Espirition opened negotiations by announcing that the government contemplated the building of a railroad to skirt the alluvial coast lands. After touching upon the benefits such a road would confer upon the interests of the Vesuvius, he reached the definite suggestion that a contribution to the road's expenses of, say, fifty thousand pesos would not be more than an equivalent to benefits received.

Mr. Franzoni denied that his company would receive any benefits from a contemplated road. As its representative he must decline to contribute fifty thousand pesos. But he would assume the responsibility of offering twenty-five.

Did Senor Espirition understand Senor Franzoni to mean twenty-five thousand pesos?

By no means. Twenty-five pesos. And in silver; not in gold.

"Your offer insults my government," cried Senor Espirition, rising with indignation.

"Then," said Mr. Franzoni, in warning tone, "we will change it."

The offer was never changed. Could Mr. Franzoni have meant the government?

This was the state of affairs in Anchuria when the winter season opened at Coralio at the end of the second year of Losada's administration. So, when the government and society made its annual exodus to the seashore it was evident that the presidential advent would not be celebrated by unlimited rejoicing. The tenth of November was the day set for the entrance into Coralio of the gay company from the capital. A narrow-gauge railroad runs twenty miles into the interior from Solitas. The government party travels by carriage from San Mateo to this road's terminal point, and proceeds by train to Solitas. From here they march in grand procession to Coralio where, on the day of their coming, festivities and ceremonies abound. But this season saw an ominous dawning of the tenth of November.

Although the rainy season was over, the day seemed to hark back to reeking June. A fine drizzle of rain fell all during the forenoon. The procession entered Coralio amid a strange silence.

President Losada was an elderly man, grizzly bearded, with a considerable ratio of Indian blood revealed in his cinnamon complexion. His carriage headed the procession, surrounded and guarded by Captain Cruz and his famous troop of one hundred light horse "El Ciento Hutlando." Colonel Rocas followed, with a regiment of the regular army.

The president's sharp, beady eyes glanced about him for the expected demonstration of welcome; but he faced a stolid, indifferent array of citizens. Sight-seers the Anchurians are by birth and habit, and they turned out to their last able-bodied unit to witness the scene; but they maintained an accusive silence. They crowded the streets to the very wheel ruts; they covered the red tile roofs to the eaves, but there was never a "viva" from them. No wreaths of palm and lemon branches or gorgeous strings of paper roses hung from the windows and balconies as was the custom. There was an apathy, a dull, dissenting disapprobation, that was the more ominous because it puzzled. No one feared an outburst, a revolt of the discontents, for they had no leader. The president and those loyal to him had never even heard whispered a name among them capable of crystallizing the dissatisfaction into opposition. No, there could be no danger. The people always procured a new idol before they destroyed an old one.

At length, after a prodigious galloping and curvetting of red-sashed majors, gold-laced colonels and epauletted generals, the procession formed for its annual progress down the Calle Grande to the Casa Morena, where the ceremony of welcome to the visiting president always took place.

The Swiss band led the line of march. After it pranced the local comandante, mounted, and a detachment of his troops. Next came a carriage with four members of the cabinet, conspicuous among them the Minister of War, old General Pilar, with his white moustache and his soldierly bearing. Then the president's vehicle, containing also the Ministers of Finance and State; and surrounded by Captain Cruz's light horse formed in a close double file of fours. Following them, the rest of the officials of state, the judges and distinguished military and social ornaments of public and private life.

As the band struck up, and the movement began, like a bird of ill-omen the Valhalla, the swiftest steamship of the Vesuvius line, glided into the harbour in plain view of the president and his train. Of course, there was nothing menacing about its arrival — a business firm does not go to war with a nation — but it reminded Señor Espirition and others in those carriages that the Vesuvius Fruit Company was undoubtedly carrying something up its sleeve for them. By the time the van of the procession had reached the government building, Captain Cronin, of the Valhalla, and Mr. Vincenti, member of the Wesuvius Company, had landed and were pushing their way, bluff, hearty and nonchalant, through the crowd on the narrow sidewalk. Clad in white linen, big, debonair, with an air of good-humoured authority, they made conspicuous figures among the dark mass of unimposing Anchurians, as they penetrated to within a few yards of the steps of the Casa Morena. Looking easily above the heads of the crowd, they perceived another that towered above the undersized natives. It was the fiery poll of Dicky Maloney against the wall close by the lower step; and his broad, seductive grin showed that he recognized their presence. Dicky had attired himself becomingly for the festive occasion in a well-fitting black suit. Pasa was close by his side, her head covered with the ubiquitous black mantilla. Mr. Vincenti looked at her attentively. “Botticelli's Madonna,” he remarked, gravely. “I

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