was a most substantial point. Meantime Europe was ringing with the American successes of the bold corsair Drake. San Domingo, Porto Rico, Santiago, Cartliagena, Florida, were sacked and destroyed, and the supplies drawn so steadily from the oppression of the Western World to maintain Spanish tyranny in Europe, were for a time extinguished. Parma was appalled at these triumphs of the Sea-King--"a fearful man to the King of Spain"--as Lord Burghley well observed. The Spanish troops were starving in Flanders, all Flanders itself was starving, and Philip, as usual, had sent but insignificant remittances to save his perishing soldiers. Parma had already exhausted his credit. Money was most difficult to obtain in such a forlorn country; and now the few rich merchants and bankers of Antwerp that were left looked very black at these crushing news from America. "They are drawing their purse-strings very tight," said Alexander, "and will make no accommodation. The most contemplative of them ponder much over this success of Drake, and think that your Majesty will forget our matters here altogether." For this reason he informed the King that it would be advisable to drop all further negotiation with England for the time, as it was hardly probable that, with such advantages gained by the Queen, she would be inclined to proceed in the path which had been just secretly opened. Moreover, the Prince was in a state of alarm as to the intentions of France. Mendoza and Tassis had given him to understand that a very good feeling prevailed between the court of Henry and of Elizabeth, and that the French were likely to come to a pacification among themselves. In this the Spanish envoys were hardly anticipating so great an effect as we have seen that they had the right to do from their own indefatigable exertions; for, thanks to their zeal, backed by the moderate subsidies furnished by their master, the civil war in France already seemed likely to be as enduring as that of the Netherlands. But Parma--still quite in the dark as to French politics--was haunted by the vision of seventy thousand foot and six thousand horses ready to be let slip upon him at any, moment, out of a pacified and harmonious France; while he had nothing but a few starving and crippled regiments to withstand such an invasion. When all these events should have taken place, and France, in alliance with England, should have formally declared war against Spain, Alexander protested that he should have learned nothing new.