If his Chief had a disagreeable trait, and he was on the whole an exceedingly amiable man, it was an assumed seriousness of speech and demeanour, which he intended for sarcasm, and which invariably misled his victims to their ultimate discomfiture. Stanley, who was aware of this trait and not very proud of the report in question, hastened to disclaim any inherent excellence it might be supposed to contain. "There's nothing in it, your Excellency, except that remark about 'parlous times.'" "Which was just the thing I was most anxious to hear. It proves that the Foreign Office regards the accomplishment of the treaty as by no means certain." Stanley, with difficulty, checked an exclamation of surprise, but he had learned to respect his Chief's little fads, and succeeded. The Minister cleared his throat, an indication that this was one of the rare occasions on which he was about to speak at length, and on which he desired absolute attention and immunity from comment--and proceeded: "For three hundred years a treaty has been pending between Great Britain and our own country, concerning the possession of an island lying at the mouth of the river X----. At first Spanish distrust of English aggression and, at a later period, the frequent changes of government to which our unfortunate country has been subjected, have prevented the successful termination of the negotiations. "Matters have never been more favourable for its settlement than at the present time, and the immediate cession of the island to Great Britain, in return for a most satisfactory indemnity. For the last few weeks, however, we have noted an increasing opposition on the part of certain members of our own Ministry, to the acceptance of the English propositions, the cause of which has now been discovered. An influential manufacturing concern, officered and financed by certain unscrupulous persons in this country, owns large mills on the island in question, for the production of an article of which they would be assured a monopoly, did the territory still remain in our hands, but which would be open to competition did it come into the possession of Great Britain. The company, in order to obtain a continuance of the monopoly, have raised £40,000 for distribution among a majority of the committee, who are to pass upon the treaty, thus practically insuring the failure of the negotiations.