Le Gouvernement Tunisien _laisse toutefois provisoirement_ au Gouvernement Français, le soin d’exploiter les dites lignes _jusqu’au moment où il jugera convenable d’en charger lui-même_.” The following articles grant permission to erect stations in other parts of the Regency of Tunis on precisely similar conditions. Article IX. provides that “le Gouvernement Français aura le droit de faire attacher en un point quelconque de la Régence un ou plusieurs cables sous-marin, reliant les lignes de la Régence à un point quelconque d’Europe ou d’Afrique. _Le Gouvernement Tunisien conserve toutefois le droit d’accorder la même autorisation à tout autre Gouvernement_.” If the Government of Tunis had ever contemplated the creation of a monopoly in favour of France it would not have reserved the right to acquire itself the lines at any moment. The grant is merely permissive in its terms, and creates no exclusive privilege whatever, nor can any such privilege be inferred from the most strained construction of the contract. Signor Maccio had every right to resent the decision of the Bey, but he was unwise in losing his temper and indulging in a bitter quarrel with the Prime Minister, the effect of which was only to improve the position of his opponent. The French had lost the harbour and the Italians the telegraph, and both now turned towards some new field of contest. Nothing could suit this purpose better than the little English railway between Tunis and the sea. If the French secured it they would possess an outlet for their extensive lines of the interior, and complete the circle of communication between the sea-coasts of Tunis and Algeria; if it were purchased by the Italians, the system of French railways in the country would be like Muhammad’s coffin suspended between earth and heaven, and Italy would hold in her hands the approach to the Tunisian capital. Both parties were anxious to buy, and the English proprietors equally willing to sell—_at a price_. The Commendatore Rubattino sent over Mr. Santillana to England to commence negotiations. A preliminary agreement was signed, and Mr. Hodges, the Secretary of the Tunisian Railways Company (Limited), went to Rome to arrange the details. Meanwhile M. Géry got wind of the march stolen on them by their competitors, invited by telegraph another agent of the vendors to come over to Paris, and then and there concluded a purchase of the railway for £105,000. A telegram suddenly called Mr. Hodges back from Italy, and the Italian party felt they had been in turn outwitted. Just as Mr. Hodges was leaving Rome a paper was thrust into his hand. It was a formal authorisation from the Minister of the Interior to deliver to Signor Rubattino “copies of all telegrams sent or received by the Englishman Hodges since his arrival at Rome.” It was stipulated in the contract entered into with M. Géry that the transaction must receive the approbation of the Chancery Division of the High Court of Justice. The