As soon as M. Renaud presented this draft, Mustapha asked time to consider it, and at once gave copies of it to his advisers. It was only when the Bey of Tunis refused to give the Regency to M. Léon Renaud that the Khamírs were invented, and the country invaded. M. Renaud “went away in a rage” on the 26th December. On the 26th April, the French troops crossed the frontier. Although M. Roustan saw no inconvenience in M. Léon Renaud inundating Tunis with his personal acceptances to a practically unlimited amount, his predecessor seven years before denounced a proposal to allow Messrs. Ranking of London to issue bank- notes (without any of the other privileges contained in M. Renaud’s draft), as “a menace to European commerce.” The Bey adroitly escaped from M. Renaud’s _imperium in imperio_ by producing the following document:— “TUNIS, _28th May_ 1873. “HIGHNESS,—The undersigned members of the _corps consulaire_ have the honour to transmit to your Highness the subjoined memorandum, by which they take respectfully the liberty of calling your Highness’s attention to the consequences which may be entailed on his country by the authorisation accorded to the firm of Ranking to establish a bank with the power of issuing notes on conditions contrary, as they contend, to their several treaties of commerce and the interests of their subjects, &c. (Signed) “A. DE BOTMILIAU, _Chargé d’Affaires de France, &c. &c._” N. _Notes about the Khamírs._