pretty plump brunette, found herself beside Monsieur de Saffré with whom she was carrying on an animated conversation in a low voice. Then, at either end of the table were the young people, auditors attached to the Council of State, the sons of influential fathers, little sprouting millionaires, Monsieur de Mussy who kept casting despairing glances in the direction of Renée, and Maxime who seemed fast succumbing to Louise de Mareuil seated on his right. Little by little, they had taken to laughing very loudly. It was from their corner that the first gay notes were heard. Meanwhile Monsieur Hupel de la Noue was gallantly inquiring: "Shall we have the pleasure of seeing his excellency this evening?" "I'm afraid not," answered Saccard with an important air which hid a secret annoyance. "My brother is so busy! He has sent us his secretary to excuse him." The young secretary, whom Madame Michelin was most decidedly monopolizing, raised his head on hearing his name uttered, and thinking some one had spoken to him, exclaimed: "Yes, yes, there is to be a meeting of the cabinet this evening at nine o'clock at the residence of the keeper of the seals." During this time, Monsieur Toutin-Laroche, who had been interrupted, was continuing gravely, as though he were delivering a speech amidst the attentive silence of the Municipal Council: "The results are indeed superb. This city loan will remain as one of the finest financial operations of the epoch. Ah! gentlemen--" But here again his voice was smothered by the laughter which suddenly broke out at one end of the table. In the midst of this outburst of mirth one could hear Maxime's voice as he concluded some anecdote: "Wait a bit. I haven't finished yet. The poor rider was picked up by a road-labourer. It is said she is having him brilliantly educated as she intends to marry him later on. She will not allow that any other man than her husband can flatter himself that he has seen a certain brown mole situated somewhere above her knee." The laughter redoubled; Louise laughed heartily, louder even than the men. And noiselessly in the midst of all this mirth, just as though deaf, a lackey at this moment thrust his pale grave face between the guests, offering some slices of wild duck in a low tone of voice. Aristide Saccard was annoyed at the little attention paid to Monsieur Toutin-Laroche. To show him that he had been listening, he resumed: "The city loan--" But Monsieur Toutin-Laroche was not the man to lose the thread of an idea. "Ah! gentlemen," continued he when the laughter had subsided, "yesterday was a great consolation to us whose administration is exposed to such vile attacks. The council is accused of bringing the city to ruin, and yet you see, the moment the city opens a loan, every one brings us their money, even those who cry out." "You have performed miracles," said Saccard. "Paris has become the capital of the world."