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 the skill of the carefullest cobbler. The ragman would have declined any negotiations concerning his clothes. The two weeks’ stubble on his face was grey and brown and red and greenish yellow—as if it had been made up from individual contributions from the chorus of a musical comedy. No man existed who had money enough to wear so bad a hat as his.

Prince Michael sat on his favourite bench and smiled. It was a diverting thought to him that he was wealthy enough to buy every one of those closeranged, bulky, window-lit mansions that faced him, if he chose. He could have matched gold, equipages, jewels, art treasures, estates and acres with any Croesus in this proud city of Manhattan, and scarcely have entered upon the bulk of his holdings. He could have sat at table with reigning sovereigns. The social world, the world of art, the fellowship of the elect, adulation, imitation, the homage of the fairest, honours from the highest, praise from the wisest, flattery, esteem, credit, pleasure, fame—all the honey of life was waiting in the comb in the hive of the world for Prince Michael, of the Electorate of Valleluna, whenever he might choose to take it. But his choice was to sit in rags and dinginess on a bench in a park. For he had tasted of the fruit of