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the borders of France and Italy, on the shore of the Mediterranean Sea, lies a tiny little kingdom called Monaco. Many a small country town can boast more inhabitants than this kingdom, for there are only about seven thousand of them all told, and if all the land in the kingdom were divided there would not be an acre for each inhabitant. But in this toy kingdom there is a real kinglet; and he has a palace, and courtiers, and ministers, and a bishop, and generals, and an army.

It is not a large army, only sixty men in all, but still it is an army. There were also taxes in this kingdom, as elsewhere: a tax on tobacco, and on wine and spirits, and a poll-tax. But though the people there drink and smoke as people do in other countries, there are so few of them that the King would have been hard put to it to feed his courtiers and officials and to keep himself, if he had not found a new and special source of revenue. This special revenue comes from a gaming house, where people play roulette. People play, and whether they win or lose the keeper always gets a percentage on the turnover; and out of his profits he pays a large sum to the King. The reason he pays so much is that it is the only such gambling establishment left in Europe. Some of the little German Sovereigns used to keep gaming houses of the same kind, but some years ago they were forbidden to do so. The reason they were