Naniescu stared at Peter for a moment or two, then he threw back his head and laughed until the tears trickled down his cheeks.

"You are astonishing, my friend," he said. "The property is worthy fifty thousand sterling."

"I have paid an option on it of five thousand," Peter retorted, "and the rest wouldn't come out of your Excellency's pocket, I take it."

"Not out of my pocket, of course," Naniescu was willing to admit, "but out of that of my Government. We are going to sell Kis-Imre for the benefit of the State."

"And won't your Excellency be purchasing these newspaper articles for the benefit of the State?"

"These articles are not worth it," Naniescu retorted gruffly.

"Very well, let's say no more about it. I'm sorry I troubled your Excellency."

Peter rose as if to go and put out his hand toward the sheets of manuscript.

"Don't be a fool," Naniescu broke in. "I'll give you a good price for the thing, but a property worth fifty thousand sterling—hang it all—it's a bit stiff."

Peter smiled. "How tersely you put the matter, general," he said. "I dare say it is a bit stiff, but I am not prepared to bargain—only to sell. And if you are not satisfied——"