"Indeed?" I answered, with an endeavour to conceal the interest I was taking in what he said. "May I ask whom he succeeded?"

For a moment the situation possessed a flavour of embarrassment. I was not aware that the General had been one of Silvestre's principal adherents, and that it was only when he discovered the fact that affairs were not as they should be with his master that he had transferred his allegiance to the stronger party.

"His predecessor was a certain Don Guzman de Silvestre," the old gentleman replied, but in a tone that suggested two things to me; first, that he was not aware of my connection with the man in question, and secondly, that the subject was a decidedly distasteful one to him. Realizing this I did not attempt to pursue it further.

Having formally invited my hostess and host and their daughters to my little déjeuner on the following day, I bade them farewell and took my departure. It was evident that my visit had been appreciated, and that some importance was attached to it, for I found the General's private carriage waiting outside to convey me back to the wharf. I was careful to thank him for the courtesy he had extended to me, and then drove off.

When I retired to rest that night, it was with the feeling that my day had not been altogether wasted. Behind it, however, was a decided impression that President Fernandez was by no means the sort of man to be caught napping, and that, if I wished to trap him, it would be necessary for me to have all my wits about me. Moreover, I fancied that when I did catch him, I should find him a somewhat difficult captive to tame. As is very often the case in such matters, one apparently inconsequent remark of his haunted me more than anything else that had fallen from his lips. Why had he declared the yacht to be a Clyde-built boat? Was it only a statement made haphazard, or had he some previous knowledge of the craft in question? The mere thought that he might know anything of her past made me anxious beyond measure. The possibilities were that he did not, but the fact that he might have an inkling of my intention was sufficient to prevent me from sleeping and to cause me to tumble and toss in my bed, hour after hour, endeavouring to find some satisfactory solution to the problem. "I have seen what he can do to those who offend him," Hermaños had said to me, "and I confess the picture did not please me." At the same time I could not believe that it was possible that the President had any idea of the real reason of my presence in Equinata. The secret had been so jealously guarded that it could not have leaked out. These thoughts, however, did not prevent me from looking forward with the greatest possible interest to the festivity of the morrow. Immediately on my arrival on board, I called Ferguson to a consultation. He forthwith interviewed the chief cook, and the result was the preparation of a repast that promised to equal anything ever seen in Equinata before.

As you may suppose, the following morning was a busy one with us. The arrangements were most elaborate. Flowers were procured from the shore, and with them the saloons were decorated. A string band was engaged to play on the bridge during the repast, and in the President's honour the yacht was hung with bunting.

Half-an-hour before my guests were due to arrive, I descended to my cabin and made my toilet. I had scarcely returned to the deck before I was informed by the chief mate, who was on the look-out, that the boats we expected were putting off from the shore. Ferguson stood beside me and watched them come alongside. Out of compliment to the President he had caused the flag of Equinata to be hoisted, and had drawn up a Guard of Honour from the crew on either side of the gangway. The first boat to come alongside contained the President, his aide-de-camp, and a lady, whom I argued must be none other than his niece, the Señorita Dolores de Perera. The President was the first to set foot upon the deck, and, as he did so, the band struck up the National Air of Equinata. His Excellency shook me warmly by the hand, and then, turning to the lady who accompanied him, presented me to her. I have met some very beautiful women in my time, but I am doubtful whether I have ever seen one who could compare with the lady I then had before me. She was slightly above the middle height, with raven hair and dark flashing eyes, and carried herself with the grace that is so characteristic of her nationality. Her manner towards me was distinctly cordial, and under its influence I began to think that our luncheon was not destined to be as dull an affair as I had feared it might be. I escorted them to a cool spot under the awning, and then prepared to receive my other guests. Upon their arrival, we proceeded to the saloon for lunch. That the President was impressed, I could plainly see. He paid me many compliments upon the beauty of the yacht, and vowed that, when times improved in Equinata, he would have just such another built for his own private use.

"How I envy you your lot, Señor Trevelyan!" remarked the Señorita Dolores, when we had seated ourselves at the table, and as she said it, she threw a beaming glance at me. "How beautiful it must be to skim over the seas like a bird, to be always seeing new countries, and receiving new impressions. Yours must be an ideal life, if ever there were one."

"I fear you have omitted to take into your calculations the existence of Custom House officials, the engagement of crews, and the fact that a yacht, however beautiful, needs coaling, in order to be able to properly perform her functions. There are also storms to mar one's pleasure, Port Dues, Harbour Regulations, Quarantine, and a thousand and one other little matters that, though not important in themselves, are, nevertheless, sufficient to play the part of crumpled rose-leaves in your bed of happiness."

"But in these seas you have all smooth sailing. You came here from——?"