This reservation was enough to keep off many an ambitious millionaire, many an aged nabob, who might like to compete with the kings of the Sandwich, the Marquesas, and the other archipelagoes of the Pacific.

In short, for one reason or other, nobody presented himself. Time was getting on, the crier was out of breath in his efforts to secure a buyer, the auctioneer orated without obtaining a single specimen of those nods which his estimable fraternity are so quick to discover; and the reserve price was not even mentioned.

However, if the hammer was not wearied with oscillating above the rostrum, the crowd was not wearied with waiting around it. The joking continued to increase, and the chaff never ceased for a moment. One individual offered two dollars for the island, costs included. Another said that a man ought to be paid that for taking it.

And all the time the crier was heard with,—

"An island to sell! an island for sale!"

And there was no one to buy it.

"Will you guarantee that there are flats there?" said Stumpy, the grocer of Merchant Street, alluding to the deposits so famous in alluvial gold-mining.

"No," answered the auctioneer, "but it is not impossible that there are, and the State abandons all its rights over the gold lands."

"Haven't you got a volcano?" asked Oakhurst, the bar-keeper of Montgomery Street.