leisurely drawing his cigarette-case from his pocket, “wonderful what good fellowship can be evolved by a kindred interest in sport, and a bottle or so of good champagne. But, after all, this is not to be taken seriously.” “Shamrock the fourth! Shamrock the fourth!” A tall young American, his thick head of hair, which had once been carefully parted in the middle, a little disheveled, his hard, clean-cut face flushed with enthusiasm, had risen to his feet and stood with a brimming glass of champagne high over his head. Almost every one in the room rose to their feet. A college boy sprang upon a table with extended arms. The Yale shout split the room. The very glasses on the table rattled. “Columbia! Columbia!” It was an Englishman now who had leaped upon a vacant table with upraised glass. There was an answering roar of enthusiasm. Every one drank, and every one sat down again with a pleasant thrill of excitement at this unique scene. Felix leaned back in his chair and marveled. “One would have imagined,” he murmured, “that America and England together were at war with the rest of the world and had won a great victory. To think that this is all the result of a yacht race. It is incredible!” “All your life, my dear Felix,” Mr. Sabin remarked, “you have underrated the sporting instinct. It has a great place amongst the impulses of the world. See how it has brought these people together.” “But they are already of the same kin,” Felix remarked. “Their interests and aims are alike. Their destinies are surely identical.” Mr. Sabin, who had lit his cigarette, watched the blue smoke curl upwards, and was thoughtful for a moment. “My dear Felix!” he said. “You are very, very young. The interests of two great nations such as America and England can never be alike. It is the language of diplomacy, but it is also the language of fools.” Their conversation was for the moment interrupted by a fresh murmur of applause, rising above the loved hum of conversation, the laughter of women, and the popping of corks. A little troop of waiters had just wheeled