N a country far, far away there once lived a great and powerful king who had three sons, all of whom he loved as dearly as a father can love his children. The two older ones were very handsome and intelligent, while the youngest was of little account. Peter was his name, and, as a rule, his brothers and comrades made a fool of him whenever they saw their chance; they called him Peter Humbug. The king, however, liked them all equally well, and when he reached old age he did not know how to avoid wronging two of them by electing one as his successor to the throne.

In those days it was a custom with the kings to extend a heavy iron chain all around the palace in order to prevent the common people from running into the court-yard. The chain which was now serving that purpose had become so well worn, however, by rust and wear, that the king thought seriously of having a new one made. As he was a wise man, who always knew how to manage his affairs easily and suitably, he thought that here was an oppor-