The worst of discovering anybody like Fat Bill at the very beginning of the summer holidays is that it makes the rest of the holidays seem a little dull; and that was just what Cuthbert and Doris felt. So they were really rather glad when the winter term at school began; and so were Gwendolen and Marian, who hadn't been to school since the spring.

It was an important term, too, for they were all moved up; and Marian had to buy her first hockey-stick; and Doris and Gwendolen began to learn Latin; and Cuthbert's homework became really unbearable. But he managed to survive, and they were all so busy that the term was over almost before it had begun; and here was Christmas close at hand again, and everybody rushing about buying presents.

As for Cuthbert and Marian, they had so much to do in the three or four days before Christmas that they were half afraid they would never be able to do it, because on Christmas Eve they were going to have a party. It was to be rather a special party, because neither Cuthbert nor Marian had been able that year to have a birthday party; and all the people that they had invited had sent replies saying that they were coming.

Old Miss Hubbard was coming, and so was Uncle Joe, and Mr Parker was coming with him; and Doris's mummy was coming with Doris and her five brothers; and Beardy Ned was bringing little Liz. Then there was Gwendolen, of course, who was coming too, with her aunt and Captain Jeremy; and Lancelot and Mrs Robertson were bringing Pepita; and Percy the gamekeeper's son was bringing Agnes. Just at the last minute, too, they had a letter from the blind painter saying that he was bringing Lord Barrington. And Mr and Mrs Williams were coming, and so was Mummy's nurney, and so was Edward Goldsmith.

"Goodness knows," said Mummy, "where we shall put them all. I hope they won't mind sitting on the floor."

But Cuthbert and Marian said that it would be all right, and that they would have the Christmas tree in the hall.

"Then we can have the doors open," said Cuthbert, "and people can sit on the stairs; and Marian and I will make the paper festoons."

So Mummy and Mummy's nurney and the cook spent hours and hours making cakes and pastries; and just as it seemed as if they would never be ready, they suddenly found that there was nothing to do except to keep a lookout for old Jacob Parsley, who came every year selling Christmas trees.

That was on the morning of the 23rd of December, with a fine rain falling outside; and as they sat at the window both Cuthbert and Marian felt a little stale and out of temper. In spite of all the excitements of the term and the preparations for the party, it suddenly seemed to them a very long time since they had had a real proper adventure.

"I shouldn't be surprised," said Marian, "if we never have another."

"Perhaps we shan't," said Cuthbert, "but it'll be an awful bore," and then, at that very moment, they heard a familiar voice; and there was Jacob Parsley in the street below.

Where he came from nobody knew; but every year on the 23rd of December he limped into the town with his old white horse and a ramshackle cart full of Christmas trees. There they were, year after year, shining and crisp and neatly potted; and people used to say that he had dug them up at night from rich men's plantations in other parts of the country. As for himself, he was a red-faced old man, with a stubbly grey beard and a scar on his chin, and a pair of bright eyes that used to work separately, so that nobody could tell which he was looking with.

"Ker-rismus trees," he would shout, "all in per-hots. All in per-hots, Ker-rismus-trees," and whenever he sold one he would spit in the road, and wish the buyer the compliments of the season. Also, if there were any change he would generally try to keep it, to buy some cough mixture, he would explain, for his bronchial tubes; and most people let him, because they were afraid that he would slue one of his eyes round and pierce their hearts with a reproachful glance.

But to-day for the first time his cart seemed empty, though he was still shouting; and when they ran downstairs and opened the front door they saw that he had only one tree left. It was a queer little tree with silvery-grey leaves; and that was the reason, he said, why nobody had bought it. All the others he had sold at once—almost as soon as he had entered the town.

"Wish I'd 'ad more," he said, "but this here tree, it ain't folk's notion of a Ker-rismus tree. Not but what it ain't a good tree, though it's a little 'un, and the feller I bought it off a queer sort of feller."

He stood looking at it, or as nearly looking at it as he ever seemed to look at anything; and then he coughed for rather a long time and hit himself on the chest and wished them a happy Christmas.

"It's this here rain," he said. "It gets into the bronchial tubes. Five shillings—that's all I'll ask you for it. And it's a good tree. You can take my word for it. And them as buys it won't regret it."

Cuthbert and Marian touched its leaves. Just behind them stood their guardian angels. Even more intently than Cuthbert and Marian they bent their gaze on the little tree.

"But what kind of a tree is it?" asked Cuthbert.

Jacob spat in the road.

"Well, they tell me," he said, "as it's a olive. And they tell me as it's the seedling of the great-great-grandson of the first Ker-rismus tree of all."

He spat in the road again.

"Aye, of the very tree," he said, "as held Love's Innocence atween two thieves."

"I like the leaves of it," said Marian. "It's got wonderful leaves."

The two angels drew a little closer. The old horse began to shake his blinkers. So they bought the tree and carried it indoors.

Round the pot they bound some scarlet paper, and round the paper they twined a wreath of holly; and they placed the tree on a little table near the foot of the stairs in the front hall.

Said Cuthbert's angel, "This is a queer go."

Marian's angel smiled as he lit his evening pipe.

"And they were just grumbling," he said, "because they never had any adventures. What do you suppose will happen when the guests have assembled?"

But Cuthbert's angel shook his head.

"That's hard to tell," he said. "There's no precedent. Not since the Great Day has a tree of that line ever been used as a children's Christmas tree."

The rain had stopped by then and the moon was shining, and soon after midnight the thermometer fell. A hoar frost crept over the roof-tops. The sun's rim rose out of a well of vapour. At eleven o'clock Cuthbert went to play football, and Marian and Doris went to see Gwendolen.

The sun had climbed free by then, but the wind was in the north, and as the day went on the frost deepened. During the afternoon the children went to some friends' houses to borrow chairs for the party. When they came back Mummy was stooping over the Christmas-tree, fixing candles to its slender twigs. In her eyes there was a curious look. Cuthbert kissed her and asked her what was the matter.

"Nothing," said Mummy, "but wouldn't it be wonderful if what Jacob said about this tree were true?"

Marian bent her lips to one of the leaves.

"I believe it is," she said. "It makes me feel funny."

Old Mother Hubbard was the first guest to come, and she brought a hamper with her full of presents. Some of them were new, but some of them were trinkets that she had kept ever since she was a girl.

"And now I want to give them away," she said, "because for fifty years I have never known what giving was like."

Soon after that came Uncle Joe, driving in his little pony-cart with Mr Parker; and Mr Parker took the pony-cart to the stables at the end of the street. Uncle Joe was wearing an overcoat, with poacher's pockets in its lining; and the pockets were bulging with middling-sized parcels to be placed on the floor round the Christmas tree. Then came Captain Jeremy and Gwendolen and Gwendolen's aunt, with the frosty air still in their faces; and Lancelot and Mrs Robertson brought Pepita, well wrapped up and a little shy.

Then a great car hummed down the street bringing Lord Barrington and the blind painter, with Mr and Mrs Williams in their Sunday clothes, and a big round cheese that they had brought for a present. Percy, their son, and his sweetheart Agnes were the next to knock at the front door; and they had hardly stepped inside before Doris and her mummy arrived with the five boys. Then came Edward, looking very smart, with a hot-house flower in his button-hole; and the last to appear was Beardy Ned, as shabby as usual, with Liz on his shoulder.

Most of the others were having tea by now round the dining-room table, or in the drawing-room, or sitting on the stairs, or standing in the hall, or leaning against the banisters. And there, in the middle of them, still unlit and waiting till the feasting should be over, stood the little olive tree, hushed and inconspicuous, with the scarlet paper round its pot.

Mr Parker came back from the stables.

"Rough weather," he said, "in the Baltic. That's a rum-looking tree you've got for a Christmas tree," and the blind painter heard him and turned round.

"Where is it?" he asked. "Will you take me to it?" And Marian led him to the little table. He bent his head for a moment, and there crept into his eyes the same odd look that Marian had seen in Mummy's.

Said Cuthbert's angel, "He's beginning to hear something. What do you suppose will happen when they have lit the candles?"

But Marian's angel shook his head.

"The others will hear nothing," he said. "But will they see?"

Said Doris's angel, "Can they see and live?"

"Look," said Gwendolen's angel. "They're lighting the candles." And it was just at that moment that a young man, shabbier even than Beardy Ned, turned into Peter Street. But for his presence the street was empty. Doris's angel was the first to see him. He lifted his head and spoke a Name, and slowly the others filed out after him. Down the front steps and along the pavement they made a lane of angels. But the door was shut, and deep in their hearts was the dreadful fear that it mightn't be opened.

Then Uncle Joe struck another match and lit the last candle on the tree, and Marian's daddy picked up one of the parcels and turned it over to find the name on it. Smiling in her chair, old Miss Hubbard envied the luckier women who had had children. Half in shadow, between Marian and Gwendolen, stood Lord Barrington with his hawk-like face. There came a knock at the front door. Cuthbert, who was nearest to it, turned and opened it. He saw a young man in shabby clothes, and there was no beauty in him that he should desire him. He stood there smiling in the outside darkness.

"May I come in?" he asked, and Cuthbert changed his mind. Everything beautiful that he had ever seen shone into his heart from the young man's eyes.

"Yes, rather," said Cuthbert. "We're having a party."

His eyes sought his mother's.

"Mummy, here's somebody else."

Everybody turned round as the young man entered. The candles on the olive tree shed their light upon him. All but the blind painter looked into his eyes. Each saw the thing in them that he wanted most. Marian and Gwendolen and Cuthbert and Doris, not wanting anything in particular, only saw vaguely all that they hoped to be when they should have become grown-up men and women. So did Edward and so did Pepita; but Christopher Mark saw a celestial rabbit; and Percy and Agnes, holding each other's hand, saw the darlingest of babies. What Beardy Ned saw you can guess, and what Lord Barrington saw was Truth; and the blind painter heard the angels singing the song that explains every other song.

Then the young man stooped for a moment over the little olive-tree.

"Make them happy," he said, and then he was gone; and though nobody saw them, of course, the guardian angels came and stood again in their accustomed places. Marian turned impulsively to Lord Barrington.

"Oh, who was he?" she said. "Tell me his name."

Lord Barrington kissed her.

"The loveliest present," he said, "that ever hung upon a tree."