Pleasing story about a very old upper-class Republican (10)

I believe the answer is:

favourable

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'pleasing' is the definition.
(similar in meaning)

'story about a very old upper-class republican' is the wordplay.
'story' becomes 'fable' (fable is a kind of story).
'about' indicates putting letters inside.
'very old upper-class republican' becomes 'vour' (this might be a standard abbreviation of which I'm unaware).
'a'+'vour'='avour'
'fable' going around 'avour' is 'FAVOURABLE'.

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(Other definitions for favourable that I've seen before include "20 [GOOD]" , "Propitious" .)

I've seen this clue in The Telegraph.

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