and good for
nothing but to be throwed on the scrap-heap. So there's only one thing
left to do and that is--go into liquidation.'

'I don't see it,' remarked Sweater.

'Well, what do you propose, then?' demanded Grinder. 'Reconstruct the
company? Ask the shareholders for more money? Pull down the works and
build fresh, and buy some new machinery? And then most likely not make
a do of it after all? Not for me, old chap! I've 'ad enough. You
won't catch me chuckin' good money after bad in that way.'

'Nor me neither,' said Rushton.

'Dead orf!' remarked Didlum, very decidedly.

Sweater laughed quietly. 'I'm not such a fool as to suggest anything
of that sort,' he said. 'You seem to forget that I am one of the
largest shareholders myself. No. What I propose is that we Sell Out.'

'Sell out!' replied Grinder with a contemptuous laugh in which the
others joined. 'Who's going to buy the shares of a concern that's
practically bankrupt and never paid a dividend?'

'I've tried to sell my little lot several times already,' said Didlum
with a sickly smile, 'but nobody won't buy 'em.'

'Who's to buy?' repeated Sweater, replying to Grinder. 'The
municipality of course! The ratepayers. Why shouldn't Mugsborough go
in for Socialism as well as other towns?'

Rushton, Didlum and Grinder fairly gasped for breath: the audacity of
the chief's proposal nearly paralysed them.

'I'm afraid we should never git away with it,' ejaculated Didlum, as
soon as he could speak. 'When the people tumbled to it, there'd be no
hend of a row.'

'PEOPLE! ROW!' replied Sweater, scornfully. 'The majority of the
people will never know anything about it! Listen to me--'

'Are you quite sure as we can't be over'eard?' interrupted Rushton,
glancing nervously at the door and round the office.

'It's all right,' answered Sweater, who nevertheless lowered his voice
almost to a whisper, and the others drew their chairs closer and bent
forward to listen.

'You know we still have a little money in hand: well, what I propose is
this: At the annual meeting, which, as you know, comes off next week,
we'll arrange for the Secretary to read a highly satisfactory report,
and we'll declare a dividend of 15 per cent--we can arrange it somehow
between us. Of course, we'll have to cook the accounts a little, but
I'll see that it's done properly. The other shareholders are not going
to ask any awkward questions, and we all understand each othe