totter to a
disastrous fall unless he kept his firm control.

Now and then Gavin gave his employer a keen glance. Cartwright's lips
were rather blue and the lines round his eyes were sharply drawn. His
white mustache stuck out, and one got a hint of stubbornness, but except
for this his face was inscrutable. Although Gavin thought Cartwright
would score again, he was anxious. Nobody but Cartwright could persuade
the dissatisfied shareholders to accept _that_ balance sheet.

Cartwright himself felt in rather good form. He had curtailed his lunch
and been satisfied with a single glass of liquor that generally braced
him up. He imagined he would need all his skill and coolness before the
meeting was over. The trouble was, he might not get much support. The
directors did not know all he knew, but they knew something, and he saw
one or two hesitated. Then Mrs. Cartwright was ill, and although she had
given her husband her proxy votes, had sent Mortimer. Mortimer was
entitled to come because he had some shares, but Cartwright did not know
the line he meant to take. The pup did not like him and was cunning.
Presently Cartwright looked at his watch.

"They won't be long. I imagine we are going to have some opposition."

"It's very possible," one of the others agreed. "A two-per-cent dividend
is disappointing and we are paying this by cutting down the reserve
fund. Then people know we have lost the use of our best boat for six
months and may lose her for good. When we reduced our insurance, I urged
that we were rash."

"We saved a good sum and economy was needful," Cartwright rejoined.
"Insurance is expensive for our type of boats."

"The balance sheet looks bad. I'll admit I'd sooner not be accountable
for a state of things like this," another remarked.

Cartwright smiled. The balance sheet looked better than it was, but
Jordan had given him a useful lead. He knew his colleagues' weaknesses
and how they might be worked upon.

"We are all accountable. I have consulted you frankly and you approved
my plans."

Jordan gave him a rather doubtful look. "Anyhow, we must front an
awkward situation. Suppose the shareholders ask for an investigation
committee?"

"We must refuse," said Cartwright, with quiet firmness. "A frightened
committee would probably urge a drastic re-construction scheme, the
writing off much of our capital, and perhaps winding up the line. When
rates are bad and cargo's scarce, one must take a low pric