e for ships;
our liabilities are large, and I imagine selling off would leave us much
in debt--"

Cartwright paused. He saw his remarks carried weight and knew his
co-directors. He would give them a few moments for thought before he
finished his argument.

"Very well," he resumed. "Jordan declares he does not like to be
accountable for an unsatisfactory balance sheet. I take it he would much
less like to be made accountable for a bad bankruptcy! No doubt you
sympathize with him?"

It was obvious that they did so and one said, "If I thought my occupying
a seat on the Board would lead to this, I would sooner have given my
shares away!"

"I have not talked about my feelings," Cartwright went on. "All the
same, I am head of the old house; you can imagine I do not want to see
it fall. But rates are not always low, and if I'm not embarrassed by
rash meddlers, my persuasion is, I can keep the fleet running until
better times arrive."

He saw he had won them. The number of shares they owned was not very
large: for the most part, the men were rich and not disturbed about
their money. They valued a high place in business and social circles and
their good name. To be entangled by a bankruptcy was unthinkable.

"Then, I feel we ought to support you," Jordan replied. "For all that,
our power's not very great. We are going to meet some opposition and if
the dissatisfied people are resolute they can turn us out."

"So long as I know the Board will back me, I'm not afraid of the
shareholders," Cartwright declared.

"You imagine you can save the situation?" a red-faced gentleman
remarked.

"It's possible," said Cartwright dryly.

"Very well," said the other. "We must try to see you out."

They went to the table soon afterwards and the shareholders began to
arrive. They were not numerous, and the scattered groups emphasized the
bareness of the big echoing room. Cartwright studied the people as they
came in. Some looked gloomy and some stubborn; a few looked frankly
bored. There were five or six women and two whispered, while the others
glanced about with jerky movements. Cartwright's face hardened when he
saw Mrs. Seaton, and then he noted Hyslop in a back row. He thought
Hyslop looked languidly amused.

When all was quiet, he took the notes Gavin handed him, glanced at the
paper, and put it down. Then, speaking in a steady voice, he gave the
report of the year's work and talked about the balance sheet. He was
frank but