not apologetic, and claimed, in view of the difficulties, that
the directors had well guarded the company's interests. When he stopped
there were murmurs of approval, as if some of the despondent had begun
to hope; the cautious admitted that Cartwright had made a bad situation
look better.

One or two asked questions, which he answered candidly, and then there
was a pause and somebody moved the adoption of the chairman's report and
balance sheet. His seconder made a short nervous speech, and Mrs. Seaton
got up at the end of the room. She pushed back her veil, took out her
handkerchief, put her hand on a chair in front, and gave the directors
an apologetic smile.

"I don't know if it is usual for a woman to speak at a business meeting,
but I have a number of shares in the line and it's long since I got a
good dividend," she said. "Two per cent is ridiculous and my lawyer
tells me I could get four per cent, where the security is really good."
She paused and added naively: "To have twice as much to spend would be
very nice."

Somebody laughed and Cartwright braced himself. Ellen Seaton was
cleverer than she looked, and he thought her dangerous, but in the
meantime he durst not stop her.

"One feels that security's important and it's plain ours is not
first-class," she resumed. "Well, I suppose if we accept the report, it
means we are satisfied to let the company's business be managed on the
old plan?"

"It does mean something like that," a man agreed.

"Then I'm _not_ satisfied. For one thing, I want a proper dividend."

"We all want a proper dividend," somebody remarked.

Mrs. Seaton smiled, as if she were encouraged. "To go without is
disappointing, but perhaps the dividend is not most important. I'd like
to feel my shares were worth the money they cost, and find out they are
not. We have drawn on the reserves and I expect this implies we are
losing money. You can't go on losing money very long, and we ought to
stop while we have some capital left."

A number of the others applauded and she continued: "Our directors have
worked very hard. To manage ships that don't pay must be tiring and
perhaps we oughtn't to ask them to bear the heavy strain. Could we not
choose somebody with fresh ideas to help?"

"That's what we want!" said one. "The Board needs new blood!"

Then the storm broke and for a time Cartwright lost control of the
meeting. Mrs. Seaton had loosed passions he might have restrained and
the shareh