secretary did it more
than justice. "Times are bad, but your Board is emphatically of the
opinion that they are touching bottom; and this, in their view, is the
psychological moment for a forward stroke. They confidently recommend
your adoption of their policy and the ratification of this purchase,
which they believe will, in the not far distant future, substantially
increase the profits of the Company." The secretary sat down with
reluctance. The speech should have continued with a number of appealing
sentences which he had carefully prepared, but the chairman had cut them
out with the simple comment: "They ought to be glad of the chance." It
was, in his view, an error.

The director who had combed his beard now rose--a man of presence, who
might be trusted to say nothing long and suavely. While he was speaking
the secretary was busy noting whence opposition was likely to come. The
majority were sitting owl-like-a good sign; but some dozen were
studying their copies of the report, and three at least were making
notes--Westgate, for, instance, who wanted to get on the Board, and was
sure to make himself unpleasant--the time-honoured method of vinegar;
and Batterson, who also desired to come on, and might be trusted to
support the Board--the time-honoured method of oil; while, if one knew
anything of human nature, the fellow who had complained that he might
as well go home would have something uncomfortable to say. The director
finished his remarks, combed his beard with his fingers, and sat down.

A momentary pause ensued. Then Messieurs Westgate and Batterson rose
together. Seeing the chairman nod towards the latter, the secretary
thought: 'Mistake! He should have humoured Westgate by giving him
precedence.' But that was the worst of the old man, he had no notion of
the suaviter in modo! Mr. Batterson thus unchained--would like, if he
might be so allowed, to congratulate the Board on having piloted their
ship so smoothly through the troublous waters of the past year. With
their worthy chairman still at the helm, he had no doubt that in
spite of the still low--he would not say falling--barometer, and
the-er-unseasonable climacteric, they might rely on weathering
the--er--he would not say storm. He would confess that the present
dividend of four per cent. was not one which satisfied every aspiration
(Hear, hear!), but speaking for himself, and he hoped for others--and
here Mr. Batterson looked round--he recognised that