in all the
circumstances it was as much as they had the right--er--to expect. But
following the bold but to his mind prudent development which the
Board proposed to make, he thought that they might reasonably, if not
sanguinely, anticipate a more golden future. ("No, no!") A shareholder
said, 'No, no!' That might seem to indicate a certain lack of confidence
in the special proposal before the meeting. ("Yes!") From that lack of
confidence he would like at once to dissociate himself. Their chairman,
a man of foresight and acumen, and valour proved on many a field
and--er--sea, would not have committed himself to this policy without
good reason. In his opinion they were in safe hands, and he was glad to
register his support of the measure proposed. The chairman had well said
in his speech: 'de l'audace, toujours de l'audace!' Shareholders would
agree with him that there could be no better motto for Englishmen. Ahem!

Mr. Batterson sat down. And Mr. Westgate rose: He wanted--he said--to
know more, much more, about this proposition, which to his mind was of a
very dubious wisdom.... 'Ah!' thought the secretary, 'I told the old
boy he must tell them more'.... To whom, for instance, had the proposal
first been made? To him!--the chairman said. Good! But why were Pillins
selling, if freights were to go up, as they were told?

"Matter of opinion."

"Quite so; and in my opinion they are going lower, and Pillins were
right to sell. It follows that we are wrong to buy." ("Hear, hear!" "No,
no!") "Pillins are shrewd people. What does the chairman say? Nerves!
Does he mean to tell us that this sale was the result of nerves?"

The chairman nodded.

"That appears to me a somewhat fantastic theory; but I will leave that
and confine myself to asking the grounds on which the chairman bases his
confidence; in fact, what it is which is actuating the Board in pressing
on us at such a time what I have no hesitation in stigmatising as a rash
proposal. In a word, I want light as well as leading in this matter."

Mr. Westgate sat down.

What would the chairman do now? The situation was distinctly
awkward--seeing his helplessness and the lukewarmness of the Board
behind him. And the secretary felt more strongly than ever the absurdity
of his being an underling, he who in a few well-chosen words could so
easily have twisted the meeting round his thumb. Suddenly he heard the
long, rumbling sigh which preluded the chairman's speeches.

"H