making the arctic
Hudson Bay passage a commercial highway. It means the creating of a
modern port at Fanning. It means the lighting of a whole
coast-line"--his finger travelled to the north of Hudson Bay and the
northern coast of Labrador--"before a cargo of wheat leaves Port
Fanning."

"I'll build lighthouses myself by the dozen if the Canadian Government
won't. I'll equip every one with long-range wireless."

"The cost will be tremendous."

"There will be a differential of sixpence a bushel on wheat over my
route. That talks down fifty lighthouses."

"But it makes no allowance for rate-cutting by the big men on the
present routes. Further, if the Canadian Government are not with you on
this scheme, they'll be against you. There are a dozen ways in which you
might be frozen out. In that case the Hudson Bay Route will be the
biggest fiasco that ever happened."

"Nothing I've yet touched has been a fiasco," answered Lars Larssen with
a grim tightening of jaw. "Leave that end to me.... Now your end is to
get the money."

"From the English and Canadian public."

"Naturally."

"You came to me because the English and Canadian public are prejudiced
against 'Yankee propositions.' You yourself couldn't float it in
England. On the other hand, I'm Canadian-born, and my name carries
weight both in England and in Canada."

"With the public," added Larssen, and there was a subtle emphasis on the
word "public," which carried a world of hidden meaning. Matheson had
been associated with other schemes which had a bad odour in the nostrils
of City men.

"With the public who provide the capital," answered the financier, and
his emphasis was on the word "capital." He continued. "With myself and
Sir Francis Letchmere and a few titled dummies on the Board--which is
what you want from me--the public will tumble over one another to take
up stock."

"Agreed."

"The capitalization you propose is L5,000,000 in Ordinary L1 Shares,
which the public will mostly take up. Also L200,000 in Deferred Shares
of the nominal value of one shilling each, which are to be allotted to
yourself as vendor. That gives you four million votes out of a total of
nine million, and for practical purposes means control."

"The Deferred Shares are not to get a cent of dividend until a fifteen
per cent. dividend is paid on the Ordinary Shares. That's the squarest
deal for the public that ever was," retorted Larssen.

"But _you_ hold _control_."

Both