show the signature of Clifford Matheson.

"As you see, I sent it to Clifford to O.K.," he said.

Sir Francis looked at the signature through his pair of business
eyeglasses, and nodded an official confirmation.

Larssen continued: "There's no alteration necessary--Clifford passes it
as it stands. But I've thought of one point which I reckon would add
very considerable weight in its appeal to the public."

"What's that?"

"The underwriting. There are a few blank lines here"--he turned over to
a page of small type--"where the details of the underwriting
arrangements were to be filled in. We were negotiating on a 4 per cent.
basis, you remember. On some of it we should have had to offer an
overriding commission of another 1 per cent. Say 4-1/2 per cent. on the
average--that's L225,000 on the round five million shares. A big sum for
the company to pay out!"

"I don't see how we can avoid it."

"We might cut it out altogether and state that 'No part of this issue
has been underwritten.' That sounds like confidence on our part."

Sir Francis shook his head emphatically. "It might do in the States, but
it won't do over here. Our public wouldn't like it. It's not the thing."

Larssen knew this latter was an overwhelming reason to the baronet's
mind.

"Very well; pass that suggestion," said he. "Here's a far better one.
Suppose we could get the underwriting done at 3 per cent. straight. That
would save the company L75,000."

"What house would take it on at that?"

"_I_ would."

"_You!_" exclaimed the amazed Sir Francis.

"Why not?" quietly replied the shipowner.

"But----!" The baronet paused in perplexity.

"Well, what's the particular 'but'?"

"We--the company--would have to ask you for the fullest security."

"Of course."

"Security up to the whole five million pounds."

"Of course."

"But----But I don't quite see your reason for the suggestion."

"My reason is just this," answered Larssen earnestly. "I want that
prospectus to breathe out confidence in every line and every word. I
want the whole five millions taken up by the public, and not left partly
on the underwriters' shoulders. I want to do everything I can to make
the public realise that they're being offered the squarest deal that
ever was. What better plan could you have than getting the
vendor--myself--to guarantee the whole issue at a mere 3 per cent.
cover? No financial house of any standing would look at it for a trifle
of 3 per cent.