s　shareholders。　　Amusing　spectacle　when　you　came　to　think　of　it；　a　general　meeting！　　Unique！　　Eighty　or　a　hundred　men；　and　five　women；　assembled　through　sheer　devotion　to　their　money。　　Was　any　other　function　in　the　world　so　single…hearted。　Church　was　nothing　to　itso　many　motives　were　mingled　there　with　devotion　to　one's　soul。　　A　well…educated　young　manreader　of　Anatole　France；　and　other　writershe　enjoyed　ironic　speculation。　　What　earthly　good　did　they　think　they　got　by　coming　here？　　Half…past　two！　He　put　his　watch　back　into　his　pocket；　and　passed　into　the　Board…　room。
  There；　the　fumes　of　lunch　and　of　a　short　preliminary　meeting　made　cosy　the　February　atmosphere。　　By　the　fire　four　directors　were　conversing　rather　restlessly；　the　fifth　was　combing　his　beard；　the　chairman　sat　with　eyes　closed　and　red　lips　moving　rhythmically　in　the　sucking　of　a　lozenge；　the　slips　of　his　speech　ready　in　his　hand。　　The　secretary　said　in　his　cheerful　voice：　〃Time；　sir。〃
  Old　Heythorp　swallowed；　lifted　his　arms；　rose　with　help；　and　walked　through　to　his　place　at　the　centre　of　the　table。　　The　five　directors　followed。　　And；　standing　at　the　chairman's　right；　the　secretary　read　the　minutes；　forming　the　words　precisely　with　his　curling　tongue。　Then；　assisting　the　chairman　to　his　feet；　he　watched　those　rows　of　faces；　and　thought：　'Mistake　to　let　them　see　he　can't　get　up　without　help。　　He　ought　to　have　let　me　read　his　speechI　wrote　it。'
  The　chairman　began　to　speak：
  〃It　is　my　duty　and　my　pleasure；'　ladies　and　gentlemen；　for　the　nineteenth　consecutive　year　to　present　to　you　the　directors'　report　and　the　accounts　for　the　past　twelve　months。　　You　will　all　have　had　special　notice　of　a　measure　of　policy　on　which　your　Board　has　decided；　and　to　which　you　will　be　asked　to…day　to　give　your　adherenceto　that　I　shall　come　at　the　end　of　my　remarks。。。。〃
  〃Excuse　me；　sir；　we　can't　hear　a　word　down　here。〃
  'Ah！'　thought　the　secretary；　'I　was　expecting　that。'
  The　chairman　went　on；　undisturbed。　　But　several　shareholders　now　rose；　and　the　same　speaker　said　testily：　〃We　might　as　well　go　home。　If　the　chairman's　got　no　voice；　can't　somebody　read　for　him？〃
  The　chairman　took　a　sip　of　water；　and　resumed。　　Almost　all　in　the　last　six　rows　were　now　on　their　feet；　and　amid　a　hubbub　of　murmurs　the　chairman　held　out　to　the　secretary　the　slips　of　his　speech；　and　fell　heavily　back　into　his　chair。
  The　secretary　re…read　from　the　beginning；　and　as　each　sentence　fell　from　his　tongue；　he　thought：　'How　good　that　is！'　　'That's　very　clear！'　　'A　neat　touch！'　　'This　is　getting　them。'　　It　seemed　to　him　a　pity　they　could　not　know　it　was　all　his　composition。　　When　at　last　he　came　to　the　Pillin　sale　he　paused　for　a　second。
  〃I　come　now　to　the　measure　of　policy　to　which　I　made　allusion　at　the　beginning　of　my　speech。　　Your　Board　has　decided　to　expand　your　enterprise　by　purchasing　the　entire　fleet　of　Pillin　&　Co。；　Ltd。　　By　this　transaction　we　become　the　owners　of　the　four　steamships　Smyrna；　Damascus；　Tyre；　and　Sidon；　vessels　in　prime　condition　with　a　total　freight…carrying　capacity　of　fifteen　thousand　tons；　at　the　low　inclusive　price　of　sixty　thousand　pounds。　　Gentlemen；　de　l'audace；　toujours　de　l'audace！〃it　was　the　chairman's　phrase；　his　bit　of　the　speech；　and　the　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　rosea　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　notesWestgate；　for；　instance；　who　wanted　to　get　on　the　Board；　and　was　sure　to　make　himself　unpleasantthe　time…honoured　method　of　vinegar；　and　Batterson；　who　also　desired　to　come　on；　and　might　be　trusted　to　support　the　Boardthe　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　unchainedwould　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　lowhe　would　not　say　falling…　barometer；　and　the…er…unseasonable　climacteric；　they　might　rely　on　weathering　theerhe　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　othersand　here　Mr。　Batterson　looked　roundhe　recognised　that　in　all　the　circumstances　it　was　as　much　as　they　had　the　right　erto　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　andersea；　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　wantedhe　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　awkwardseeing　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。
  〃Has　any　other　gentleman　anything　to　say　before　I　move　the　adoption　of　the　report？〃
  Phew！　　That　would　put　their　backs　up。　　Yes；　sure　enough　it　had　brought　that　fellow；　who　had　said　he　might　as　well　go　home；　to　his　feet！　　Now　for　something　nasty！
  〃Mr。　Westgate　requires　answering。　　I　don't　like　this　business。　　I　don't　impute　anything　to　anybody；　but　it　looks　to　me　as　if　there　were　something　behind　it　which　the　shareholders　ought　to　be　told。　　Not　only　that；　but；　to　speak　frankly；　I'm　not　satisfied　to　be　ridden　over　roughshod　in　this　fashion　by　one　who；　whatever　he　may　have　been　in　the　past；　is　obviously　not　now　in　the　prime　of　his　faculties。〃
  With　a　gasp　the　secretary　thought：　'I　knew　that　was　a　plain…spoken　man！'
  He　heard　again　the　rumbling　beside　him。　　The　chairman　had　gone　crimson；　his　mouth　was　pursed；　his　little　eyes　were　very　blue。
  〃Help　me　up；〃　he　said。
  The　secretary　helped　him；　and　waited；　rather　breathless。
  The　chairman　took　a　sip　of　water；　and　his　voice；　unexpectedly　loud；　broke　an　ominous　hush：
  〃Never　been　so　insulted　in　my　life。　　My　best　services　have　been　at　your