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g 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 disposal for nineteen years； you know what measure of success this Company has attained。 I am the oldest man here； and my experience of shipping is； I hope； a little greater than that of the two gentlemen who spoke last。 I have done my best for you； ladies and gentlemen； and we shall see whether you are going to endorse an indictment of my judgment and of my honour； if I am to take the last speaker seriously。 This purchase is for your good。 'There is a tide in the affairs of men'and I for one am not content； never have been； to stagnate。 If that is what you want； however； by all means give your support to these gentlemen and have done with it。 I tell you freights will go up before the end of the year； the purchase is a sound one； more than a sound oneI； at any rate； stand or fall by it。 Refuse to ratify it； if you like； if you do； I shall resign。〃
He sank back into his seat。 The secretary； stealing a glance； thought with a sort of enthusiasm： 'Bravo！ Who'd have thought he could rally his voice lik