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 like that？ A good touch； too； that about his honour！ I believe he's knocked them。
It's still dicky； though； if that fellow at the back gets up again； the old chap can't work that stop a second time。 'Ah！ here was 'old Apple…pie' on his hind legs。 That was all right！
〃I do not hesitate to say that I am an old friend of the chairman； we are； many of us； old friends of the chairman； and it has been painful to me； and I doubt not to others； to hear an attack made on him。 If he is old in body； he is young in mental vigour and courage。 I wish we were all as young。 We ought to stand by him； I say； we ought to stand by him。〃 （〃Hear； hear！ Hear； hear！〃） And the secretary thought： 'That's done it！' And he felt a sudden odd emotion； watching the chairman bobbing his body； like a wooden toy； at old Appleby； and old Appleby bobbing back。 Then； seeing a shareholder close to the door get up； thought： 'Who's that？ I know his faceAh！ yes； Ventnor； the solicitorhe's one of the chairman's creditors that are coming again this afternoon。 What now？'
〃I can't agree that we ought to let sentiment interfere with our judgment in this matter。 The question is simply： How are our pockets going to be affected？ I came here with some misgivings； but the attitude of the chairman has been such as to remove them； and I shall support the proposition。〃 The secretary thought： 'That's all right only； he said it rather queerlyrather queerly。'
Then； after a long silence； the chairman； without rising； said：
〃I move the adoption of the report and accounts。〃
〃I second that。〃
〃Those in favour signify the same in the usual way。 Contrary？ Carried。〃 The secretary noted the dissentients； six in number； and that Mr。 Westgate did not vote。
A quarter of an hour later he stood in the body of the emptying room supplying names to one of the gentlemen of the Press。 The passionless fellow said： 〃Haythorp； with an 'a'； oh！ an 'e'； he seems an old man。 Thank you。 I may have the slips？ Would you like to see a proof？ With an 'a' you saidoh！ an 'e。' Good afternoon！〃 And the secretary thought： 'Those fellows； what does go on inside them？ Fancy not knowing the old chairman by now！'。。。
2
Back in the proper office of 〃The Island Navigation Company〃 old Heythorp sat smoking a cigar and smiling like a purring cat。 He was dreaming a little of his triumph； sifting with his old brain； still subtle； the wheat from the chaff of the demurrers： Westgatenothing in thatprofessional discontent till they silenced him with a place on the boardbut not while be held the reins！ That chap at the backan ill…conditioned fellow！ 〃Something behind！〃 Suspicious brute！ There was somethingbuthang it！ they might think themselves lucky to get four ships at that price； and all due to him！ It was on the last speaker that his mind dwelt with a doubt。 That fellow Ventnor； to whom he owed moneythere had been something just a little queer about his toneas much as to say； 〃I smell a rat。〃 Well！ one would see that at the creditors' meeting in half an hour。
〃Mr。 Pillin； sir。〃
〃Show him in！〃
In a fur coat which seemed to extinguish his thin form； Joe Pillin entered。 It was snowing； and the cold had nipped and yellowed his meagre face between its slight grey whiskering。 He said thinly：
〃How are you； Sylvanus？ Aren't you perished in this cold？〃
〃Warm as a toast。 Sit down。 Take off your coat。〃
〃Oh！ I should be lost without it。 You must have a fire inside you。 So…so it's gone through？〃
Old Heythorp nodded； and Joe Pillin； wandering like a spirit； scrutinised the shut door。 He came back to the table； and said in a low voice：
〃It's a great sacrifice。〃
Old Heythorp smiled。
〃Have you signed the deed poll？〃
Producing a parchment from his pocket Joe Pillin unfolded it with caution to disclose his signature； and said：
〃I don't like itit's irrevocable。〃
A chuckle escaped old Heythorp。
〃As death。〃
Joe Pillin's voice passed up into the treble clef。
〃I can't bear irrevocable things。 I consider you stampeded me； playing on my nerves。〃
Examining the signatures old Heythorp murmured：
〃Tell your lawyer to lock it up。 He must think you a sad dog； Joe。〃
〃Ah！ Suppose on my death it comes to the knowledge of my wife！〃
〃She won't be able to make it hotter for you than you'll be already。〃
Joe Pillin replaced the deed within his coat； emitting a queer thin noise。 He simply could not bear joking on such subjects。
〃Well；〃 he said； 〃you've got your way； you always do。 Who is this Mrs。 Larne？ You oughtn't to keep me in the dark。 It seems my boy met her at your house。 You told me she didn't come there。〃
Old Heythorp said with relish：
〃Her husband was my son by a woman I was fond of before I married； her children are my grandchildren。 You've provided for them。 Best thing you ever did。〃
〃I don't knowI don't know。 I'm sorry you told me。 It makes it all the more doubtful。 As soon as the transfer's complete； I shall get away abroad。 This cold's killing me。 I wish you'd give me your recipe for keeping warm。〃
〃Get a new inside。〃
Joe Pillin regarded his old friend with a sort of yearning。 〃And yet；〃 he said； 〃I suppose； with your full…blooded habit； your life hangs by a thread； doesn't it？〃
〃A stout one； my boy〃
〃Well； good…bye； Sylvanus。 You're a Job's comforter； I must be getting home。〃 He put on his hat； and； lost in his fur coat； passed out into the corridor。 On the stairs he met a man who said：
〃How do you do； Mr。 Pillin？ I know your son。 Been' seeing the chairman？ I see your sale's gone through all right。 I hope that'll do us some good； but I suppose you think the other way？〃
Peering at him from under his hat； Joe Pillin said：
〃Mr。 Ventnor； I think？ Thank you！ It's very cold； isn't it？〃 And； with that cautious remark； he passed on down。
Alone again； old Heythorp thought： 'By George！ What a wavering； quavering； thread paper of a fellow！ What misery life must be to a chap like that！ He walks in fearhe wallows in it。 Poor devil！' And a curious feeling swelled his hear