rman 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 rose--a 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
notes--Westgate, for, instance, who wanted to get on the Board, and was
sure to make himself unpleasant--the time-honoured method o