admitted the power of
the _Clarion_ and its owner. No doubt, it would not be possible for the
paper to keep up its strike fund indefinitely; there were perhaps
already signs of slackening. Still it had been maintained for a
considerable time; and so long as it was reckoned on, in spite of the
wide-spread misery and suffering now prevailing, the men would probably
hold out.

In these circumstances, the principal employers concerned had thought it
best to approach so formidable an opponent and to put before him
information which might possibly modify his action. They had authorised
Mr. Pearson to give him a full account of what was proposed in the way
of re-organisation of the trade, including the probable advantages which
the work-people themselves would be likely to reap from it in the
future.

Mr. Pearson ran in a few sentences through the points of the scheme.
Wharton stood about a yard away from him, his hands in his pockets, a
little pale and frowning--looking intently at the speaker.

Then Mr. Pearson paused and cleared his throat.

Well!--that was the scheme. His principals believed that, when both it
and the employers' determination to transfer their business to the
Continent rather than be beaten by the men were made fully known to the
owner of the _Clarion_, it must affect his point of view. Mr. Pearson
was empowered to give him any details he might desire. Meanwhile--so
confident were they in the reasonableness of the case that they even
suggested that the owner of the _Clarion_ himself should take part in
the new Syndicate. On condition of his future co-operation--it being
understood that the masters took their stand irrevocably on the
award--the men at present responsible for the formation of the Syndicate
proposed to allot Mr. Wharton ten Founder's Shares in the new
undertaking.

Wharton, sitting alone, recalling these things, was conscious again of
that start in every limb, that sudden rush of blood to the face, as
though a lash had struck him.

For in a few seconds his mind took in the situation. Only the day
before, a city acquaintance had said to him, "If you and your confounded
paper were out of the way, and this thing could be placed properly on
the market, there would be a boom in it at once. I am told that in
twenty-four hours the Founder's Shares would be worth 2,000 _l._
apiece!"

There was a pause of silence. Then Wharton threw a queer dark look at
the solicitor, and was conscious that