reas shares were sold to the general public at L3.5.0. Others of
his shares he sold on the Stock Exchange at varying prices, all high.
But were the shares his? Or did they belong to the English Company?
If they were his he was entitled to sacrifice vast profits on some by
selling at cost to his relations, and to take solid profits on others
by selling at what he could get in the open market. But if he was
simply selling as an agent of the Company, he had no right to make so
fantastic a present of one lot of shares and was bound to hand over
to the Company profits made on the others.

He told the Committee that the 500,000 shares had been sold to him
outright but that he had passed on L46,000 of profits to the Company.
He said that a record of this sale of 500,000 shares to him would be
found in the minutes of the English Company. The books of the Company
were inspected and it was found that no such minute existed. Lord
Robert Cecil naturally wished to recall Godfrey Isaacs to explain the
discrepancy between his statements and the records. The usual 8 to 6
majority decided that there was no need to recall Godfrey. It looked
rather as if the shares Godfrey had sold to Harry and Harry to Rufus
at such favourable prices belonged to--and should have been sold for
the profit of--the Company.

On May 7 the Committee concluded its hearings and its members were
marshalling their ideas for the Report. But there was one fact for
them and the public still to learn. Early in June they were re-called
to hear about it. A London stockbroker had absconded: a trustee was
appointed to handle his affairs and it was discovered that the
fleeing stockbroker had acted for the still absent Elibank, had
indeed bought American Marconis for him--a total of 3000: and as it
later appeared, these had been bought for the funds of the Liberal
Party. The comment of _The Times_ (June 9, 1913) on "the totally
unnecessary difficulty which has been placed in the way of getting at
the truth" seems moderate enough.

III. THE TRIAL OF CECIL CHESTERTON

Meanwhile the _New Witness_ had not been neglecting its
self-appointed task of striking at every point that looked
vulnerable. On January 9, 1913, an article appeared attacking the
city record of Mr. Godfrey Isaacs and listing the bankrupt
companies--there were some twenty of them--of which he had been
promoter or director. Some more ardent spirit in the _New Witness_
office sent sandwichmen to parade up an