Phipps for once looked a little taken aback.

“My dear sir,” he protested, “your trans-Atlantic bluntness is somewhat disconcerting.  However, you must admit that we have heard you patiently.  Let us now, if you are willing, discuss for a minute or two the real object of your visit.”

“I have delivered my warning,” Wingate remarked.  “I am only sorry that you will not take me more seriously.  I am now at your service.”

“In plain words, then, I want to purchase your holding in the Universal Steamship Company, a holding amounting, I believe, to one million, two hundred and fifty thousand dollars.”

Wingate effectually concealed a genuine surprise.

“You seem remarkably well informed as to my investments,” he observed.

“Not as to your investments generally,” Phipps replied, “but as to your holding of Universal stock.  In this stock it is my desire to secure a controlling interest.”

“Why?”

Phipps hesitated for a moment.  Then he replied with much apparent frankness.

“I could invent a dozen reasons.  I prefer to tell you the truth and to base my offer upon existing conditions.”

“The truth will be very interesting,” Wingate murmured, with a note of faint sarcasm in his tone.

“Here are my cards, then, laid upon the table,” Phipps continued, rapping the place in front of him with the back of his hand.  “An Asiatic Power has offered me an immense commission if I can arrange the sale to them of the Atlantic fleet of the Universal Line.”

“For what purpose?”

“Trading purposes between Japan and China,” Phipps explained.  “The quickest way of bringing about the sale and earning my commission is for me to acquire a controlling interest in the company.  I have already a certain number of shares.  The possession of yours will give me control.  The shares to-day stand at a dollar and an eighth.  That would make your holding, Mr. Wingate, worth, say, one million, four hundred thousand dollars.  I am going to offer you a premium on the top of that, say one million, six hundred thousand dollars at today’s rate of exchange.”

“For trading purposes between Japan and China,” Wingate reflected.

“That is the scheme,” Phipps assented.

Wingate indulged in a few moments’ reflection.  He had no particular interest in the Universal Steamship Company—­a company trading between San Francisco and Japan—­and from all that he could remember of their position and prospects, the price was a generous one.  Nevertheless, he was conscious of a curious disinclination to part with his shares.  The very fact that he knew he was being watched with a certain amount of anxiety stiffened his impulse to retain them.

“A very fair offer, Mr. Phipps, I have no doubt,” he said at last.  “On the other hand, I am not a seller.”

“Not a seller?  Not at a quarter premium?”

“Nor a half,” Wingate replied, “nor, as a matter of fact, a hundred per cent. premium.  You see, I don’t trust you, Phipps.  You may have told me the truth.  You may not.  I shall hold my shares for the present.”