“Well, I don’t propose to be dictated to as to how I shall conduct my own business,” put in Mr. Kestrel, in a sneering voice.  When the spell of Keith’s gaze was lifted from him he had recovered.

If Keith heard him now, he gave no sign of it, nor was it needed, for Norman turned upon him.

“I think you will do whatever this board directs,” he said, with almost as much contempt as Keith had shown.

He took up the defence of the management to such good purpose that a number of the other directors went over to his side.

They were willing to acquit Mr. Keith of blame, they said, and to show their confidence in him.  They thought it would be necessary to have some one to look after the property and prevent further loss until better times should come, and they thought it would be best to get Mr. Keith to remain in charge for the present.

During this time Keith had remained motionless and silent, except to bow his acknowledgments to Norman.  He received their new expression of confidence in silence, until the discussion had ceased and the majority were on his side.  Then he faced Mr. Yorke.

“Gentlemen,” he said, “I am obliged to you for your expression; but it comes too late.  Nothing on earth could induce me ever again to assume a position in which I could be subjected to what I have gone through this morning.  I will never again have any business association with—­” he turned and looked at Mr. Kestrel—­“Mr. Kestrel, or those who have sustained him.”

Mr. Kestrel shrugged his shoulders.

“Oh, as to that,” he laughed, “you need have no trouble.  I shall get out as soon as I can.  I have no more desire to associate with you than you have with me.  All I want to do is to save what you mis—­”

Keith’s eyes turned on him quietly.

“—­what I was misled into putting into your sink-hole down there.  You may remember that you told me, when I went in, that you would guarantee me all I put in.”  His voice rose into a sneer.

“Oh, no.  None of that, none of that!” interrupted Norman, quickly.  “You may remember, Mr. Kestrel,—?”

But Keith interrupted him with a wave of his hand.

“I do remember.  I have a good memory, Mr. Kestrel.”

“That was all done away with,” insisted Norman, his arm outstretched toward Mr. Kestrel.  “You remember that an offer was made you of your input and interest, and you declined?”

“I am speaking to him,” said Mr. Kestrel, not turning his eyes from Keith.

“I renew that offer now,” said Keith, coldly.

“Then that’s all right.”  Mr. Kestrel sat back in his chair.  “I accept your proposal, principal and interest.”

Protests and murmurs went around the board, but Mr. Kestrel did not heed them.  Leaning forward, he seized a pen, and drawing a sheet of paper to him, began to scribble a memorandum of the terms, which, when finished, he pushed across the table to Keith.