“The shareholders may have something to say about these appointments later.  In the meantime, this is a draft of our constitution.  I must state that we could have kept all the profit if we had borrowed the money we need, but we should have had to pay high interest.  On the whole, it seemed better to float a small company; just large enough, in fact, to get the protection the law allows a registered joint-stock body.  We find we can get the money easier in this way, and it divides the risk.  You will see that a large block of shares is reserved for yourself and your brother; I take some in payment for the men and supplies I am sending Thirlwell; and a number will be allotted at about ninety, to the people who find the cash.”

Agatha studied the document and gave it to George.  “What does issuing the stock at ninety mean?”

“Ninety cents for the dollar’s worth of stock,” George explained.  “That’s a ten per cent. margin when it touches face value and it will soon go higher.”

“I see,” said Agatha.  “But the mine is ours, and by parting with these shares we lose control.”

“Not altogether,” Scott replied.  “Every share carries a vote.  You and your brother hold a large block, and the friends I’ve persuaded to join us will vote with me.  Of course, if anybody bought up the most part of the other shares, he could give us trouble, but that’s not likely.  When it’s obvious that we’re making a good profit none of the holders will be willing to sell.  In the meantime, some of the people are sending up a mining expert, and if they’re satisfied with his opinion they’ll give us the money.”

“I suppose it’s a good arrangement,” said Agatha.  “But before I agree you must send the draft to Thirlwell.”

“It might mean some delay.  However, I expect he’ll come down from the mine to meet the expert, and if you insist—­”

“I do insist,” said Agatha.  “I can do nothing until I know what my manager thinks.”

Scott promised to mail the document, and Agatha remarked:  “When the people have taken up the shares there will be some left.”

“That is so,” said George.  “It may be convenient later; I dare say we will want more money when we begin the smelting, but we’ll probably be able to issue the stock at a dollar then.  In fact, I reckon we’ll presently have to ask for power to extend our capital.”

“You must only sell this reserve block to people you can trust,” said Agatha, who began to ask questions about the mine.

Scott was surprised to find how much she knew, but he told her all he could and it was late in the evening when the party broke up.