A momentary pause ensued.  Then Messieurs Westgate and Batterson rose together.  Seeing the chairman nod towards the latter, the secretary thought:  ’Mistake!  He should have humoured Westgate by giving him precedence.’  But that was the worst of the old man, he had no notion of the suaviter in modo!  Mr. Batterson thus unchained—­would like, if he might be so allowed, to congratulate the Board on having piloted their ship so smoothly through the troublous waters of the past year.  With their worthy chairman still at the helm, he had no doubt that in spite of the still low—­he would not say falling—­barometer, and the-er-unseasonable climacteric, they might rely on weathering the—­er—­he would not say storm.  He would confess that the present dividend of four per cent. was not one which satisfied every aspiration (Hear, hear!), but speaking for himself, and he hoped for others—­and here Mr. Batterson looked round—­he recognised that in all the circumstances it was as much as they had the right—­er—­to expect.  But following the bold but to his mind prudent development which the Board proposed to make, he thought that they might reasonably, if not sanguinely, anticipate a more golden future. ("No, no!”) A shareholder said, ‘No, no!’ That might seem to indicate a certain lack of confidence in the special proposal before the meeting. ("Yes!”) From that lack of confidence he would like at once to dissociate himself.  Their chairman, a man of foresight and acumen, and valour proved on many a field and—­er—­sea, would not have committed himself to this policy without good reason.  In his opinion they were in safe hands, and he was glad to register his support of the measure proposed.  The chairman had well said in his speech:  ‘de l’audace, toujours de l’audace!’ Shareholders would agree with him that there could be no better motto for Englishmen.  Ahem!

Mr. Batterson sat down.  And Mr. Westgate rose:  He wanted—­he said—­to know more, much more, about this proposition, which to his mind was of a very dubious wisdom....  ‘Ah!’ thought the secretary, ’I told the old boy he must tell them more’....  To whom, for instance, had the proposal first been made?  To him!—­the chairman said.  Good!  But why were Pillins selling, if freights were to go up, as they were told?

“Matter of opinion.”

“Quite so; and in my opinion they are going lower, and Pillins were right to sell.  It follows that we are wrong to buy.” ("Hear, hear!” “No, no!”) “Pillins are shrewd people.  What does the chairman say?  Nerves!  Does he mean to tell us that this sale was the result of nerves?”

The chairman nodded.

“That appears to me a somewhat fantastic theory; but I will leave that and confine myself to asking the grounds on which the chairman bases his confidence; in fact, what it is which is actuating the Board in pressing on us at such a time what I have no hesitation in stigmatising as a rash proposal.  In a word, I want light as well as leading in this matter.”