For the Allinson Honor

"That's enough!" said somebody; and there was a shout of "Don't waste our time!" But the shopkeeper sturdily stood his ground.

"I'm not here for myself alone," he resumed. "I came up, by excursion, to speak for other people in our town. Jesmond did their business, and he said – "

There was loud interruption. The meeting was getting unruly, but Wannop's voice broke through the uproar:

"Go on, man!"

"I mean to," replied the speaker calmly. "What's more, I have signed proxies in my pocket to be filled up as I think fit."

"It's doubtful how far that's in order," the secretary objected.

"Let him fill them up by all means!" exclaimed a stockjobber ironically. "If all his friends gave him proxies, they wouldn't count for much! There are individual holders present whose votes – "

He broke off at a touch from a neighbor, and Andrew cast a keen glance at the quieter portion of the audience. It was composed of city men who seemed inclined to support the directors. They were, perhaps, not satisfied with the report, for several had been whispering together; but Andrew thought they would prefer to avoid a disturbance and disclosures that might injure the Company. If the meeting could be got through safely, they could afterward sell out at once and cut their loss. Andrew's sympathies, however, were strongly with such investors as the determined shopkeeper. He could imagine the patient drudgery and careful frugality which had enabled them to buy their shares.

"I must ask the gentleman to find a seconder for his motion," Leonard broke in.

There was a pause and the shopkeeper looked eagerly round the hall, where he seemed to have no friends. Then Andrew got up and quietly faced the assembly.

"I second the amendment," he said.

A murmur of astonishment greeted the speech.

"A director!" exclaimed somebody, and a whisper ran through the hall. "Mr. Allinson – the company's agent in Canada!"

Deep silence followed, and Andrew saw that every eye was fixed on him. He was acting against all precedent – opposing his colleagues on the Board, who were, in a manner, entitled to his support.

"I suppose I'm taking an unusual line in offering the gentleman who has been speaking information which the chairman has refused him," he said. "He asked when he might expect a dividend. The answer is – never, unless a radical change is made in the Company's policy."

The plain words made a sensation, and after an impressive pause an uproar began.

"What about the prospectus with your name on it?"

"What changes would you make?"

"Keep quiet and let him speak!"

"No, it's a case of collusion; there's some trick in it!"

The meeting raged confusedly until Leonard got up. He looked shaken by the storm of indignation.

"Order, gentlemen! There is a motion before you."

"The amendment first!" somebody shouted.

"The amendment," said Leonard. "A show of hands will serve. 'That the report be held over, pending the furnishing of further details.'"

The audience appeared to be unanimous as the hands went up, and Leonard sought to turn the matter to his advantage.

"Carried," he said. "We will now adjourn the meeting until the information which is asked for can be supplied."

"That," Andrew stated firmly, "is not needful. I can give now an accurate outline of the Company's position."

The secretary protested that this was informal and one of the directors requested Leonard to rule it out of order; but the meeting had got beyond the chairman's control. There were poor men present who thought they had lost their all, as well as rich men who believed they had been deceived, and Leonard's words were greeted with angry clamor.

Murray jumped to his feet.

"I suggest that we hear Mr. Allinson. We will learn the truth from him!" he said.

"Let him speak!" shouted some one.

Andrew, standing very still and intent of face, raised his hand and the turmoil ceased.

"I ask your attention. First, I must show you the worst of things, as I learned it on the spot in Canada. The mine is threatened with inundation, which can be prevented only by the use of powerful pumping machinery; the rock is unusually broken up and faulty, which necessitates expensive timbering and impedes the work. These difficulties, however, need not be enlarged upon, because, if the quality of the ore justified it, they could be overcome. Instead, I will tell you roughly how much capital we have expended, the quantity of ore raised, the cost of its extraction, and the value of the yield in refined metal."

He quoted from his notebook, and there was a strange quietness as he proceeded:

"Though the figures might be challenged and slightly modified by experts, the conclusion is inevitable – the ore turned out at the Rain Bluff can pay only a small interest on the cost of labor. The capital spent in acquiring the mine has irretrievably gone."

Then the storm broke. Questions, reproaches and insulting epithets were hurled at the directors, some of whom tried to smile forbearingly, while others grew red, and Leonard sat grim and silent with his hand clenched. Andrew waited unmoved, and seized on a pause to continue:

"There is every reason to believe that your directors acted, as they thought, in your interests, but they have been misled."

"So have we!" exclaimed a furious investor.

"I'm afraid that's true," Andrew agreed. "It's an important point, but I must ask you to consider the remedies. In the first place, I will, if necessary, redeem every Rain Bluff share which has been allotted; that is, my brokers will buy up all that are brought to them."

He was heard with astonishment. Some of those present knew a good deal about commercial companies, but that a director of one should make such an offer was unprecedented in their experience. On the surface, it was surprisingly fair, but they suspected a trick.

"At what price?" cried one. "The shares will fall to a few shillings as soon as the truth about the mine is known."

"At par," said Andrew. "You will be returned every penny you have paid in."

It was obvious that the greater part of his audience did not know what to make of this. That he should be in earnest scarcely seemed possible, as his offer seemed the extremity of rashness. No one spoke for a moment or two; and then Robert Allinson rose.

"If any guarantee is needed, I shall be glad to supply it, so far as my means allow. My name is Allinson, a member of the family controlling the firm which promoted this Company. I may perhaps remark without undue pride that it is a point of honor with Allinson's to keep its promises."

"Bravo, Bob!" cried a loud, hearty voice.

"I think," said Robert, in a tone of grave rebuke, "that is not altogether seemly at a public meeting."

Wannop got up with a laugh in which a number of the listeners joined.

"And I am prepared to back my relative, Andrew Allinson, to my last shilling – in which Mrs. Wannop joins me. Between us we hold a good deal of stock."

There was applause mixed with expressions of relief, but some still suspected knavery.

"What is Mr. Allinson's object?" a man blurted out. "What does he expect to gain?"