"Now, gentlemen," continued the retiring chief, "before I sit down, I should like to give you some account of my stewardship. I think we all of us perceived in the circumstances of the present time an opportunity to settle, once and for all, our score with Labour. That opportunity has not been neglected. All the factories controlled by us, in agreement with the other houses in the trade--which have most loyally backed our action--have been shut down. The date of their reopening has not yet been decided upon, but I may tell you this, gentlemen, the Trade Union with which we have had so much trouble in the past is _bankrupt_. We are entitled to industrial peace, on our own terms--but the terms which we have offered, and which were not ungenerous in the circumstances after safeguarding our interests, have been stubbornly rejected by the men's leader--the man Swain. This left us no alternative but to put on the screw--and we have replied by serving notices of ejection on all those of our ex-employees who are behindhand in their rent. I think you will agree with me that in this we have the fullest justice on our side! (Hear, hear!) And now, gentlemen, I retire from my managing directorship and make way for my son, in the fullest confidence that he will maintain and extend the great and honourable traditions of this business." Captain Hathaway stood up. His face was strangely pale and set. "Gentlemen, you have listened to my father's remarks. They represent accurately the theory of our past relationship between ourselves and our employees. (Hear, hear!) But, gentlemen, I want to bring home to you that it is a theory quite impossible to maintain at the present day! In accepting the leadership of this house, I am fully conscious of my responsibilities--responsibilities not only to you who have financial interests in the business, but to those who live by the employment we offer them and to the State which makes it possible for them to work and for ourselves to derive profit from that work. From this day, gentlemen, and for so long as I am head of this firm, our relations with our employees are on a different basis. The factories will reopen to-morrow--at the old Trade Union rates, excepting where the new rates I have offered to the men are more remunerative to them. The policy of the firm is reversed!" Captain Hathaway, in all his experience of war, had never felt the need of all his courage so much as in making this announcement--which, to himself, sounded brutally bald. One of the directors rose, banging nervously upon the table with his fist, and shaking with rage. "By God!" he said, "I never thought Tom Hathaway's boy would be a traitor!" Sir Thomas Hathaway half rose, and sat down again--looking as though he were going to faint. Another of the directors stood up. "Has our new managing director any other harmless little proposals to make?" he asked, in bitter sarcasm.