"Yes," replied Captain Hathaway, "I propose to take powers to create a new Deferred Stock which will rank for dividend after the Ordinary Stock has received eight per cent, but which will in all circumstances carry a right to vote on the board--and this stock will be vested in the representatives of our employees, chosen by them." "It will never be agreed to by the men!" cried a voice. "It _is_ agreed to already by the men's representatives," replied the new chief, feeling the coolness of courage return to him as once when he had faced the mob of Germans. The wealthiest of the directors, a man associated with other houses in the trade, rose in his turn. "I warn you, Hathaway, that I shall dispose of my interests in this business--and I'm going to fight you to the last shilling! You'll be broke in a year!" "All of us! All of us!" came a chorus of approval. "We'll all fight! This is sheer madness!" "Fight, if you will, gentlemen," said Hathaway calmly. "It won't pay you. I haven't been idle these three months. I may tell you that I have contracts in my pocket that will keep us going for many months to come--more than a year. The whole world is shrieking for goods, and Germany is supplying them--capturing your markets while you commit suicide in trying to get the better of Labour. In these last months I have established agents all over the world--and I've got the orders! I know what the other houses have got--I know what's open to you--you _can't_ fight us!--but you'll be taken over by the Government if your obstinacy continues this unworthy industrial strife." There was a silence of vague-headed, angry old men who did not quite know what to say.