“Where there are many masters, there are bad servants,” was the reply; “at least, such is my opinion. My notion is, indeed, that in a company there is no master at all; there is no one person whose business and interest it is to see that things are properly and economically conducted.” “We have our manager,” suggested Mr. Stewart. “You have an admirably efficient manager at your works now, I do not doubt,” said Mr. Raidsford. “What do you mean by that remark?” asked Mr. Stewart. “Simply, that I should not give Mr. Crossenham sixpence a week for managing any concern of mine; but, without question, he is perfectly competent to fill the position he occupies with you.” “Once again, Mr. Raidsford, I must ask you to explain your meaning?” “Then, Mr. Stewart, you certainly will ask in vain,” was the reply. “When, eight months since, we met in Moorgate Street, you did me the honour of asking my opinion about this Company,—and I gave you that opinion to the best of my ability,—what was your course of action? You certainly got rid of Bayley Crossenham, but you put in his shoes a man utterly incompetent to manage even his own business, how much less yours; a man, who, though perfectly honest himself, could never detect dishonesty in others. I asked you then, if Lord Kemms’ name had been really added to the Direction by his authority? and it is now evident you took no steps to ascertain the truth of the matter. I counselled you to be exceedingly wary in dealing with Mr. Black, and yet Mr. Black is now virtually master of the ‘Protector,’ as he is of every other company with which he is connected.” “He is not master of the ‘Protector,’” answered Mr. Stewart. “He must be master of its funds, or he never could have such an amount of money to spend, as is the case at present,” was the reply. “He is no such thing,” repeated Mr. Stewart. “I am happy to hear it, for the sake of the shareholders,” answered Mr. Raidsford, coolly; “and that brings me to another phase of limited liability, viz., that this boasted union of capitalists, of which we hear so much, is, in many cases, neither more nor less than the accumulation of five and ten pounds scraped from the savings of the lower middle class; the money of people who, deluded by specious advertisements and good names, send up their post-office orders and receive their shares, and lose their cash, and thereby afford a living to a class of men who otherwise would be exercising their talents in some very different mode indeed from that of ‘promoting’ public companies.” “What a pity you do not go into Parliament, and favour the nation with an exposition of your views!” said Mr. Stewart. “I should not be the first man to advance them,” was the reply. “In both Houses somewhat similar opinions have been expressed before now; of course, my views may be wrong——” “You do not mean, Mr. Raidsford, that you have ever contemplated such a possibility?” interrupted Mr. Stewart.