Wannop gave Andrew an approving smile, recognizing that he had taken a very judicious line. Leonard must respect the opinions of the others, and he knew that they would not sanction anything flagrantly unjust and discreditable. "No," he conceded; "not in a general way. At the same time, sudden and severe changes should be avoided. The man is carrying out his duties efficiently and economically." "I think not," said Andrew. "I'll have to tax your patience with some more figures. They show that we could do the work cheaper without wronging anybody we employ." Opening his notebook, he supported his claim, and there was a brief silence when he had finished. Then Florence broke in angrily. "As a shareholder in my own right, I am entitled to speak. Leonard was satisfied with the arrangements, and you all know his long experience and business ability. It's absurd that Andrew should presume to question what Leonard has done. His judgment cannot be as good." "That is obvious," Mrs. Fenwood said. Andrew realized that his relatives' prejudices had still to be reckoned with. In their eyes he was a rash beginner, liable to be misled. "I spent some time on the spot, investigating things," he reminded them. "You have heard our contractor's charges, and I have given you the cost of cutting rock and supplying props at regulation wages. Is Leonard inclined to challenge the figures?" "After all," said Leonard, "the subject is not of the first importance. It is more serious that you have taken upon yourself to reduce the output of the mine." "It is undoubtedly a grave matter. Unfortunately, there seems to be no prospect of the mine's paying." The announcement caused some sensation, but while the others looked at him in surprise and concern, Leonard flushed. "There is a risk in jumping to conclusions!" he said. "The all-round quality of the ore can only be proved by extensive working, and you must be aware that to increase the quantity of the output reduces the cost per ton!" "That is a maxim which requires some thinking over," Wannop observed. "To begin with, I don't see how you can cut down the cost when you have a good deal of the work done by a contractor at a fixed price. Then if there's a loss on every ton, it puzzles an outsider like myself to understand how you expect to make a profit by producing a very large quantity." "I'm afraid it would take me some time and trouble to explain the thing," Leonard said with a polished sneer. "There's no doubt you'd find it difficult," Wannop retorted. "Are we to understand that there will be no dividends?" Mrs. Fenwood interposed, in alarm. "If so, I feel that I have been cruelly deceived. I was promised a handsome profit in the prospectus." "I have much the same feeling," said Robert Allinson. "The matter is one of importance to me. My stipend is not large; the expenses which my work in this parish entails are heavy. I bought the shares because I expected they would pay."