"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."
Public-domain text, read in full here on John Shaqi.
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