The Universal was not progressing as he had hoped it would, for it had against it the covert hostility of great financiers. Evil reports were spread abroad and obstacles were constantly cropping up, preventing the employment of its capital, frustrating all profitable endeavours on a large scale. Accordingly Saccard made a virtue of necessity--of the slow progress to which he was reduced--taking but one step forward at a time, and on solid ground, ever on the look-out for pitfalls, too much absorbed in striving to avoid a fall to dare to launch out into hazardous speculation. He impatiently champed the bit, stamping like a race-horse who is allowed a mere trot. However, never were the beginnings of a financial house more honourable or more correct, and the Bourse talked of it all in astonishment. In this wise, then, they reached the date of the first general meeting of shareholders. April 25 had been chosen for this meeting, and on the 20th Hamelin, hastily recalled by Saccard, who was stifling in his narrow sphere, arrived from the East expressly to preside over it. He brought excellent news with him; the agreements for the formation of the United Steam Navigation Company were concluded, and he, moreover, had in his pocket the firmans granting the working of the Carmel silver mines to a French company; to say nothing of the National Turkish Bank, the foundations of which he had just laid at Constantinople, and which would become a branch of the Universal. As for the big question of the Asia Minor Railway, this was not yet ripe and must be kept in reserve. Besides, he meant to return to the East directly after the meeting, in order to continue his studies. Saccard, who was delighted, had a long conversation with him, at which Madame Caroline was present, and he easily persuaded them that an increase of capital would be absolutely necessary if they wished to provide for all these enterprises. The large shareholders, Daigremont, Huret, Sédille, and Kolb, who had been consulted, had already approved of an increase, so that a couple of days sufficed to mature the suggestion and lay it before the board on the very eve of the meeting of shareholders.