He forthwith explained his plan, which was, first, to raise the Bank's capital from one hundred to one hundred and fifty millions by issuing a hundred thousand new shares, and, secondly, to release the whole of the shares, the old as well as the new ones. He intended, he said, to offer the new shares at the price of eight hundred and fifty francs, employing the premium of three hundred and fifty francs per share to build up a reserve fund, which, with the amounts already set aside at each distribution, would reach the figure of five and twenty millions. And all that remained for him to do was to find an equal sum so as to have in hand the fifty millions that would be necessary to release the two hundred thousand old shares. It was here that his so-called extraordinary idea came in. It was to draw up an approximative estimate of the current year's profits, which in his opinion would at the least amount to thirty-six millions of francs. From these he could quietly take the twenty-five millions which he needed. And so, from December 31, 1867, the Universal would have a definitive capital of a hundred and fifty millions represented by three hundred thousand fully paid-up shares. They would afterwards unify the stock and make the shares payable to bearer in order to facilitate their free circulation on the market. That would be the stroke of genius entailing perfect triumph. 'Yes, a stroke of genius,' he repeated; 'the expression is none too strong.' Hamelin, somewhat dazed, turned over the pages of Saccard's memoir on the subject, examining the figures. 'I hardly like this premature balance-sheet,' he said at last. 'These are real dividends that you will be giving your shareholders, since you will release their shares; and one must be certain that the amounts are really earned, for otherwise we might be rightly accused of distributing fictitious dividends.' Saccard grew excited. 'What! But I am below the estimates! Just look and you will see if I have been reasonable; won't the steamers, the Carmel mine, and the Turkish bank yield larger profits than those which I have put down? You have brought me bulletins of victory from over yonder; everything is marching on, everything is prosperous, and yet you cavil about the certainty of success!' Hamelin smiled, and calmed him with a gesture. Yes, yes! he had faith in the future. Only he preferred that things should take their regular course. 'And indeed,' said Madame Caroline, gently, 'why should you hurry? Could not we wait till April for this increase of capital? Or, since you need twenty-five millions more, why not issue the stock at a thousand or twelve hundred francs at once, for in that way you would not require to anticipate the profits of the current year?' Saccard looked at her momentarily nonplussed, astonished that this idea should have occurred to her.