Cries of: “Hear, hear!” mixed with indeterminate sounds, were broken sharply by a loud: “No!” from the shareholder who had seemed dead. Michael’s heart went out to him, the more so as he still seemed dead. The negative was followed by the rising of a thin, polished-looking shareholder, with a small grey moustache.

“If you’ll forgive my saying so, sir,” he began, “your proposal seems to me very rough-and-ready justice. I should be interested to know how you would have handled such a situation if you had been on the Board. It is extremely easy to condemn other people!”

“Hear, hear!” said Michael, astonished at his own voice.

“It is all very well,” the polished shareholder went on, “when any thing of this sort happens, to blame a directorate, but, speaking as a director myself, I should be glad to know whom one is to trust, if not one’s manager. As to the policy of foreign insurance, it has been before us at two general meetings; and we have pocketed the profit from it for nearly two years. Have we raised a voice against it?”

The dead shareholder uttered a “No!” so loud that Michael almost patted his head.

The shareholder, whose neck and back were like a doctor’s, rose to answer.

“I differ from the last speaker in his diagnosis of the case. Let us admit all he says, and look at the thing more widely. The proof of pudding is in the eating. When a Government makes a bad mistake of judgment, the electorate turns against it as soon as it feels the effects. This is a very sound check on administration; it may be rough and ready, but it is the less of two evils. A Board backs its judgment; when it loses, it should pay. I think, perhaps, Mr. Tolby, being our informal Chairman, was out of order in proposing a vote of no confidence; if that be so, I should be happy to do so, myself.”

The dead shareholder’s “No!” was so resounding this time that there was a pause for him to speak; he remained, however, without motion. Both of Michael’s neighbours were on their feet. They bobbed at each other over Michael’s head, and Mr. Tolby sat down.

“Mr. Sawdry,” he said.

“Look ’ere, gentlemen,” said Mr. Sawdry, “and ladies, this seems to me a case for compromise. The Directors that knew about the manager ought to go; but we might stop at that. The gentleman in front of me keeps on saying ‘No.’ Let ’im give us ‘is views.”

“No,” said the dead shareholder, but less loudly.

“If a man can’t give ‘is views,” went on Mr. Sawdry, nearly sitting down on Michael, “‘c shouldn’t interrupt, in my opinion.”

A shareholder in the front row now turned completely round so that he faced the meeting.

“I think,” he said, “that to prolong this discussion is to waste time; we are evidently in two, if not three, minds. The whole of the business of this country is now conducted on a system of delegated trust; it may be good, it may be bad—but there it is. You’ve got to trust somebody. Now, as to this particular case, we’ve had no reason to distrust the Board, so far; and, as I take it, the Board had no previous reason to distrust the late manager. I think it’s going too far, at present, to propose anything definite like a vote of no confidence; it seems to me that we should call the Board in and hear what assurances they have to give us against a repetition of anything of the sort in the future.”

The sounds which greeted this moderate speech were so inextricable that Michael could not get the sense of them. Not so with the speech which followed. It came from a shareholder on the right, with reddish hair, light eyelashes, a clipped moustache, and a scraped colour.

“I have no objection whatever to having the Board in,” he said in a rather jeering voice, “and passing a vote of no confidence in their presence. There is a question, which no one has touched on, of how far, if we turn them out, we could make them liable for this loss. The matter is not clear, but there is a good sporting chance, if we like to take it. Whereas, if we don’t turn them out, it’s obvious we can’t take it, even if we wish.”

The impression made by this speech was of quite a different order from any of the others. It was followed by a hush, as though something important had been said at last. Michael stared at Mr. Tolby. The stout man’s round, light, rather prominent eye was extraordinarily reflective. ‘Trout must look like that,’ thought Michael, ‘when they see a mayfly.’ Mr. Tolby suddenly stood up.

“All right,” he said, “‘ave ’em in!”

“Yes,” said the dead shareholder. There was no dissent. Michael saw some one rise and ascend the platform.

“Let the Press know!” said Mr. Tolby.

When the door had closed behind the departing directors, Soames sought a window as far as possible from the lunch eaten before the meeting.

“Funeral baked meats, eh, Forsyte?” said a voice in his ear. “Our number’s up, I think. Poor old Mothergill’s looking very blue. I think he ought to ask for a second shirt!”

Soames’ tenacity began wriggling within him.

“The thing wants tackling,” he grumbled; “the Chairman’s not the man for the job!” Shades of old Uncle Jolyon! He would have made short work of this! It wanted a masterful hand.

“Warning to us all, Forsyte, against loyalty! It’s not in the period. Ah! Fontenoy!”

Soames became conscious of features rather above the level of his own.

“Well, Mr. Forsyte, hope you’re satisfied? A pretty damned mess! If I’d been the Chairman, I’d never have withdrawn. Always keep hounds under your eye, Mont. Take it off, and they’ll go for you! Wish I could get among ’em with a whip; I’d give it those two heavy pug-faced chaps—they mean business! Unless you’ve got something up your sleeve, Mr. Forsyte, we’re dished.”

“What should I have up my sleeve?” said Soames coldly.

“Damn it, sir, you put the chestnuts in the fire; it’s up to you to pull ’em out. I can’t afford to lose these fees!”

Soames heard Sir Lawrence murmur: “Crude, my dear Fontenoy!” and said with malice:

“You may lose more than your fees!”

“Can’t! They may have Eaglescourt tomorrow, and take a loss off my hands.” A gleam of feeling burned up suddenly in the old eyes: “The country drives you to the wall, skins you to the bone, and expects you to give ’em public service gratis. Can’t be done, Mont—can’t be done!”

Soames turned away; he had an utter disinclination for talk, like one standing before an open grave, watching a coffin slowly lowered. Here was his infallibility going—going! He had no illusions. It would all be in the papers, and his reputation for sound judgment gone for ever! Bitter! No more would the Forsytes say: “Soames says—” No more would old Gradman follow him with eyes like an old dog’s, grudging sometimes, but ever submitting to infallibility. It would be a nasty jar for the old fellow. His business acquaintances—after all, they were not many, now!—would no longer stare with envious respect. He wondered if the reverberations would reach Dumetrius, and the picture market! The sole comfort was: Fleur needn’t know. Fleur! Ah! If only her business were safely over! For a moment his mind became empty of all else. Then with a rush the present filled it up again. Why were they all talking as if there were a corpse in the room? Well! There was—the corpse of his infallibility! As for monetary loss—that seemed secondary, remote, incredible—like a future life. Mont had said something about loyalty. He didn’t know what loyalty had to do with it! But if they thought he was going to show any white feather, they were extremely mistaken. Acid courage welled up into his brain. Shareholders, directors—they might howl and shake their fists; he was not going to be dictated to. He heard a voice say:

“Will you come in, please, gentlemen?”

Taking his seat again before his unused quill, he noticed the silence—shareholders waiting for directors, directors for shareholders. “Wish I could get among ’em with a whip!” Extravagant words of that ‘old guinea-pig’s,’ but expressive, somehow!