"No," said Andrew sternly; "in a very real sense that is not correct.

The two must stand together. The Rain Bluff shares were largely taken up by the family and our customers. The mine cannot prove a failure without discrediting the firm which launched and tacitly guaranteed it. A pledge given by Allinson's must be redeemed."

"That is obvious," Robert solemnly agreed.

"Andrew is begging the question in speaking of the mine as being guaranteed by the firm," Leonard persisted. "The shares were offered to the public on the inducements stated in the prospectus."

"They were subscribed for because it was an Allinson venture; but we'll leave that point for a while. I feel justified in asking your attention as Rain Bluff shareholders--though I have learned that Leonard has lately reduced his holding."

Several of the others showed surprise and Leonard looked disconcerted, but Wannop broke into a deep chuckle.

"I felt tempted to do the same, after what I learned at the Lake of Shadows," he remarked. "However, when I'd had a few words with Andrew I decided to hold on. Though he's carrying a good bit of my money, I felt he was worth backing."

"Well," said Andrew, "I was sent out to look into Canadian matters, and I have done so. The discoveries I made are by no means rea.s.suring."

He paused with a dry smile, and his listeners felt uncomfortable. He had not been sent out to investigate the mining operations, but to keep him out of harm. Leonard was conscious that he had made a mistake; Andrew had developed unsuspected capabilities.

"A large proportion of the company's work is done by contract, and I found that newly arrived immigrants, ignorant of their rights, were mainly employed. They were badly fed, though in Canada the rudest laborers are given a generous diet, worse housed, paid less than standard wages, and cheated of part of their due. It is not by such means that Allinson's should make money."

"It is not," Robert firmly declared.

He was the last ally Andrew had looked for; but Robert had been thinking to some purpose. Leonard had deceived him about Mrs. Olcott; he had been led into conduct which savored of cruelty and which he regretted. Leonard having played false in one matter, might do so in another. Robert's faith in him had been rudely shaken and he felt that the man must be watched.

"After all, we are not responsible for the evils Andrew mentions,"

Mrs. Fenwood broke in. "It must be the contractor's fault."

"Responsibility," said Robert, "cannot be shuffled off, though what one may call the impersonal nature of a public company seems to make it easier. The money is yours and you expect to draw the dividends. It is a pernicious idea that one may make a profit by investing in a company whose business is harmful, and go free from blame. I may say that I was once urged to apply for shares in a new brewery a little before they were put on the market, and I felt that I had done right in declining, though they went to a handsome premium shortly afterward."

The tone in which he concluded suggested keen regret, and Wannop laughed.

"Andrew is probably mistaken in what he alleges," Leonard said.

"I'll give you a few figures." Andrew read from a notebook particulars of the wages paid by Mappin as compared with other contractors. "I have seen the rest of the things; there can be no doubt about them. I presume Leonard was ignorant of the contractor's character and the methods he employs."

Andrew stopped, having scored a point. Leonard could not profess a knowledge of Mappin's doings, although to admit his ignorance of them was to acknowledge his antagonist's superiority.

"It seems that I have been somewhat mistaken about the man," he said.

"Now that you have been informed, you cannot feel that we ought still to entrust our work to him?"

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 ent.i.tled 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 quant.i.ty 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 quant.i.ty."

"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."

"It's the usual reason for buying shares; but investors are disappointed now and then," Wannop said genially.

"You took a business hazard, Robert, as did Mrs. Fenwood," Leonard contended. "Even if our Canadian prospects were as bad as Andrew imagines, which I do not admit, you would have no grievance."

"You're mistaken!" exclaimed Mrs. Fenwood. "I have heard that mining shares are risky, but I had every reason to believe that Allinson's never took up anything that was not perfectly sound."

"That was true, until recently," Andrew said quietly, looking steadily at his brother-in-law. "I think I may say that it will again be the rule in the future."

Leonard smiled and turned to the others.

"I agree with Andrew, but I must suggest more caution on his part.

After careful investigations in Canada, I made arrangements for the working of the new company. Everything promised well, there was no prospect of any difficulty, and I must confess to some astonishment when Andrew told me we were threatened by serious trouble. If he is right, I feel that he is to some extent responsible. In his inexperience, he has, I fear, acted with more zeal than discretion."

"It's the only conclusion one can come to," Mrs. Fenwood remarked severely.

"Is it seriously suggested that Andrew's inexperience has had some effect on the nature of the rock we are working?" Wannop inquired.

"After all," continued Leonard, "I think I may say that there is no cause for alarm. If the mining is proceeded with on the lines I laid down and no rash experiments are made, we shall no doubt presently reach excellent ore. I must deprecate the undertaking of any new ventures such as Andrew seems to have in view."

The listeners showed relief. One or two questions were asked, and Leonard, feeling that he was getting the better of the situation, went on gravely.

"His favorite scheme, I understand, is the exploitation of a lode far to the north, which was discovered by a sawmill clerk twenty years ago; though in the place where he lives the thing is looked on as a delusion of the man's. Indeed, it is said that he is crazy on the subject. It strikes me as highly injudicious that the Company's capital should be wasted upon a search for imaginary minerals."