CHAPTER XIX.

Waikato Times, Volume XXII, Issue 1857, 31 May 1884, Page 5

CHAPTER XIX.

All the mcinbeis of the directorate were present when Mr. Whinstun, pale but deter-mined-looking, enteied. He was warmly received and admonished to be of good cheer, for that all would be well. "We'll show the young whipper-snapper we're not to be dictated to," said Mr. Oxham, who looked a little seedy, the result ol his over-indulgence the evening before. "We don't care that for him," snapping his fingers. As if in answer to this defiance a great cheer penetrated into the sanctum. Herbert had arrived, and the populace had rewarded him. Herbert enteied the chamber with a firm step, and bowed to those assembled with an easy grace that somewhat nonplussed them. Not but that he was greatly agitated. No man placed in such a position with so difficult and extraordinary a task before him could be otherwise. Still he took his seat without manifesting any great change of manner. The returns to his greeting were of the coldest. Mr. Oxham did not deign to recpirooate. The champagne was not yet out of his obstinate head. He stared full in Herbert's face, just as if he were looking into vacanoy and no such a person as the chairman existed. The preliminary business was hurried over, little attention being paid to it, although many a heart was throbbing with anxiety in regard to kome of the details, the applications for discounts and overdrafts. But the directorate had little thought for the customers. Every person on the board was , nerving himself lor the great struggle that was to decide the mastery of the Bovine Bank. At last they came to the great motion. There was a moment's silence, and then Herbert rose. Mr. Oxham threw himself back in bis chair, and stared at him in the most

I offensive manner. Mr. Whinstun bent ovar J the file of bills, hardly one of which had been dealt with. Sate for a slight nervous tremor in bis fingers, there was no sign that he was a man whose fate was to be decided, whose life-long fight was now to be a victory or an annihilating defeat. " Gentlemen," said Herbert, in firm but temperate tones, "we all, I am sure, reoognise the momentous charaoter of this occasion and the great results that depend upon our decision. Why I have taken this step ii unnecessary for me to state " " Quite," snorted Mr. Oxham. " Because," continued Herbert, " most of the reasons are known to you, and the others I cannot reveal. Apart altogether from personal motives— and in this case thoj are powerful I confess — there are two reasons why you should agree to my propositions, each of them selfish — essentially so. I ose selfish reasons because I know well enough none other will be of avail." "Ha! Ha!" roared Mr. Oxham, "you think they'll be of avail. I tell you they won't, so you can spare your breath. You , talk to us of selfish reasons, the man >rlio brought about a fiaancial panic Why, if you're not stamped upon, the whole of the business of Australia will be helplessly upset , — we'll all be ruined. It's you or us, young i man, and that to-day, too. It can't go on [ an hour longer." " I agree with you there," said Herbert, " although you aro grossly ont of order. It I must bo terminated this day, for, as you flay, , there is the danger of a general panic. Now ; for my first reason. For years this bank, and ; for that matter, several others, have been ] used by what may be called rings. Men have been ruined to give these rings an op- j portunity to make fortunes. The funds hare , been manipulated to that end. Of the men who have worked the system William Whinstun stands at the head. Ton know it — I need not pursue the subject. Generally these men have worked on pretty safe lines so far ' as the banks were concerned, though ruin to private men attended their operations. But whether Mr. Whinstun has lost his cunning, or the last vice of all, avarice, has overcome him, the fact is that by his operations for some years past he has, to aggrandise himself, led this bank, and through this bank similar institutions into a most dangerous position. His sagacity has deserted him ; his speculations are hopelessly bad. You may smile contemptuously ; I have the opinion of men whose knowledge and judgment are beyond dispute. If the bank supports him — his men of straw perhaps I should say — for another year it will be hopelessly involved and a crush become certain. Why should we hesitate between the turning away of this man, his financial destruction — tor I will not conceal, I know that will occur; otherwise this action could :xot be — from a selfish point of view — and that alone, will prevail, necessarily — and the downfall of the Bovine Bank, involving misery and distress to hundreds of innocent men and women who have put their trust in us. I say there can be no hesitation, William Whinstun, not the bank, must go. All that I have advanced I can prove. I would proceed to do so, but that I believe my second reason will render that tedious task unnecessary." Herbert paused, and scrutinised the directors' faces. He saw that he had made an impression, but, not to an extent to warrant him in thinking he would carry the day. Mr. Oxham expressed the general feeling. "We know our own business better than you," hs said. " The banks will pull everything through. You've found a mare's nest. We have everything arranged." Mr. Whinstun, who had been playing with the bills, looked up, and almost smiled. Ho could read his directors, and he knew ho was safe with them. A great load seemed lifted off his heart. The black shadow that had rested upon him ; the dread of some means by which Herbert could achieve his object, and he knew not, seemed about to flee away. The grim smile and look of triumph did not escape Herbert, and, coupled with Oxham's coarse retort, roused his blood. He had thought the reason submitted would have carried conviction — would have led the directors to examine his proofs ; and he knew that would be fatal to Whinstun. Now, however, he gaw he would be forced to play his last card, a desperate one, but which he felt certain he would win. At all events, he would be prepared for the consequences, and, if unsuccessful, they would ba of no ordinary kind. " I know you have arranged it all," Herbert said, raisiag his voice, in reply to Mr. Oxham ; " but I also have made my arrangements. I have given you one reason why you should agree to these motions. It is not sufficient. I will now give you another." The directors settled themselves determinedly in their chairs, their faces sternly obstinate in expression. Their minds were made up. Mr. Whinstun's face changed again. He had too much at stake not to dread this second reason. "I have set my heart upon these motions," continued Herbert. " Now I have a proposition to make to you ; it is for you to decide whether to accept or not. The proposition is my second reason. I hold the greatest interest in this bank. You have a very large sum of money belonging to me at deposit By an arrangement made in London by my father I am independent of the Australian banks. Now, unless you pass these motions and so prepare the way for a new management, I will withdraw the money that is at deposit, and I will at once give orders to sell my shares. The bank has lived under the shadow ot the name of Gifford, that shadow will be withdrawn, and it will be for you to say whether the institution will not wither away. There was no sternness now. A look of horror and affright came upon the directors' faces. Mr. Oxham gasped as if in an apoplexy. Whinstun, who had been listening up to this with a half contemptuous expression on his face, fell back in his chair with a smothered ;cry. " I know the consequences to myself," said Herbert, exultingly, for he saw victory was in his grasp ; " I have counted the cost. I know I will lose heavily, but I do not care. I am acting upon principle, not the selfishness to which I have had to appeal in your case ; and no sacrifice is too great to achieve the triumph of that principle. I have counted the cost of my action ; it is now for you to count the cost of yours. I now formally move that a special meeting of the proprietors in the Bovine Bank be called as provided for ; first, for the purpose of raising the salaries of the employes 25 per cent., and second, for the dismissal of the present manager, Mr. William Whinstun." Herbert took his seat, and looked down the table triumphantly. Not a word was spoken for several minutes. These hard, cold, selfish men were thinking out the problem submitted to them, the lesult if they took the side of Whinstun against the greatest proprietor in the bank. It was a terrible dilemma, one they never expeoted to be placed in. For of all the plans they thought Herbert would adopt, such a one as this had never entered into their minds. They had been unable by their natures to comprehend that a man should, to carry out any project of a theoretical character, submit to a great loss. They thought this impossible, and now they began to comprehend tho man they had to deal with and the probable results of adhering to the decision at -which they had so lightly arrived, and they felt horrified and dismayed, and, what was worse, absolutely helpless. Even the purse-proud, vulgar Oxham quailed when confronted with something he had never had to meet before.

Whinetun watched tlie directors' faces in a terrible agony. He understood their oow&rdly, selfish natures well, for he had *xisted bj playing upon them. lie knew thai they must know the disastrous result's thai would follow the defection of the great share holder whose name had been associated with the beginning. He was accustomed to read the directors' faces, and he read in them now that they were wavering ; that his doom was likely to be pronounced. In this supreme moment he lost control of himself. Terrifiod at the prospect he rose, and in almost incoherent language frantically called upon the directors to save him. He told them the investments were sure to turn out well, that Mr. Forbes would probably take an interest in them, and a great deal more. He could not have adopted a worse course. Before he was done the pitiless men had come to a decision. He read it in their faces and sat down with a groan. 4> I second the motion," said Mr. Oxham, rising without a blush — perhaps hia face was too red already. " Mr. Oxham, Mr. Oxham ! " cried Whinstun, starting up in despair. "Mr. Chairman," oontinued Mr. Oxham, " I would draw your attention to the fact, that the manager is present when the Board is discussing his dismissal, and to request you to ask him to withdraw." Herbert winced. He was not the man to trample on a crashed worm. He hurriedly pat the motion, and it was carried unanimously ; so was one to appoint the accountant manager pro. tern .: And then the Board hurriedly adjourned ; and the great episode was over. Herbert hurried to his carriage, eager to get away. But he was not quick enough. Whin&tun without his hat, his face ablaze with passion, his eyes gleaming with the light of insanity, rushed up to the step a<3 Herbert ordered the coachman to drive away. And these were the last words he heard. "By the Lord God you will suffor for this day!"