"I cannot allow that," said Paul Montague.

"I suppose then we must take the sense of the Board," said the Chairman.

"I have been discussing certain circumstances with our friend and Chairman," said Cohenlupe, "and I must say that it is not expedient just at present to go into matters too freely."

"My lords and gentlemen," said Melmotte. "I hope that you trust me."

Lord Alfred bowed down to the table and muttered something which was intended to convey most absolute confidence. "Hear, hear," said Mr. Cohenlupe. "All right," said Lord Nidderdale; "go on;" and he fired another pellet with improved success.

"I trust," said the Chairman, "that my young friend, Sir Felix, doubts neither my discretion nor my ability."

"Oh dear, no;—not at all," said the baronet, much flattered at being addressed in this kindly tone. He had come there with objects of his own, and was quite prepared to support the Chairman on any matter whatever.

"My Lords and Gentlemen," continued Melmotte, "I am delighted to receive this expression of your confidence. If I know anything in the world I know something of commercial matters. I am able to tell you that we are prospering. I do not know that greater prosperity has ever been achieved in a shorter time by a commercial company. I think our friend here, Mr. Montague, should be as feelingly aware of that as any gentleman."

"What do you mean by that, Mr. Melmotte?" asked Paul.

"What do I mean?—Certainly nothing adverse to your character, sir. Your firm in San Francisco, sir, know very well how the affairs of the Company are being transacted on this side of the water. No doubt you are in correspondence with Mr. Fisker. Ask him. The telegraph wires are open to you, sir. But, my Lords and Gentlemen, I am able to inform you that in affairs of this nature great discretion is necessary. On behalf of the shareholders at large whose interests are in our hands, I think it expedient that any general statement should be postponed for a short time, and I flatter myself that in that opinion I shall carry the majority of this Board with me." Mr. Melmotte did not make his speech very fluently; but, being accustomed to the place which he occupied, he did manage to get the words spoken in such a way as to make them intelligible to the company. "I now move that this meeting be adjourned to this day week," he added.