He paused a moment.
‘There’s a very serious state of affairs,’ he said. ‘We have a heavy deficit this last year, and unless we can find some means of raising money, we shall have to abandon the building of that new wing, which we began in the spring. I’m glad to say that was not my fault, else I shouldn’t have ventured to come to you, for I only became chairman a couple of months ago. Now we are going to have the honour of having you for our Mayor next year, and I wanted to consult you as to whether you thought it possible that the town would lend us a sum of money to enable us to complete this new wing, which, in my opinion, is essential for the proper establishment of the hospital. Would such a scheme have your support? The Committee is meeting, as I said, in half an hour, and, if possible, I should like to be able to tell them that some such project is, or will be, under consideration.’
‘What sum do you require?’ asked Keeling.
‘Eighteen thousand pounds.’
‘That means twenty,’ said Keeling.
‘It probably means twenty,’ assented Lord Inverbroom. ‘We should pay, I suppose, four or five per cent. on the loan.’
Keeling tapped the table impatiently with his fingers. This was business, and in his opinion rotten business.
‘And considering that last year there was a deficit,’ he said, ‘where would you get your money to pay the interest?’
‘That could be managed. I think I may say I could guarantee that.’
‘And how about the repayment of the loan itself?’ asked Keeling. ‘How will that be guaranteed? The hospital is working at a loss. I don’t mind that so much: appeals can be made to wipe off small deficits on working expenses. But an institution that is working at a loss can’t get a further loan from a public body without giving some security for its repayment. At least, if I was on that public body, I would resign my place rather than consent to it. What sort of balance sheet would we have to show the taxpayers? No, my lord, that’s quite out of the question.’