"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 quantity 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 quantity."
"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.