The speaker paused, and turned to Roden with a triumphant smile, as much as to say, “There, beat that if you can.”
Roden could not beat it, so he nodded thoughtfully, and examined the point of his pen.
“Gentlemen,” said Lord Ferriby, impressively, “the greatest common interest is a common purse.”
As the meeting was too small for applause, Lord Ferriby only allowed sufficient time for this great truth to be assimilated, and then continued—“It is proposed, therefore, that we turn the Malgamite Works into a company, the most numerous shareholders to be the malgamiters themselves. The most numerous shareholders, mark you—not the heaviest shareholders. These shall be ourselves. We propose to estimate the capital of the company at ten thousand pounds, which, as you know, is, approximately speaking, the amount raised by our appeals on behalf of this great charity. We shall divide this capital into two thousand five-pound shares, allot one share to each malgamite worker—say five hundred shares—and retain the rest—say fifteen hundred shares—ourselves. Of those fifteen hundred, it is proposed to allot three hundred to each of us. Do I make myself clear?”
“Yes,” answered Major White, optimistically polishing his eye-glass with a pocket-handkerchief. “Any ass could understand that.”
“Our friend Mr. Roden,” continued his lordship, “who, I mention in
passing, is one of the finest financiers with whom I have ever had
relationship, is of opinion that this company, having its works in
Holland, should not be registered as a limited company in England. The
reasons for holding such an opinion are, briefly, connected with the
interference of the English law in the management of a limited
liability company formed for the sole purpose of making money.
We are not disposed to classify ourselves as such a company. We are not
disposed to pay the English income tax on money which is intended for
distribution in charity. Each malgamite worker, with his one share, is
not, precisely speaking, so much a shareholder as a participator in
profits. We are not in any sense a limited liability company.”
That Lord Ferriby had again made himself clear was sufficiently indicated by the fact that Major White nodded his head at this juncture with portentous gravity and wisdom.
“As to the question of profit and loss,” continued Lord Ferriby, “I am not, unfortunately, a business man myself, but I think we are all aware that the business part of the Malgamite scheme is in excellent hands. It is not, of course, intended that we, as shareholders, shall in any way profit by this new financial basis. We are shareholders in name only, and receive profits, if profits there be, merely as trustees of the Malgamite Fund. We shall administer those profits precisely as we have administered the fund—for the sole benefit of the malgamite workers. The profits of these poor men, earned on their own share, may reasonably be considered in the light of a bonus. So much for the basis upon which I propose that we shall work. The matter has had Mr. Roden's careful consideration, and I think we are ready to give our consent to any proposal which has received so marked a benefit. There are, of course, many details which will require discussion——Eh?”
Lord Ferriby broke off short, and turned to Roden, who had muttered a few words.
“Ah—yes. Yes, certainly. Mr. Roden will kindly spare us details as much as possible.”