For the success of the first move, it was essential to have the willing co-operation of Sir Francis. Consequently Larssen was particularly cordial and gracious to him that evening at the Leadenhall Street offices, passing him compliments about his business abilities, which found their mark unerringly.
Presently the shipowner got down to the crux of the matter, taking out the draft prospectus from the drawer in his desk and smoothing it out to show the signature of Clifford Matheson.
"As you see, I sent it to Clifford to O.K.," he said.
Sir Francis looked at the signature through his pair of business eyeglasses, and nodded an official confirmation.
Larssen continued: "There's no alteration necessary—Clifford passes it as it stands. But I've thought of one point which I reckon would add very considerable weight in its appeal to the public."
"What's that?"
"The underwriting. There are a few blank lines here"—he turned over to a page of small type—"where the details of the underwriting arrangements were to be filled in. We were negotiating on a 4 per cent. basis, you remember. On some of it we should have had to offer an overriding commission of another 1 per cent. Say 4½ per cent. on the average—that's £225,000 on the round five million shares. A big sum for the company to pay out!"
"I don't see how we can avoid it."
"We might cut it out altogether and state that 'No part of this issue has been underwritten.' That sounds like confidence on our part."
Sir Francis shook his head emphatically. "It might do in the States, but it won't do over here. Our public wouldn't like it. It's not the thing."