“Why?” was the next inquiry.
“Because,” explained Mr. Stewart, “no man will pay ten pounds for that which he can buy immediately for two: as, for instance, if you went on the market to-morrow, you would not be so foolish as to purchase a paid-up share, in any company, for twenty pounds, if you could procure exactly the same advantages for five. You could but pay your calls, if they were demanded; you would not rush to your bankers and write a cheque for the full sum at once. In some prospectuses—in one of Mr. Black’s, by-the-bye—there is a very delicious paragraph, to the effect, that ‘although no further calls will be made at shorter intervals than three months, and then in amounts not exceeding one pound per share, still the shareholders may, at any time after allotment, pay up their shares in full, receiving interest on such payments at the rate of six per cent. per annum!’ I never met with a man desirous of paying up his shares in full, however,” finished Mr. Stewart with a quiet laugh.
“Do you mean, then, to tell me that until all the shares are paid up, those I have will remain valueless?” demanded Arthur.
“Comparatively so,” was the reply.
“Then what good—if I cannot sell my shares, nor dispose of my property, and if there be no chance of Mr. Black dividing his profits with me—is this Company likely to do to me or mine?”
“You will have your dividends, if we are lucky enough ever to get any,” answered Mr. Stewart; “and, should you entertain my proposal, I promise you the secretaryship also; that will yield you a thousand a year. Perhaps you will consider the matter, Mr. Dudley, and let me know your decision before Saturday next. You have my address. I shall be returning to town to-morrow.”
And the great man rose to go, having, as he felt confident, settled the business which had brought him down into Hertfordshire.
Arthur accompanied him to the outer door.
“What a lovely place you have!” said the director, looking round, approvingly. “A spot I should covet, if it were twenty miles nearer London.”
“It is very inaccessible,” Arthur agreed. This light kind of conversation appeared to him very much like the political small talk to which a surgeon will sometimes treat a patient next day after an operation.