Chapter XXIV. The West

The meeting of the share-holders of the British-American Lumber and Coal Company was, on the whole, a stormy one, for the very best of reasons--the failure of the company to pay dividends. The annual report which the president presented showed clearly that there was a slight increase in expenditure and a considerable falling off in sales, and it needed but a little mathematical ability to reach the conclusion that in a comparatively short time the company would be bankrupt. The share-holders were thoroughly disgusted with the British Columbia end of the business, and were on the lookout for a victim. Naturally their choice fell upon the manager. The concern failed to pay. It was the manager's business to make it pay and the failure must be laid to his charge. Their confidence in their manager was all the more shaken by the reports that had reached them of his peculiar fads--his reading-room, library, etc. These were sufficient evidence of his lack of business ability. He was undoubtedly a worthy young man, but there was every ground to believe that he was something of a visionary, and men with great hesitation intrust hard cash to the management of an idealist. It was, perhaps, unfortunate for Mr. St. Clair that he should be appealed to upon this point, for his reluctance to express an opinion as to the ability of the manager, and his admission that possibly the young man might properly be termed a visionary, brought Colonel Thorp sharply to his feet.

"Mr. St. Clair," said the colonel, in a cool, cutting voice, "will not hesitate to bear testimony to the fact that our manager is a man whose integrity cannot be tampered with. If I mistake not, Mr. St. Clair has had evidence of this."

Mr. St. Clair hastened to bear the very strongest testimony to the manager's integrity.

"And Mr. St. Clair, I have no doubt," went on the colonel, "will be equally ready to bear testimony to the conspicuous ability our manager displayed while he was in the service of the Raymond and St. Clair Lumber Company."

Mr. St. Clair promptly corroborated the colonel's statement.

"We are sure of two things, therefore," continued the colonel, "that our manager is a man of integrity, and that he has displayed conspicuous business ability in his former positions."

At this point the colonel was interrupted, and his attention was called to the fact that the reports showed an increase of expenditure for supplies and for wages, and on the other hand a falling off in the revenue from the stores. But the colonel passed over these points as insignificant. "It is clear," he proceeded, "that the cause of failure does not lie in the management, but in the state of the market. The political situation in that country is very doubtful, and this has an exceedingly depressing effect upon business."

"Then," interrupted a