"I want half the Deferred Shares in the hands of Lord ----." He named a
Canadian statesman and empire-builder whose integrity was beyond all
suspicion. "I want him to hold them as trustee for the ordinary
shareholders. He will consent if I ask him."

"No doubt he will!" commented Larssen ironically. He drew up his chair
closer to the other man. There was a dangerous gleam in his eye as he
said: "Now see here. All the points you've put up were known to you
months ago. What's happened to make you switch at the last moment?"

He had put his finger on the very core of the matter, but Matheson met
his searching gaze without flinching. "What's happened is an entirely
private matter. I've reasons for not wishing to be associated with your
scheme unless you agree to half the Deferred Shares being held by Lord
---- as trustee. These reasons of mine have only arisen during the last
few weeks. Circumstances are different with me from what they were when
you first broached the plan. If you don't care to agree to my
suggestion, I call the deal off. As regards the expenses you've
incurred, I'll go halves."

For comment, the shipowner flicked thumb and forefinger together.

"No, I'll do more," pursued Matheson. "I'll make you a more than fair
offer--shoulder the whole expenses myself."

Larssen ignored the offer. "I went into the preliminaries of the scheme
on the understanding that we were to pull together."

"I know."