Читать книгу Imperial Palace - Arnold Bennett - Страница 50

III

A pause. Then a little, scrubby man rose from the front row and, looking round at his fellow shareholders behind him, said in a rasping voice:

“With great respect for the wisdom of the Board, and giving full weight to the opinions which have been so ably expressed by the Vice-chairman and my friend the Company’s solicitor, I venture to differ from them as to the advisability of passing this most drastic and even revolutionary Resolution. I may say that I am not without experience in the management of public companies, as my friend Mr. Levinsohn knows. My experience has taught me that ownership ought never to be divorced from control——”

At this point father Dennis pushed a scribbled note along the table to Mr. Levinsohn: “Who is your friend? How many shares does he hold? D.D.” Mr. Levinsohn wrote on the paper and pushed it along to Mr. Crump, the secretary. In a moment father Dennis had the reply: “Dickingham, a solicitor. Probably one of Savott’s nominees and speaking for all of them,” in Levinsohn’s handwriting; and at the bottom, in Mr. Crump’s: “1,500. Bought six months ago.”

Dickingham was continuing: “This Resolution, if carried, would obviously divorce ownership from control.” He turned again to the people behind him: “If you pass the Resolution, you will be entirely in the hands of the Board. Large shareholders will have no power. And it is well known that the average small shareholder always supports his Board. I make no reflection upon the small shareholder. I am one myself, and I make no doubt that there are many here. As a rule the small shareholder is right to support his Board. But the result will be the same, whatever his motives: an autocracy of the Board, an autocracy which will last as long as the Board chooses it shall last. If a similar Resolution to this could be translated into politics—which happily for our national welfare it cannot—and put before the House of Commons as a measure of electoral reform, it would be laughed out of the House by every political party. In fact no political party would dare to introduce such a measure, were such a measure conceivable. I admit that it is not. The principle which has made the Empire what it is is the principle of control going hand in hand with ownership. The Resolution would abolish control by ownership.”

The speaker amplified his arguments at length, and ended:

“There is a proverb: ‘Where your treasure is, there is your heart also.’ I beg you, ladies and gentlemen, to think of all that that wisdom means. I feel that at this moment the fortunes of the Imperial Palace Hotel Company are trembling in the balance.”

Mr. Dickingham was applauded in several parts of the room. Then three other men rose in succession, and, with much less suavity of phrasing than Mr. Dickingham, spoke against the Resolution. Then silence.

Father Dennis lifted himself, and hoarsely squeaked:

“I have the pleasure to put the Resolution. Those in favour——” Many hands were raised. “The Resolution appears to be carried. But of course, if any of you would prefer a poll to be taken——”

“Poll! Poll! Poll!” cried a number of voices, fiercely, savagely. “Poll! Poll!”

Mr. Crump began to finger the pile of proxies by which some dozens or scores of absent shareholders had delegated their voting powers to the Board.

Mr. Dickingham was on his feet:

“Mr. Chairman, if you will permit me to suggest it, I should like to examine the proxies—of course in collaboration with my friend the Company’s solicitor.”

“I have not the smallest objection,” squeaked father Dennis magnanimously.

The battle was now joined.

Evelyn drew symmetrical patterns on a piece of paper, continually enlarging them and making them more elaborate and shading them. His absurd heart was still more insistently beating. Mr. Dickingham had said truth: the fortunes of the Imperial Palace Hotel Company were indeed trembling in the balance. Perhaps also Evelyn’s own fortunes. The autocrats of a big merger of hotels might or might not invite him to manage the whole lot. But the Palace was the Palace, unique. Anyhow he would not accept a subordinate position, as manager of one hotel, not even were that hotel the Imperial Palace itself. Either he would be autocrat or he would be nothing—he would start life again. He could not bear to look at the group of the two lawyers and the secretary, examining the proxies, comparing them with the share-register. He could not judge the total strength of the opposition. Nor could anybody else on the Board or off it.

Presently he heard father Dennis say: “Shareholders will now kindly substantiate their claims to vote.”

Shareholders approached the table, some diffidently, some defiantly. The assembly was in disorder. Noise of voices, explanatory and argumentative. Mr. Crump had rather more than he could do, but the two lawyers in their professional calm and patience helped him both practically and morally. One by one the shareholders returned to their seats. Then Mr. Dickingham sat down, his face illegible.

Mr. Crump rose and ceremoniously delivered a paper to the Chairman, who showed it to Evelyn and lifted himself again:

“The Resolution is carried, by a majority of 22,111 votes,” he squeaked, and then added with characteristic gratuitous naughtiness: “Ownership has exercised control.”

“For the last time,” shouted Mr. Dickingham in his rasping tone, springing up.

“An improper observation,” said the Chairman, smiling.

“I am sorry you should think so, sir,” said Mr. Dickingham, pale and furious. “And I will point out to those shareholders who do not know it that you closed the Transfer books a month ago, and I understand will keep them closed until after the confirmatory meeting a fortnight hence. You have thus prevented new genuine holders of shares from voting at this meeting or the next. If it had not been for this piece of sharp practice, probably illegal, your Resolution would have been lost to-day, and well you know it!”

Some uproar. Father Dennis replied with extraordinary mildness:

“The Board followed a perfectly normal procedure in closing the Transfer books. They acted within their rights. And they certainly did their duty. This gentleman”—he indicated Mr. Dickingham to the other shareholders—“is a lawyer. He is therefore aware that this is not the proper place to raise a legal question. There are the Law Courts. May I remind you, ladies and gentlemen, of the statutory Special General Meeting a fortnight hence for the purpose of formally confirming the Resolution which you have been good enough to pass to-day. The proceedings are now terminated.”