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 share-holder, "it is time the company should withdraw from that country and confine itself to a district where the market is sure and the future more stable.""What about these fads, Colonel?" asked another share-holder;"these reading-rooms, libraries, etc? Do you think we pay a man to establish that sort of thing? To my mind they simply put a lot of nonsense into the heads of the working-men and are the chief cause of dissatisfaction." Upon this point the colonel did not feel competent to reply; consequently the feeling of the meeting became decidedly hostile to the present manager, and a resolution was offered demanding his resignation. It was also agreed that the board of directors should consider the advisability of withdrawing altogether from British Columbia, inasmuch as the future of that country seemed to be very uncertain. Thereupon Colonel Thorp rose and begged leave to withdraw his name from the directorate of the company. He thought it was unwise to abandon a country where they had spent large sums of money, without a thorough investigation of the situation, and he further desired to enter his protest against the injustice of ****** their manager suffer for a failure for which he had in no way been shown to be responsible. But the share-holders refused to even consider Colonel Thorp's request, and both the president and secretary exhausted their eloquence in eulogizing his value to the company. As a compromise it was finally decided to continue operations in British Columbia for another season. Colonel Thorp declared that the reforms and reorganization schemes inaugurated by Ranald would result in great reductions in the cost of production, and that Ranald should be given opportunity to demonstrate the success or failure of his plans; and further, the political situation doubtless would be more settled. The wisdom of this decision was manifested later.
The spirit of unrest and dissatisfaction appeared again at the next annual meeting, for while conditions were improving, dividends were not yet forthcoming. Once again Colonel Thorp successfully championed Ranald's cause, this time insisting that a further test of two seasons be made, prophesying that not only would the present deficit disappear, but that their patience and confidence would be amply rewarded.
Yielding to pressure, and desiring to acquaint himself with actual conditions from personal observation, Colonel Thorp concluded to visit British Columbia the autumn preceding the annual meeting which was to succeed Ranald's period of probation.
Therefore it was that Colonel Thorp found himself on the coast steamship Oregon approaching the city of Victoria. He had not enjoyed his voyage, and was, consequently, in no mood to receive the note which was handed him by a brisk young man at the landing.
"Who's this from, Pat," said the colonel, taking the note.
