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the least agree with his brother director. “If anybody don’t understand, it’s his own fault,” said Mr. Cohenlupe. But Paul would not give way, and it was understood that Mr. Melmotte would make a statement.

The “Boards” were always commenced by the reading of a certain record of the last meeting out of a book. This was always done by Miles Grendall; and the record was supposed to have been written by him. But Montague had discovered that this statement in the book was always prepared and written by a satellite of Melmotte’s from Abchurch Lane who was never present at the meeting. The adverse director had spoken to the secretary⁠—it will be remembered that they were both members of the Beargarden⁠—and Miles had given a somewhat evasive reply. “A cussed deal of trouble and all that, you know! He’s used to it, and it’s what he’s meant for. I’m not going to flurry myself about stuff of that kind.” Montague after this had spoken on the subject both to Nidderdale and Felix Carbury. “He couldn’t do it, if it was ever so,” Nidderdale had said. “I don’t think I’d bully him if I were you. He gets £500 a-year, and if you knew all he owes, and all he hasn’t got, you wouldn’t try to rob him of it.” With Felix Carbury Montague had as little success. Sir Felix hated the secretary, had detected him cheating at cards, had resolved to expose him⁠—and had then been afraid to do so. He had told Dolly Longestaffe, and the reader will perhaps remember with what effect. He had not mentioned the affair again, and had gradually fallen back into the habit of playing at the club. Loo, however, had given way to whist, and Sir Felix had satisfied himself with the change. He still meditated some dreadful punishment for Miles Grendall, but, in the meantime, felt himself unable to oppose him at the Board. Since the day at which the aces had been manipulated at the club he had not spoken to Miles Grendall except in reference to the affairs of the whist-table. The “Board” was now commenced as usual. Miles read the short record out of the book⁠—stumbling over every other word, and going through the performance so badly that had there been anything to understand no one could have understood it. “Gentlemen,” said Mr. Melmotte, in his usual hurried way, “is it your pleasure that I shall sign the record?” Paul Montague rose to say that it was not his pleasure that the record should be signed. But Melmotte had made his scrawl, and was deep in conversation with Mr. Cohenlupe before Paul could get upon his legs.

Melmotte, however, had watched the little struggle. Melmotte, whatever might be his faults, had eyes to see and ears to hear. He perceived that Montague had made a little struggle and had been cowed; and he knew how hard it is for one man to persevere against five or six, and for a young man to persevere against his elders. Nidderdale was filliping bits of paper across the table at Carbury. Miles Grendall was poring over the book which was in his charge. Lord Alfred sat back in his chair, the picture of a model director, with his right hand within his waistcoat. He looked aristocratic, respectable, and almost commercial. In that room he never by any chance opened his mouth, except when called on to say that Mr. Melmotte was right, and was considered by the chairman really to earn his money. Melmotte for a minute or two went on conversing with Cohenlupe, having perceived that Montague for the moment was cowed. Then Paul put both his hands upon the table, intending to rise and ask some perplexing question. Melmotte saw this also and was upon his legs before Montague had risen from his chair. “Gentlemen,” said Mr. Melmotte, “it may perhaps be as well if I take this occasion of saying a few words to you about the affairs of the company.” Then, instead of going on with his statement, he sat down again, and began to turn over sundry voluminous papers very slowly, whispering a word or two every now and then to Mr. Cohenlupe. Lord Alfred never changed his posture and never took his hand from his breast. Nidderdale and Carbury filliped their paper pellets backwards and forwards. Montague sat profoundly listening⁠—or ready to listen when anything should be said. As the chairman had risen from his chair to commence his statement, Paul felt that he was bound to be silent. When a speaker is in possession of the floor, he is in possession even though he be somewhat dilatory in looking to his references, and whispering to his neighbour. And, when that speaker is a chairman, of course some additional latitude must be allowed to him. Montague understood this, and sat silent. It seemed that Melmotte had much to say to Cohenlupe, and Cohenlupe much to say to Melmotte. Since Cohenlupe had sat at the Board he had never before developed such powers of conversation.

Nidderdale didn’t quite understand it. He had been there twenty minutes, was tired of his present amusement, having been unable to hit Carbury on the nose, and suddenly remembered that the Beargarden would now be open. He was no respecter of persons, and had got over any little feeling of awe with which the big table and the solemnity of the room may have first inspired him. “I suppose that’s about all,” he said, looking up at Melmotte.

“Well;⁠—perhaps as your lordship is in a hurry, and as my lord here is engaged elsewhere,”⁠—turning round to Lord Alfred, who had not uttered a syllable or made a sign since he had been in his seat⁠—“we had better adjourn this meeting for another week.”

“I cannot allow that,” said Paul Montague.

“I suppose then we must take the sense of the Board,” said the Chairman.

“I have been discussing certain circumstances with our friend and Chairman,” said Cohenlupe, “and I must say that it is not

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