Soames arrived on the stroke of time, and took his seat alongside the Board, who, in a row, each Director behind his own ink-pot, faced their shareholders.

In the centre of this row old Jolyon, conspicuous in his black, tightly-buttoned frock-coat and his white moustaches, was leaning back with finger tips crossed on a copy of the Directors’ report and accounts.

On his right hand, always a little larger than life, sat the Secretary, “Down-by-the-Starn” Hemmings; an all-too-sad sadness beaming in his fine eyes; his iron-grey beard, in mourning like the rest of him, giving the feeling of an all-too-black tie behind it.

The occasion indeed was a melancholy one, only six weeks having elapsed since that telegram had come from Scorrier, the mining expert, on a private mission to the Mines, informing them that Pippin, their Superintendent, had committed suicide in endeavouring, after his extraordinary two years’ silence, to write a letter to his Board. That letter was on the table now; it would be read to the shareholders, who would of course be put into possession of all the facts.