'Well, some members of the board,'he began, 'felt I should throw my hat in the ring...'

'So you have changed your mind about supporting me and complying with Charles Lesters wishesT interrupted Williarn, allowing a small note of surprise to enter his voice.

Peter Parfitt raised his head a little. 'The problem is not quite that easy, Mr. Kane!

'Yes or no, Mr. Parfitt? 'Yes, I shall stand against you,' said Peter Parfitt suddenly, forcefully.

Tespite telling me last Friday you had no interest in being chainnan yourself?'

11 would like to be able to state my own,posidon,' said Parfit% 'before you assume too much. This is not your board room yet, Mr. Kane!

'Certainly, Mr. Parfitt.'

So far~ the meeting had gone exactly as William had planned. His own speech had been carefully prepared and delivered, and Peter Parfitt now laboured under the disadvantage of having lost the initiative, to say nothing of having been publicly called a liar.

'Gentlemen,' he began, as if searching for words. 'Well,' he said.

The eyes had turned their gaze from William and now fixed on Parfitt. It gave William the chance to relax and study the faces of the other directors.

'Several members of the board approached me privately after I had dinner with Mr, Kane, and I felt that it was no more than my duty to consider their wishes and offer myself for election. I have never at any time wanted to oppose the wishes of Mr. Charles Lester, whom I always admired and respected. Naturally, I would have informed Mr. Kane of my intention before tomorrow's scheduled board meeting, but I confess to have been taken somewhat by surprise by today's events!

He drew a deep breath and started again. 'I have served Lester's for twenty - two years, six of them as your vice - chairman. I feel, therefore, that I have the right to be considered for the chair. I would be delighted if Mr. Kane were to join the board, but I now find myself unable to back his appointment as chairman. I hope my fellow - directors win find it pos - sible to support someone who has worked for this bank for over twenty years rather than elect an unknown outsider on the whim of a man distraught by the death of his only som Thank you, gentlemen!

He sat down.

In the circumstances, William was rather impressed by the speech, but Parfitt did not have the benefit of Mr. Cohen's advice on the power of the last word in a close contest. William rose again.

'Gentlemen, Mr. Parfitt has pointed out that I am personally unknown to you. 1, therefore, want none of you to be in any doubt as to the type of man I am. I am, as I said, the grandson and the son of bankers. I've been a banker all my life and it would beless than honest of me to pretend I would not be delighted to serve as the next chairman of I.,ester's. If, on the other hand, after all. you have heard today, you decide to back Mr. Parfitt as chairman, so be it. I shall return to Boston and serve my own bank quite happily I will, moreover, announce publicly that I have no wish to be the chairman of Lester's, and that wiU insure you against any claims that you have been derelict in fulfilling the provisions of Charles Lestees. wilL qIere are, however, no conditions on which I would be willing to serve on your board under Mr. Parfitt. I have no intention of being less than frank with you on that point. I come before you, gentlemen, at the grave disadvantage of being, in Mr. Parfites words, "an unknown outsider". I have however~ the advantage of being supported by a man who cannot be present today. A man whom all of you respected and admired, a man not known for yielding to whims or making hasty decisions. I therefore suggest this board wastes no more of its valuable time in deciding whom they wish to serve as the next chairman of Lestees. If any of you have any doubts in your mind about my ability to run this bank, then I can only suggest you vote for Mr.

Parfitt. I shall not vote in this election myself, gentlemen, and I assume Mr. Parfitt will not do so either.'

'You cannot vote; said Peter Parfitt, angrily. Tou are not a member of this board yet. I am, and I shall vote.'

'So be it, Mr. Parfitt. No one will ever be able to say you did not have the opportunity to gain every possible vote.'

William waited for the effect of his words to sink in, and as a director who was a stranger to Wiffiam, was about to interrupt, he continued, 'I will ask Mr. Rodgers as company secretary to carry out the electoral procedure, and when you have completed your vote, gentlemen, perhaps you could pass the ballot papers back to him.'

Alfred Rodgers'. monocle hid been popping out periodically during the entire meeting. Nervously, he passed voting slips around to each director.

When each had written down the name of the candidate whom he supported, the slips were returned to him.