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view were met, until it would end by pulling the whole scheme to pieces, and I owned frankly that I didn't feel equal to putting the puzzle together again if the pieces were all to be shaken out on the table.
I had previously hinted to Macrae that if his view of the Chinese attitude were correct (he had foreshadowed all sorts of difficulties owing to their dislike of foreign interference) I thought our course might be easier if we eliminated the Corporation altogether. He retorted that there would be no difficulty on their side if they were adequately compensated; to which I counter-retorted that there would be no question of compensation in my mind if we broke off on this point. Keswick was undisguisedly on my side naturally and indeed part of the interview consisted in a discussion between the two Directors. He threw out a suggestion that provision might be made for revising the distribution of profits if it was found after a time to be unfair.
Before we parted I said that my main object was not to wring out the last sixpence for the Colony and that if they could offer any suggestion for a division of the profits while preserving the pooling arrangement, I would consider it, though I could not promise that it would be accepted. The essential thing to my mind, if we had a joint board, was to secure that the board had the same financial interest in the prosperity of each section.
The above is to keep you au courant between ourselves, I have no doubt that we shall have to concede something; for if I were a Director of the Corporation