Free The Gap in the Curtain by John Buchan Page B

having been a little flattered when he showed a taste for my company. I had a notion that he might want to talk about Moe.
    He didn’t, for Flambard was never mentioned. But he had a good deal to tell me about the Rhodesian company, the Daphne Concessions, which had been the subject of the arbitration. I had observed with some curiosity that he had taken special pains to acquire the seventeen thousand ordinary shares, and had paid a stiffish price for them, and I had wondered what purpose was at the back of his head. For when the papers had first come to me I had happened to meet the stockbroker who looked after my investments, and had asked him casually about the Daphne company. He had shaken his head over it. The shares were not quoted, he told me, and were presumably strongly held, but the mine had been going for five years without paying a dividend. Personally he did not believe in the future of michelite, but if I wanted a gamble there were plenty of shares of the chief producing company, the American Anatilla, to be had at round about sixteen shillings.
    I am ashamed to say that I had only a very hazy idea what michelite was, and from Tavanger I sought information. I learned that it was a metal used chiefly in the manufacture of certain kinds of steel, and that it could also be applied to copper and iron. It gave immense hardness and impenetrability, and complete freedom from corrosion, and could therefore be used, like ferrochrome, for the construction of airplanes, projectiles, and armour plates; but the product was less costly than chrome steel and easier to work. Tavanger thought that its use must soon be greatly extended, especially in the automobile industry. The difficulty lay in smelting the ore, a process which required very special fluxes and was still an expensive one; nevertheless, in spite of the cost, many industries would find it indispensable. It was found in large, but still undefined, quantities in a very few areas. In the Urals, of course, the home of all minerals, but there the deposits were little worked. In two places in the Balkans and one in Transylvania, where the owners were a German company, the Rosas-Sprenger, which had been the pioneer in the whole business. In Central America—Nicaragua, I think—under the Anatilla Corporation. These two companies, the Anatilla and the Rosas-Sprenger, virtually controlled the product now on the market.
    â€œProsperous?” he said in reply to my question. “No, not yet. They live in hope. The Anatilla has Glaubsteins behind it, and can afford to wait. The Rosas-Sprenger, I fancy, has a bit of a struggle, but they have Sprenger with them, who first discovered how to smelt the stuff—I’m told he is one of the greatest living metallurgical chemists. Sooner or later their chance is bound to come, unless the engineering trade goes bust altogether.”
    â€œHow about our friends of the afternoon?” I asked.
    â€œOh, the Daphne is not yet a serious producer. It has always been a bit short of working capital. But we have assets the others don’t possess. They have to mine their ore, and have pretty high working costs, whereas we quarry ours—quarry it out of a range of hills which seems to be made of it. Also our stuff is found in a purer form, and the smelting is simpler—not easy or cheap, but easier and cheaper than theirs. When a boom comes we shall be in a favourable position . . . Would you like some shares? I daresay it could be managed.”
    â€œNo, thank you,” I said. “I have no time to watch speculations, so I stick to gilt-edged . . . You have a solid lump of the ordinary stock. Are you looking for more?”
    He laughed. “For all I can get. I have taken a sudden fancy to michelite, and I usually back my fancies. The mischief is to know where to find the shares. Daphnes seem to be held by a legion of small folk up and down the world, none of whom want to sell. I have to stalk them like