Then had come a number of lean years when few shipping companies earned a dividend and the line's capital steadily melted.

Now the shareholders were not numerous and the ships were small.
Cartwright glanced at the pictures in tarnished gold frames.

_Oreana_, drawn plunging across an Atlantic comber, was the best of the fleet, but her engineer had for some time demanded new boilers.

Since the reserve fund was low and other boats needed expensive repairs, Cartwright resolved to wait.

He had bought _Melphomene_, above the fireplace, very cheap; but her engines were clumsy compounds and she cost much to coal.
Still she was fast, and now and then got a paying load by reaching a port where freights were high before the _Conference_ found out that Cartwright meant to cut the rates.
_Titania_, with the white deckhouse and shade-deck, carried a good load on a light draught, and sometimes picked up a profitable cargo in shallow African lagoons.