He's saying that Billy is dead.
4 seconds sound clip from the Beat the Devil (1953) movie soundboard.
You can hear this line at 00:43:39 in the Blu-ray version of the movie.
Quote context
[...]
- I'm going back to the hotel.
- I have, I'm afraid, I have some shocking news for you.
- The boat is not going at all?
- What is it? What are you trying to say?
- He's saying that Billy is dead.
- It's become necessary to redistribute the stock in our company.
- Stock, stock! What good is the stock now?
- We can't deal with Dannreuther's friend. Not without Dannreuther.
- All the effort, the money. Everything went over the cliff with that car.
- You forget the English are very sentimental people.
[...]