A Dangerous Fortune(100)
Edward became apoplectic with rage and was unable to finish it. He went red in the face, pointed his finger at Hugh and said: “You’ve cooked this up with your old school friend! You’re trying to undermine our entire South American business! You’re just jealous of me because you weren’t made a partner!”
Hugh understood why he was so hysterical. The South American trade was Edward’s only significant contribution to business. If that went he was useless. Hugh sighed. “You were Bonehead Ned at school, and you still are,” he said. “The question is whether the bank wants to be responsible for increasing the power and influence of Papa Miranda, a man who apparently thinks nothing of flogging women and murdering children.”
“I don’t believe that!” Edward said. “The Silva family are enemies of the Mirandas. This is just malicious propaganda.”
“I’m sure that’s what your friend Micky will say. But is it true?”
Uncle Joseph looked suspiciously at Hugh. “You came in here just a few hours ago and tried to talk me out of this issue. I have to wonder whether this whole thing isn’t some scheme to undermine Edward’s first major piece of business as a partner.”
Hugh stood up. “If you’re going to cast doubt on my good faith I’ll leave right away.”
Uncle Samuel stepped in. “Sit down, Hugh,” he said. “We don’t have to find out whether this tale is true or not. We’re bankers, not judges. The fact that the Santamaria railroad is going to be controversial makes the bond issue riskier, and that means we have to reconsider.”
Uncle Joseph said aggressively: “I’m not willing to be bullied. Let this South American popinjay publish his article and go to the devil.”
“That’s one way to handle it,” Samuel mused, treating Joseph’s belligerence more seriously than it deserved. “We can wait and see what effect the article has on the price of existing South American stocks: there aren’t many, but it’s enough to serve as a gauge. If they crash, we’ll cancel the Santamaria railroad. If not, we go ahead.”
Joseph, somewhat mollified, said: “I don’t mind submitting to the decision of the market.”
“There is one other option we might consider,” Samuel went on. “We could get another bank to come in with us on the issue of bonds, and float it jointly. That way, any hostile publicity would be enfeebled by having a divided target.”
That made a lot of sense, Hugh thought. It was not what he would have done: he would prefer to cancel the bond issue. But the strategy worked out by Samuel would minimize the risk, and that was what banking was all about. Samuel was a much better banker than Joseph.
“All right,” Joseph said with his usual impulsiveness. “Edward, see if you can find us a partner.”
“Who should I approach?” Edward said anxiously. Hugh realized he had no idea how to go about something like this.
Samuel answered him. “It’s a big issue. On reflection, not many banks would want such a big exposure to South America. You should go to Greenbournes: they might be the only people big enough to take the risk. You know Solly Greenbourne, don’t you?”
“Yes. I’ll see him.”
Hugh wondered whether he should advise Solly to turn Edward down, and immediately thought better of it: he was being hired as an expert on North America, and it would seem presumptuous if he started out by passing judgment on a completely different area. He decided to have one more try at persuading Uncle Joseph to cancel the issue completely. “Why don’t we just wash our hands of the Santamaria railroad?” he said. “It’s low-grade business. The risk has always been high, and now we’re threatened with bad publicity on top. Do we need this?”
Edward said petulantly: “The partners have made their decision and it’s not for you to question them.”
Hugh gave up. “You’re quite right,” he said. “I’m not a partner, and soon I won’t be an employee either.”
Uncle Joseph frowned at him. “What does that mean?”
“I’m resigning from the bank.”
Joseph was jolted. “You can’t do that!”
“I certainly can. I’m a mere employee, and you’ve treated me as such. So, like an employee, I’m leaving you for a better job elsewhere.”
“Where?”
“As a matter of fact I shall be working at Greenbournes.”
Uncle Joseph’s eyes looked as if they would pop out. “But you’re the one who knows all the North Americans!”
“I imagine that’s why Ben Greenbourne was so keen to hire me,” Hugh said. He could not help being pleased that Uncle Joseph was so irate.
“But you’ll take business away from us!”
“You should have thought of that when you decided to go back on your offer of a partnership.”
“How much are they paying you?”
Hugh stood up to leave. “That’s not for you to ask,” he said firmly.
Edward shrieked: “How dare you speak to my father that way!”
Joseph’s indignation burst like a bubble, and to Hugh’s surprise he suddenly calmed down. “Oh, shut up, Edward,” he said mildly. “A certain amount of low cunning is part of what goes to make a good banker. There are times when I wish you were more like Hugh. He may be the black sheep of the family but at least he’s got some spunk.” He turned back to Hugh. “Go on, clear off,” he said without malice. “I hope you’ll come a cropper, but I’m not betting on it.”