to list earnings over a given period, or give a rundown on recent activities. By contrast, Loredo never asked Jewel for anything, and he seemed to have the uncanny knack for knowing exactly what Magnus was talking about, citing figures and statistics without fail.

Lucius was startled when Magnus asked him a question, briefly wanting to know the average takings for the pickpocket team that had been slain by the Guild. Lucius answered automatically, but he found his mind drifting back to the brother and sister team he had known, Markel and Treal, and the brutal way in which they had died. It was so very hard not to regard the two thieves on either side of the table as mortal enemies, and yet the meeting was being conducted with both respect and courtesy. He began to wonder if it had been Jewel who had sanctioned the murders, or even had performed the act herself; she seemed just the sort of woman who could cold-bloodily kill a child.

Throughout the meeting, Jewel only spoke once, while Magnus had been proposing an exchange of trades. The pickpockets in the Five Markets had been placed on the table, and they were considered a valuable operation; while they generated comparatively little money, whoever held the children of the pick-pocketing teams would have a ready source of new blood for recruitment as thieves proper. Loredo was proving intractable over the Hands control over the Five Markets, and so Magnus raised the possibility of allowing the Guild to take the pickpockets, if in return the Hands could claim complete dominance over all assassinations in the city.

'No.' Jewel only said the one word, and when she spoke it was as if ice had been dashed in the faces of the Council. Loredo, ignoring the effects of her input, went on to say that assassinations were a specialised field that had highly specialised agents. The idea of one guild holding them all was simply not feasible.

As hours four and five went by, it seemed as though a little progress was being made, but the guildmasters still proved relentless, neither wishing to show weakness by calling for a break in the meeting first.

Assassinations, it was decided, would be regarded as being outside of the discussion, with a view to perhaps creating a separate assassins' guild in the future. Magnus was able to retain control of the Five Markets, in part because he allowed the Guild free use of his smuggling routes.

An argument brewed between Caradoc and Loredo as the matter of compensation for the deaths of those who had been involved in the earlier 'skirmishes,' as they were euphemistically called, between the guilds. Loredo had demanded the princely sum of a thousand gold coin for the death of his Street of Dogs man, which would be an extortionate amount for a rich merchant's ransom. When the subject of the murdered children was raised by Caradoc, Loredo flatly denied any compensation, reminding him that the earning potential of one so young was negligible. Seeing his lieutenant clearly struggling with his temper, Magnus stepped in before voices were raised, announcing that he would not only relinquish any interest in compensation for pickpockets, but that he would agree to the thousand gold blood price for Loredo's man — but he also made sure the Street of Dogs came down firmly in the Hands' territory because of this.

Scams in the merchant quarter went to the Guild, while the Hands retained the docks. This was an arrangement that suited neither guildmaster well, but both realised something valuable would have to be sacrificed in the meeting. Lucius, for his part, was happy at this decision, for he had been planning his own operation in the docks, and was now favouring it over his plans for the raid on the church of the Final Faith; bothering religious fanatics could prove distinctly unhealthy, he had eventually decided, and he doubted the priests would go anywhere soon, whereas the ship he had been watching was scheduled to depart later in the week.

After seven hours, a weary Council stood as the guildmasters shook hands and toasted one another's success. An accord had been reached. There would be no war among the thieves.

The following days seemed almost like an anti-climax to Lucius, and he formed the impression that many others among the Hands felt the same. The common room was filled with complaints from those who'd had their franchises pulled, the operations now passing to the Guild of Coin and Enterprise, but there was an equal amount of relief, felt in the quiet conversations of others. Everyone had been expecting the worst, with strangled or stabbed bodies strewn throughout the alleyways of Turnitia. Instead, there had been nothing. If anything, business was picking up.

Those who had been present at the meeting between guildmasters had been forbidden to speak of what they had seen and heard, for Magnus wanted the changes to the Hand's operations to come from him alone, speaking to each franchise holder in turn and informing them of whether they still had a regular source of income or not. It was not until two days later that Lucius had the chance to discuss the meeting, and that was with Magnus himself.

He had literally run into the guildmaster as he was leaving the training chamber, wiping the sweat from his face with a ragged cloth.

'Ah, Lucius, my boy,' Magnus greeted him. Once he realised who was talking to him, Lucius threw the cloth back into the chamber and smiled hesitantly.

'Magnus,' he acknowledged with a nod.

'Preparing for your first operation? You are going into action this week, are you not?'

'Tomorrow, all going well,' Lucius said. 'Still need to find a few more volunteers though.'

'You'll get them. Many may not sign on until the last minute, but I think enough trust you now.' He gestured up the corridor. 'Come, walk with me for a moment.'

The request caught Lucius off guard, and he had to stride quickly to catch up with Magnus.

'You opted for the docks in the end, then?' Magnus asked.

'Yes. I had a plan for the church of the Faith, but there were a few impracticalities.'

'Indeed. The priesthood would have been straight on to the Vos guard, demanding the entire city be closed down and every thief hung from the cliffs. If you had not scrapped the mission yourself, the Council might have been forced to step in. You demonstrate both ambition and good judgement, two qualities that do not always go hand- in-hand among thieves.'

Not knowing quite what to say, Lucius just nodded. He had walked with Magnus past the meeting room, and he glanced into the open door to see if any of the Council were present, but it was empty. Magnus began asking about his training, and Lucius did not realise where they were headed until the guildmaster halted outside a plain wooden door and produced a key. Behind the door was a small flight of stairs, spiralling upwards. With a wave of the hand, Lucius was ushered up, but he hesitated.

Though he had not been in this part of the guildhouse before, it was fairly common knowledge that Magnus kept his own set of chambers on the highest floor. Few were invited into his personal living space, and Lucius wondered why he was being accorded the honour.

'Come along, boy,' Magnus prompted. 'I have much to do — a guild does not just run itself!'

With Magnus close behind, Lucius ascended the stairs as they rose in a tight spiral.

They emerged into a small study, spartan in appearance with few nods to luxury. A desk lay below a single skylight, strewn with papers, maps and a single oil lantern. A leather bound chair sat behind it, while in front, three austere wooden seats, of the sort that might be expected in a commoner's kitchen. These were the only items of furniture in the study, and all rested on a tired-looking threadbare rug. Two doors faced one another to Lucius' left and right, and a quick glance told him they were both very thick, with intricate locks holding them fast.

Magnus manoeuvred himself behind the desk and nodded to Lucius to take a chair while he sat. Leaning back casually, Magnus released a sigh, as if happy to have come to the study, and he leaned back in his chair, legs straight out, hands steepled across his stomach.

'As you can see,' Magnus said, indicating the piled papers on his desk with a wave, 'the business of the Hands is never ending. There is always something!'

Not knowing why he was here or what he was expected to say, Lucius just smiled as if he understood just how much work Magnus was required to handle. In truth, he had little idea.

'It is the Allantian Voyager that you are planning to strike, isn't it?'

'Yes,' Lucius said. 'One of the dockmasters told Elaine that it was taking on silk from Pontaine. When she heard I was scouting out the docks, she suggested I run the operation.'

'And her take?'

'Twenty per cent of the gross.'

Magnus pursed his lips. 'That could be a lot, considering she is taking none of the risks.'

'It is my first job, so I thought it fair,' Lucius shrugged. 'And if I do well on this haul, she will be all the more ready to let me know when the next valuable cargo comes in. I have to pay my dues first, after all.'

'You do,' Magnus said, smiling. 'You seem to be learning the franchise system well, though I would be

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