the standard of living right across the system. The nature of their competition was fierce and confrontational. The Confederation assembly had passed several censure motions on their dubious exports, and held inquiries into individual supply contracts. New California’s level of technology was high, its military products were in great demand. Companies were indifferent to the use they would ultimately be put to: once the buyer was identified, the pitch made, the finance organized, nothing would be allowed to stop the sale. Not the Government Export Licence office, and certainly not the meddlesome Confederation inspectors. With this in mind, shipping could be a problem, especially the trickier contracts to star systems operating unreasonable embargoes. Captains who took on those contracts could expect high rewards. And the challenge always attracted a certain type of individual.

The Lady Macbeth was resting on a docking cradle in one of the thirty-odd industrial stations coasting in a loose orbit around Idria. Both of her circular cargo hold doors on the forward hull were open, each showing a metallic cave of bracing struts coiled by power and data cables, load clamps, and environmental regulation interface sockets; all of it wrapped in tarnished gold foil and badly illuminated to boot.

The docking bay was a seventy-five-metre crater of carbotanium and composite, ribbed by various conduits and pipes. Spotlights around the curving walls shone stark white beams on the starship’s leaden hull, compensating for the pallid slivers of sunlight falling on the station while it was in Idria’s penumbra. Several storage frames stood around the rim of the bay, looking much like scaffold towers left over from the station’s construction. Each of them was equipped with a long quadruple-jointed waldo arm to load and unload cargo from ships. The arms were operated from a console inside small transparent bubbles protruding from the carbotanium surface like polished barnacles.

Joshua Calvert hung on a grab hoop inside the cargo supervisor’s compartment, his face centimetres from the curving radiation-shielded glass, watching the waldo arm raising another cargo-pod out of its storage frame. The pods were two metres long, pressurized cylinders with slightly domed ends; a thick white silicon-composite shell protected them from the wider temperature shifts encountered in space. They were stamped with Lassen’s geometric eagle logo, and line after line of red stencil lettering. According to the code they were high-density magnetic-compression coils for tokamaks. And ninety per cent of the pods did indeed contain what they said; the other ten per cent held smaller, more compact coils which produced an even stronger magnetic field, suitable for antimatter confinement.

The waldo arm lowered the pod into Lady Mac ’s hold, and a set of load clamps closed around it. Joshua felt a considerable twinge of apprehension. Inside the New Californian system the coils were a legitimate cargo, no matter the misleading coding. In interstellar space their legality was extremely ambiguous, although a decent lawyer should be able to quash any charges. And in the Puerto de Santa Maria system where he was going they spelt deep shit in capital letters ten metres high.

Sarha Mitcham’s hand tightened around his. “Do we really need this?” she asked in a murmur. She had left her padded skullcap off in the transparent hemisphere, letting her short hazel hair wave around lethargically in free fall. Her lips were drawn together in concern.

“ ’Fraid so.” He tickled her palm with a finger, a private signal they often used on board Lady Mac . Sarha was a spirited lover, they had spent long hours experimenting in his cabin’s cage; but this time it didn’t break her mood.

It wasn’t that the Lady Macbeth didn’t make money: in the eight months since Roland Frampton’s first charter they had landed seven cargoes and one passenger group, some bacteriology specialists on their way to join an ecology review team on Northway. But Lady Macbeth also consumed money at a colossal rate: there was fuel and consumables each time they docked; an endless list of component spares, there wasn’t a flight which went by without some kind of burn-out or a mandatory time- expiry replacement; the crew’s wages had to be met; and then there were spaceport charges and customs and immigration fees. Joshua hadn’t quite realized the sheer expense involved in operating the Lady Macbeth . Somehow Marcus Calvert had glossed over that part. Profits were slim verging on non- existent, and he couldn’t afford to bump his rates up any higher, he wouldn’t land a single charter. He’d made more money while he was scavenging.

So now he knew the truth behind the captains’ talk in Harkey’s Bar, and its countless equivalents across the Confederation. Like him they all said how well they were doing, how they only kept flying for the life it offered rather than financial necessity. Lies, all of it a magnificent, artistic construct of lies. Banks sat back and made money, everyone else worked for a living.

“There’s no shame in it,” Hasan Rawand had told him a fortnight ago. “Everyone’s in the same grind. Hell, Joshua, you’re a lot better off than most of us. You haven’t got a mortgage to pay off.”

Hasan Rawand was the captain of the Dechal , an independent trader smaller than the Lady Mac . He was in his mid-seventies, and he’d been flying for fifty years, the last fifteen as an owner-captain.

“The real money isn’t in cargo charters,” he explained. “Not for people like us. That’s just makework to tide us over. The big lines have got all the really profitable routes tied up. They operate vacuum-sealed cartels the likes of you and I aren’t going to break in.”

They were drinking in a club in the dormitory section of an industrial station orbiting Baydon, a two- kilometre alithium wheel spinning to produce a two-thirds standard gravity around the rim. Joshua leant against the bar, and watched the planet’s nightside sliding past the huge window. Sparkles of light from cities and towns sketched strange curves across the darkness.

“Where is the money, then?” Joshua asked. He’d been drinking for three solid hours, long enough to sluice enough alcohol past his enhanced organs and into his brain, giving the universe a snug aura.

“Flights which use that fancy fourth drive tube the Lady Mac ’s fitted out with.”

“Forget it, I’m not that anxious to make money.”

“All right, OK,” Hasan Rawand gestured extravagantly, beer slopping over his glass, drops falling in a slight curve. “I’m just saying that’s the nature of it: combat and sanctions busting. That kind of thing is what the independents like you and me were put in this galaxy for. Everybody makes one of those trips every now and then. Some of us, like me, more often than most. That’s what keeps the hull intact, and the radiation outside the baffles.”

“You make a lot of runs?” Joshua asked, staring into his glass morosely.

“Some. Not a lot. That’s where us owner-captains’ bad-boy reputation comes from. People think we do it all the time. We don’t. But they don’t hear about that, about the mundane flights we make for fifty weeks a year. They only hear about us when we get caught, and the news agencies blitz the networks with the arrest. We’re the perpetual victims of bad publicity. We should sue.”

“But you don’t get caught?”

“Haven’t yet. There’s a method I use, virtually foolproof, but it needs two ships.”

“Ah.” Joshua must have been drunker than he realized, because the next thing he heard himself saying was: “Tell me more.”

And now two weeks later he was starting to regret listening. Although, he had to admit, it damn near was foolproof. Those two weeks had been spent in furious preparation. In a way, he supposed having Hasan Rawand consider him for any kind of partner was an oblique compliment, since only the very best captains could hope to pull it off. And the ultimate risk wasn’t his, not this run. He was the junior partner. But still, twenty per cent wasn’t to be sneered at, not when it came to a straight eight hundred thousand fuseodollars, half in advance.

The last pod of magnetic coils was secured in the Lady Mac ’s cargo hold. Sarha Mitcham let out a soft, rueful sigh as the waldo arm folded down on its cradle. This flight worried her, but she had agreed, along with the rest of the crew when Joshua explained what it entailed. And their money situation was becoming uncomfortably shaky. Even the fleks of MF-band albums the crew always hawked around ports to the bootleg distributors were fetching minimal prices. A lot of her private stock was getting obsolete, official company distribution was catching up on her. Here on Idria she had actually bought more albums than she’d sold. At least New California was a hot system for MF culture, she ought to be able to sell the fresh recordings for another six months yet, especially on the kind of backworld ports Lady Macbeth flew to.

The money would go into the crew’s pooled account so they could finance their own cargo in a couple of

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