thought.
Clementine said: 'It was listening to you that got us all into this trouble. If we had made Hugh Senior Partner, instead of Edward, we would all still be as rich as Croesus.'
Hugh began to feel better. Some of the family understood what he had tried to do.
Clementine went on: 'You were wrong, Mother, and you've ruined us. I'm never going to heed your advice again. Hugh was right, and we had better let him do all he can to guide us through this dreadful disaster.'
William said: 'Quite right, Clementine. We should do whatever Hugh advises.'
The battle lines were drawn. On Hugh's side were William, Samuel, and Clementine, who ruled her husband Sir Harry. They would try to behave decently and honestly. Against him were Augusta, Edward, and Madeleine, who spoke for Major Hartshorn: they would try to snatch what they could and let the family's reputation go to hell.
Then Nora said defiantly: 'You'll have to carry me out of this house.'
There was a bitter taste in Hugh's mouth. His own wife was joining the enemy. 'You're the only person in the room who has gone against their husband or wife,' he said sadly. 'Don't you owe me any loyalty at all?'
She tossed her head. 'I didn't marry you to live in poverty.'
'All the same you will leave this house,' he said grimly. He looked at the other diehards: Augusta, Edward, Madeleine and Major Hartshorn. 'You will all have to give in, eventually,' he said. 'If you don't do it now, with dignity, you'll do it later, in disgrace, with bailiffs and policemen and newspaper reporters in attendance, vilified by the gutter press and slighted by your unpaid servants.'
'We shall see about that,' said Augusta.
When they had all gone Hugh sat staring into the fire, racking his brains for some way to pay the bank's creditors.
He was determined not to let Pilasters go into formal bankruptcy. The idea was almost too painful to contemplate. All his life he had lived under the shadow of his father's bankruptcy. His whole career had been an attempt to prove he was not tainted. In his heart of hearts he feared that if he suffered the same fate as his father, he too might be driven to take his own life.
Pilasters was finished as a bank. It had closed its doors on its depositors, and that was the end. But in the long term it ought to be able to repay its debts, especially if the partners were scrupulous about selling all their valuable possessions.
As the afternoon faded into twilight, the outlines of a plan began to form in his mind, and he allowed himself the faintest glimmer of hope.
At six P.M. he went to see Ben Greenbourne.
Greenbourne was past seventy, but still fit, and he continued to run the business. He had a daughter, Kate, but Solly had been his only son; so when he retired he would have to hand over to his nephews, and he seemed reluctant to do that.
Hugh called at the mansion in Piccadilly. The house gave the impression not just of prosperity but of limitless wealth. Every clock was a jewel, every stick of furniture a priceless antique; every panel was exquisitely carved, every carpet specially woven. Hugh was shown into the library, where gaslights blazed and a fire roared. In this room he had first learned that the boy called Bertie Greenbourne was his son.
Wondering if the books were just for show, he glanced at several while he was waiting. Some might have been chosen for their fine bindings, he thought, but others were well thumbed, and several languages were represented. Greenbourne's learning was genuine.
The old man appeared fifteen minutes later, and apologized for keeping Hugh waiting. 'A domestic problem detained me,' he said with clipped Prussian courtesy. His family had never been Prussian; they had copied the manners of upper-class Germans then retained them through a hundred years of living in England. He held himself as straight as ever, but Hugh thought he looked tired and worried. Greenbourne did not say what the domestic problem was and Hugh did not ask.
'You know that Cordovan bonds have crashed this afternoon,' Hugh said.
'Yes.'
'And you probably heard that my bank has closed its doors as a result.'
'Yes. I am very sorry.'
'It's twenty-four years since the last time an English bank failed.'
'That was Overend and Gurney. I remember it well.'
'So do I. My father went broke and hanged himself in his office in Leadenhall Street.'
Greenbourne was embarrassed. 'I am most terribly sorry, Pilaster. That dreadful fact had slipped my mind.'
'A lot of firms went down in that crisis. But much worse will happen tomorrow.' Hugh leaned forward on his stool and began his big pitch. 'In the last quarter of a century the business done in the City has increased tenfold. And because banking has become so sophisticated and complex, we are all more closely intertwined than ever. Some of the people whose money we have lost will be unable to pay their debts, so they will go bust too--and so on. Next week dozens of banks will fail, hundreds of businesses will be forced to close, and thousands upon thousands of people will suddenly find themselves destitute--unless we take action to prevent it.'
'Action?' said Greenbourne with more than a hint of irritation. 'What action can be taken? Your only remedy is to pay your debts; you cannot do so; therefore you are helpless.'
'Alone, yes, I'm helpless. But I am hoping that the banking community will do something.'
'Do you propose to ask other bankers to pay your debts? Why should they?' He was getting ready to be angry.
'You'll agree, surely, that it would be better for all of us if Pilasters' creditors could be paid in full.'
'Obviously.'
'Suppose a syndicate of bankers were formed to take over both the assets and the liabilities of Pilasters. The syndicate would guarantee to pay any creditor on demand. At the same time, it would begin to liquidate Pilasters' assets in an orderly fashion.'
Suddenly Greenbourne was interested, and his irritability vanished as he considered this novel proposal. 'I see. If the members of the syndicate were sufficiently respected and prestigious, their guarantee might be enough to reassure everyone, and creditors might not demand their cash immediately. With luck, the flow of money coming in from the sale of assets might cover the payments to creditors.'
'And a dreadful crisis would be averted.'
Greenbourne shook his head. 'But in the end, the members of the syndicate would lose money, for Pilasters' liabilities are greater than its assets.'
'Not necessarily.'
'How so?'
'We have more than two million pounds' worth of Cordova bonds which are today
