valued at nothing. However, our other assets are substantial. A lot depends on how much we can raise by the sale of the partners' houses, and so on; but I estimate that even today the shortfall is only a million pounds.'
'So the syndicate must expect to lose a million.'
'Perhaps. But Cordova bonds may not be worthless forever. The rebels may be defeated. Or the new government may resume interest payments. At some point the price of Cordova bonds will rise.'
'Possibly.'
'If the bonds came up to just half their previous level, the syndicate would break even. And if they did better than that, the syndicate would actually make a profit.'
Greenbourne shook his head. 'It might work, but for those Santamaria harbor bonds. That Cordovan Minister, Miranda, strikes me as an out-and-out thief; and his father is apparently the leader of the rebels. My guess is that the whole two million pounds has gone to pay for guns and ammunition. In which case investors will never see a penny.'
The old boy was as sharp as always, Hugh thought: he had exactly the same fear. 'I'm afraid you may be right. All the same there's a chance. And if you allow a financial panic you're sure to lose money in other ways.'
'It's an ingenious plan. You always were the cleverest of your family, young Pilaster.'
'But the plan depends on you.'
'Ah.'
'If you agree to head the syndicate, the City will follow your lead. If you refuse to be part of it, the syndicate will not have the prestige to reassure creditors.'
'I see that.' Greenbourne was not the man for false modesty.
'Will you do it?' Hugh held his breath.
The old man was silent for several seconds, thinking, then he said firmly: 'No, I won't.'
Hugh slumped in his chair. It was his last shot and it had failed. He felt a great weariness descend on him, as if his life were over and he were a tired old man.
Greenbourne said: 'All my life I have been cautious. Where other men see high profits, I see high risks, and I resist the temptation. Your uncle Joseph was not like me. He would take the risk--and he pocketed the profits. His son Edward was worse. I say nothing about you: you have only just taken over. But the Pilasters must pay the price for their years of high profits. I didn't take those profits--why should I pay your debts? If I spend money to rescue you now, the foolish investor will be rewarded and the careful one will suffer. And if banking were run that way, why should anyone be cautious? We might as well all take risks, for there is no risk when failed banks can always be rescued. But there is always risk. Banking cannot be run your way. There will always be crashes. They are necessary to remind good and bad investors that risk is real.'
Hugh had wondered, before coming here, whether to tell the old man that Micky Miranda had murdered Solly. Now he considered it again, but he came to the same conclusion: it would shock and distress the old man but it would do nothing to persuade him to rescue Pilasters.
He was casting about for something to say, some last attempt to change Greenbourne's mind, when the butler came in and said: 'Pardon me, Mr. Greenbourne, but you asked to be called the moment the detective arrived.'
Greenbourne stood up immediately, looking agitated, but his courtesy would not let him rush out without an explanation. 'I'm sorry, Pilaster, but I must leave you. My granddaughter Rebecca has ... disappeared ... and we are all distraught.'
'I'm so sorry to hear that,' Hugh said. He knew Solly's sister Kate, and he had a vague memory of her daughter, a pretty dark-haired girl. 'I hope you find her safe and well.'
'We don't believe she has suffered violence--in fact we're quite sure she has only run off with a boy. But that's bad enough. Please excuse me.'
'By all means.'
The old man went out, leaving Hugh amid the ruins of his hopes.
Section 3
MAISIE SOMETIMES WONDERED if there was something infectious about going into labor. It often happened, in a ward full of women nine months pregnant, that days would go by without incident, but as soon as one started labor the others would follow within hours.
It had been like that today. It had started at four o'clock in the morning and they had been delivering babies ever since. The midwives and nurses did most of the work, but when they were overstretched Maisie and Rachel had to leave their pens and ledgers and scurry around with towels and blankets.
By seven o'clock, however, it was all over, and they were enjoying a cup of tea in Maisie's office with Rachel's lover, Maisie's brother Dan, when Hugh Pilaster came in. 'I bring very bad news, I'm afraid,' he said right away.
Maisie was pouring tea but his tone of voice shocked her and she stopped. Looking hard at his face she saw that he was grief-stricken, and she thought someone must have died. 'Hugh, what has happened?'
'I think you keep all the hospital's money in an account at my bank, don't you?'
If it was only money, Maisie thought, the news could not be that bad.
Rachel answered Hugh's question. 'Yes. My father handles the money, but he has kept his own private account with you ever since he became the bank's lawyer, and I suppose he found it convenient to do the same with the hospital's account.'
'And he invested your money in Cordova bonds.'
'Did he?'
Maisie said: 'What's wrong, Hugh? For goodness' sake tell us!'
'The bank has failed.'
Maisie's eyes filled with tears, not for herself but for him. 'Oh, Hugh!' she cried. She knew how much he was hurting. For him this was almost like the death of a loved one, for he had invested all his hopes and dreams in the bank. She wished she could take some of the pain into herself, to ease his suffering.
Dan said: 'Good God. There will be a panic.'
'All your money has gone,' Hugh said. 'You'll probably have to close the hospital. I can't tell you how sorry I am.'
Rachel was white with shock. 'That's not possible!' she said. 'How can our money be gone?'
Dan answered her. 'The bank can't pay its debts,' he said bitterly. 'That's what bankruptcy means, it means you owe people money and you can't pay them.'
In a flash of recollection Maisie saw her father, a quarter of a century earlier looking much as Dan did today, saying exactly the same thing about bankruptcy. Dan had spent much of his life trying to protect ordinary people from the effects of these financial crises--but so far he had achieved nothing. 'Perhaps now they'll pass your Banking Bill,' she said to him.
Rachel said to Hugh: 'But what have you done with our
