Читаем A Dangerous Fortune (1994) полностью

Micky studied the table while Hugh continued. "The interest rate offered has gone up from six percent three years ago to seven and a half percent last year. Despite that increase, the number of bonds remaining unsold has been higher each time."

Micky knew enough about finance to understand what that meant: investors were finding South American bonds less and less attractive. Hugh's calm exposition and relentless logic made Micky fume.

Hugh went on: "Also, in each of the last three issues, the bank has been obliged to buy bonds in the open market to keep the price up artificially." Which meant, Micky realized, that the figures in the table understated the problem.

"The consequence of our persistence in this saturated market is that we now hold almost a million pounds' worth of Cordova bonds. Our bank is gravely overexposed to that one sector."

It was a powerful argument. Trying to stay cool, Micky reflected that if he were a partner he would now vote against the issue. But it would not be decided purely by the financial reasoning. There was more at stake here than money.

For a few seconds no one spoke. Edward looked angry, but he was restraining himself, knowing it would appear better if one of the other partners contradicted Hugh.

At last Sir Harry said: "Point taken, Hugh, but I think you may be overstating the case a little."

George Hartshorn concurred. "We're all agreed that the plan itself is sound. The risk is small and the profits are considerable. I think we should accept."

Micky had known in advance that those two would support Edward. He was waiting for Young William's verdict.

But it was Samuel who spoke next. "I understand that you're all reluctant to veto the first major proposal brought in by a new Senior Partner," he said. His tone suggested that they were not enemies divided into opposing camps, but reasonable men who could not help but agree given a little goodwill. "Perhaps you're not inclined to place much reliance on the views of two partners who have already announced their resignations. But I've been in the business twice as long as anyone else in this room, and Hugh is probably the most successful young banker in the world, and we both feel this project is more dangerous than it looks. Don't let personal considerations lead you to dismiss that advice out of hand."

Samuel was eloquent, Micky thought, but his position had been known in advance. Everyone now looked at Young William.