Читаем A Dangerous Fortune (1994) полностью

At last he spoke. "South American bonds have always seemed more risky," he began. "If we had allowed ourselves to be frightened of them we would have missed out on a great deal of profitable business during the last few years." This sounded good, Micky thought. William went on: "I don't think there's going to be a financial collapse. Cordova has gone from strength to strength under President Garcia. I believe we can anticipate increasing profits from our business there in future. We should be looking for more such business, not less."

Micky let his breath out in a long, silent sigh of relief. He had won.

Edward said: "Four partners in favor, then, and two against."

"Just a minute," said Hugh.

God forbid that Hugh should have something up his sleeve, Micky thought. He clenched his jaw. He wanted to cry out a protest but he had to suppress his feelings.

Edward looked crossly at Hugh. "What is it? You're outvoted."

"A vote has always been a last resort in this room," Hugh said. "When there is disagreement between the partners we try to reach a compromise that everyone can assent to."

Micky could see that Edward was ready to squash this idea, but William said: "What have you got in mind, Hugh?"

"Let me ask Edward something," Hugh said. "Are you confident that we can sell all or most of this issue?"

"Yes, if we price it right," Edward said. It was clear from his expression that he did not know where this was heading. Micky had a dreadful premonition that he was about to be outmaneuvered.

Hugh went on: "Then why don't we sell the bonds on a commission basis, rather than underwriting the issue."

Micky muffled a curse. That was not what he wanted. Normally, when the bank launched, say, a million pounds' worth of bonds, it agreed to buy any unsold bonds itself, thereby guaranteeing that the borrower would receive the full million. In return for that guarantee, the bank took a fat percentage. The alternative method was to offer the bonds for sale with no guarantee. The bank took no risk and received a much lower percentage, but if only ten thousand of the million bonds were sold, the borrrower would get only ten thousand pounds. The risk remained with the borrower--and at this stage Micky did not want any risks.

William grunted. "Hmm. That's an idea."