Hugh had been cunning, Micky thought despondently. If he had continued to oppose the scheme outright, he would have been overruled. But he had suggested a way of reducing the risk. Bankers, being a conservative breed, loved to reduce their risks.
Sir Harry said: "If we do sell them all, we still make about sixty thousand pounds, even at the reduced commission. And if we don't sell them all we shall have avoided a considerable loss."
Say something, Edward! thought Micky. Edward was losing control of the meeting. But he seemed not to know how to get it back.
Samuel said: "And we can record a unanimous decision of the partners--always a pleasant outcome."
There was a general murmur of assent.
In desperation, Micky said: "I can't promise that my principals will agree to that. In the past the bank has always underwritten Cordovan bonds. If you decide to change your policy ..." He hesitated. "I may have to go to another bank." It was an empty threat, but would they know that?
William was offended. "That's your privilege. Another bank may take a different view of the risks."
Micky saw that his threat had only served to consolidate the opposition. Hastily he added: "The leaders of my country value their relationship with Pilasters Bank and would not wish to jeopardize that."
Edward said: "And we reciprocate their feelings."
"Thank you." Micky realized there was no more to be said.
He began to roll up the map of the harbor. He had been defeated, but he was not ready to give up yet. That two million pounds was the key to the presidency of his country. He had to have it.
He would think of something.
Edward and Micky had arranged to have lunch together in the dining room of the Cowes Club. It was planned as a celebration of their triumph, but now they had nothing to celebrate.
By the time Edward arrived, Micky had worked out what he had to do. His only chance now was to persuade Edward secretly to go against the decision of the partners, and underwrite the bonds without telling them. It was an outrageous, foolhardy and probably criminal act. But there was no alternative.
Micky was already sitting at the table when Edward came in. "I'm very disappointed about what happened at the bank this morning," Micky said right away.
"It was the fault of my damned cousin Hugh," Edward said as he sat down. He waved at a waiter and said: "Bring me a big glass of Madeira."
"The trouble is, if the issue isn't underwritten, there's no guarantee the harbor will be built."