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“I had a very interesting chat with your brother on the way out, and found him fairly sanguine about the consequences of the country having to borrow one and a half billion pounds from the IMF in order to stop a run on the pound. He also mentioned the possibility of the government imposing a seventy percent corporation tax on all companies, as well as ninety percent income tax on anyone earning over thirty thousand a year.”

“Good God,” said the admiral. “Will I be able to afford my own funeral?”

“And the chancellor’s latest idea,” continued Anscott, “which I find almost inconceivable, is that no businessman or holidaymaker will be allowed to leave the country with more than fifty pounds cash in their possession.”

“That won’t exactly tempt people to travel abroad,” said Dobbs with some feeling.

“I think I may have found a way around that,” said Sebastian.

The rest of the board turned toward the newest recruit.

“I’ve been carrying out a little research into what our rivals are up to, and it seems that the owners of the SS New York and the SS France have come up with a solution to their tax problems.” Seb had caught the attention of the board. “The SS New York is no longer registered as being owned by an American company, despite the fact that its headquarters are still in Manhattan, along with the vast majority of its employees. For tax purposes, the company is registered in Panama. In fact, if you look carefully at this picture,” Seb placed a large photograph of the SS New York in the center of the table, “you will see a small Panamanian flag flying from the stern, despite the fact that the Stars and Stripes remain emblazoned on everything on board, from the plates in the dining rooms to the carpets in the staterooms.”

“And are the French doing the same thing?” asked Knowles.

“They most certainly are, but with a subtle Gallic difference. They’re flying an Algerian flag from the stern of the SS France, which I suspect is no more than a political sop.” Another photo, this time of the great French liner, was passed around Seb’s colleagues.

“Is this legal?” asked Dobbs.

“There’s not a damn thing either government can do about it,” said Seb. “Both ships are at sea for more than three hundred days a year, and as far as the passengers can tell, everything is exactly the same as it’s always been.”

“I don’t like the sound of it,” said the admiral. “It doesn’t seem right to me.”

“Our first duty must be to the shareholders,” Bob reminded his colleagues, “so can I suggest that Clifton presents a paper on the subject, so we can discuss it in greater detail at the next board meeting?”

“Good idea,” said Dobbs.

“I’m not against the idea,” said Emma, “but our finance director has come up with an alternative solution that some of you might find more attractive.” Emma nodded in the direction of Michael Carrick.

“Thank you, chairman. It’s quite simple really. If we were to go ahead with building a second ship, and take advantage of our repeat order option with Harland and Wolff within the specified contract period, we would avoid paying any corporation tax for the next four years.”

“There must be a catch,” said Knowles.

“Apparently not,” said Emma. “Any company can claim tax relief on a capital project, as long as it keeps to the price agreed in the original contract.”

“Why would the government agree to that, when their other proposed measures are so draconian?” asked Maynard.

“Because it helps to keep the unemployment figures down,” said Seb. “Which the Labour Party promised to do in their last manifesto.”

“Then I favor that solution,” said Dobbs. “But how much time is there before we have to decide whether or not to take up Harland and Wolff’s offer?”

“Just over five months,” said Carrick.

“More than enough time to come to a decision,” said Maynard.

“But that doesn’t solve the fifty-pounds restriction on our passengers,” said Anscott.

Seb couldn’t resist a smile. “Uncle Giles pointed out to me that there’s nothing to stop a passenger cashing a check while on board.”

“But we don’t have any banking facilities on the Buckingham,” Dobbs reminded him.

“Farthings would be only too happy to open an onboard branch,” said Seb.

“Then I suggest,” said Anscott, “that such a proposal also be included in Mr. Clifton’s report, and any recommendations should be circulated to all board members before the next meeting.”

“Agreed,” said Emma. “So all we have to decide now is when that meeting will be.”

As usual, some considerable time was spent selecting a date that was convenient for all the board members.

“And let us hope,” said Emma, “that by the time we next meet, the Home Fleet incident will be nothing more than folklore. Any other business?” she asked, looking around the table.

“Yes, chairman,” said Knowles. “You asked us to suggest possible candidates for the other vacant position on the board.”

“Who do you have in mind?”

“Desmond Mellor.”

“The man who founded the Bristol Bus company?”