A Dangerous Fortune - Ken Follett [171]
“You sell North American bonds,” Augusta said. “There’s always a risk. That’s what banking is about.” She spoke triumphantly, as if she had caught him out.
“The United States of America has a modern democratic government, vast natural wealth and no enemies. Now that they’ve abolished slavery, there’s no reason why the country shouldn’t be stable for a hundred years. By contrast, South America is a collection of warring dictatorships that may not be the same for the next ten days. There is a risk in both cases, but in the north it’s much smaller. Banking is about calculating risk.”
“You’re just envious of Edward—you always were,” she said.
Hugh wondered why the other partners were so silent. As soon as he asked himself the question, he realized that Augusta must have spoken to them beforehand. But surely she could not have persuaded them to accept Edward as Senior Partner? He began to feel seriously worried.
“What has she said to you?” he said abruptly. He looked at each of them in turn. “William? George? Harry? Come on, out with it. You’ve discussed this earlier and Augusta has nobbled you.”
They all looked a little foolish. Finally William said; “Nobody has been nobbled, Hugh. But Augusta and Edward have made it clear that unless Edward becomes Senior Partner, they …” He seemed embarrassed.
“Out with it,” Hugh said.
“They will withdraw their capital from the business.”
“What?” Hugh was stunned. Withdrawing your capital was a cardinal sin in this family: his own father had done it and had never been forgiven. That Augusta should be willing even to threaten such a step was astonishing—and showed that she was deadly serious.
Between them, she and Edward controlled about forty percent of the bank’s capital, over two million pounds. If they withdrew the money at the end of the financial year, as they were legally entitled to do, the bank would be crippled.
It was startling that Augusta should make such a threat—and even worse that the partners were ready to give in to her. “You’re surrendering all authority to her!” he said. “If you let her get away with it this time she’ll do it again. Anytime she wants something she can just threaten to withdraw her capital and you’ll cave in. You might as well make her Senior Partner.”
Edward blustered: “Don’t you dare speak of my mother like that—mind your manners!”
“Manners be damned,” Hugh said rudely. He knew he was doing his cause no good by losing his temper, but he was too angry to stop. “You’re about to ruin a great bank. Augusta’s blind, Edward is stupid and the rest of you are too cowardly to stop them.” He pushed back his chair and stood up, throwing his napkin down on the table like a challenge. “Well, here’s one person who won’t be bullied.”
He stopped and took a breath, realizing he was about to say something that would change the course of the rest of his life. Around the table they all stared at him. He had no alternative. “I resign,” he said.
As he turned from the table he caught Augusta’s eye, and saw on her face a victorious smile.
Uncle Samuel came to see him that evening.
Samuel was an old man now, but no less vain than he had been twenty years ago. He still lived with Stephen Caine, his “secretary.” Hugh was the only Pilaster who ever went to their home, which was a house in raffish Chelsea, decorated in the fashionable aesthetic style and full of cats. Once, when they were halfway down a bottle of port, Stephen had said he was the only Pilaster wife who was not a harridan.
When Samuel called, Hugh was in his library, where he generally retired after dinner. He had a book on his knee but had not been reading it. Instead he had been staring into the fire, thinking about the future. He had plenty of money, enough to live comfortably for the rest of his life without working, but he would never be Senior Partner now.
Uncle Samuel looked weary and sad. “I was at odds with my cousin Joseph for most of his life,” he said.