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‘How do you know what mares prefer?’ I asked.

Oliver Knowles looked for the first time nonplussed.‘Er...’ he said. ‘I suppose... by the way they stand. If they feel cold and miserable they put their tails to the wind and look hunched. Some horses never do that, even in a blizzard. If they’re obviously unhappy we bring them in. Otherwise they stay out. Same with the foals.’ He paused. ‘A lot of mares are miserable if you keep them inside. It’s just... how they are.’

He seemed dissatisfied with the loose ends of his answer, but I found them reassuring. The one thing he had seemed to me to lack had been any emotional contact with the creatures he bred: even the carrots for the stallions had been slightly mechanical.

The mare with the discharge proved to be in one of the paddocks at the boundary of the farm, and while Oliver Knowles and Nigel peered at her rump end and made obscure remarks like ‘With any luck she won’t slip,’ and ‘It’s clear enough, nothing yellow or bloody,’ I spent my time looking past the last set of white rails to the hedge and fields beyond.

The contrast from the Knowles land was dramatic. Instead of extreme tidiness, a haphazard disorder. Instead of short green grass in well-tended rectangles, long unkempt brownish stalks straggling through an army of drying thistles. Instead of rectangular brick-built stable yards, a ramshackle collection of wooden boxes, light grey from old creosote and with tarpaulins tied over patches of roof.

Ginnie followed my gaze. ‘That’s the Watcherleys’ place,’ she said. ‘I used to go over there a lot but they’re so grimy and gloomy these days, not a laugh in sight. And all the patients have gone, practically, and they don’t even have the chimpanzees any more, they say they can’t afford them.’

‘What patients?’ I said.

‘Horse patients. It’s the Watcherleys’ hospital for sick horses. Haven’t you ever heard of it?’

I shook my head.

‘It’s pretty well known,’ Ginnie said. ‘Or at least it was until that razzamatazz man Calder Jackson stole the show. Mind you, the Watcherleys were no great shakes, I suppose, with Bob off to the boozer at all hours and Maggie sweating her guts out carrying muck sacks, but at least they used to be fun. The place was cosy, you know, even if bits of the boxes were falling off their hinges and weeds were growing everywhere, and all the horses went home blooming, or most of them, even if Maggie had her knees through her jeans and wore the same jersey for weeks and weeks on end. But Calder Jackson, you see, is the in thing, with all those chat shows on television and the publicity and such, and the Watcherleys have sort of got elbowed out.’

Her father, listening to the last of these remarks, added his own view. ‘They’re disorganized,’ he said. ‘No business sense. People liked their gypsy style for a while, but, as Ginnie says, they’ve no answer to Calder Jackson.’

‘How old are they?’ I asked, frowning.

Oliver Knowles shrugged. ‘Thirties. Going on forty. Hard to say.’

‘I suppose they don’t have a son of about sixteen, thin and intense, who hates Calder Jackson obsessively for ruining his parents’ business?’

‘What an extraordinary question,’ said Oliver Knowles, and Ginnie shook her head. ‘They’ve never had any children,’ she said. ‘Maggie can’t. She told me. They just lavish all that love on animals. It’s really grotty, what’s happening to them.’

It would have been so neat, I thought, if Calder Jackson’s would-be assassin had been a Watcherley son. Too neat, perhaps. But perhaps also there were others like the Watcherleys whose star had descended as Calder Jackson’s rose. I said, ‘Do you know of any other places, apart from this one and Calder Jackson’s, where people send their sick horses?’

‘I expect there are some,’ Ginnie said. ‘Bound to be.’

‘Sure to be,’ said Oliver Knowles, nodding. ‘But of course we don’t send away any horse which falls ill here. I have an excellent vet, great with mares, comes day or night in emergencies.’

We made the return journey, Oliver Knowles pointing out to me various mares and foals of interest and distributing carrots to any head within armshot. Foals at foot, foals in utero; the fertility cycle swelling again to fruition through the quiet winter, life growing steadily in the dark.

Ginnie went off to see to the horse she’d been riding and Nigel to finish his inspections in the main yard, leaving Oliver Knowles, the dog and myself to go into the house. Squibs, poor fellow, got no further than his basket in the mud room, but Knowles and I returned to the sitting room-office from which we’d started.

Thanks to my telephone calls of the morning I knew what the acquisition and management of Sandcastle would mean in the matter of taxation, and I’d also gone armed with sets of figures to cover the interest payable should the loan be approved. I found that I needed my knowledge not to instruct but to converse: Oliver Knowles was there before me.

‘I’ve done this often, of course,’ he said. ‘I’ve had to arrange finance for buildings, for fencing, for buying the three stallions you saw, and for another two before them. I’m used to repaying fairly substantial bank loans. This new venture is of course huge by comparison, but if I didn’t feel it was within my scope I assure you I shouldn’t be contemplating it.’ He gave me a brief charming smile. ‘I’m not a nut case, you know. I really do know my business.’

‘Yes,’ I said. ‘One can see.’

I told him that the maximum length of an Ekaterin loan (if one was forthcoming at all) would be five years, to which he merely nodded.

‘That basically means,’ I insisted, ‘That you’d have to receive getting on for eight million in that five years, even allowing for paying off some of the loan every year with consequently diminishing interest. It’s a great deal of money.... Are you sure you understand how much is involved?’

‘Of course I understand,’ he said. ‘Even allowing for interest payments and the ridiculously high insurance premiums on a horse like Sandcastle, I’d be able to repay the loan in five years. That’s the period I’ve used in planning.’

He spread out his sheets of neatly written calculations on his desk, pointing to each figure as he explained to me how he’d reached it. ‘A stallion fee of forty thousand pounds will cover it. His racing record justifies that figure, and I’ve been most carefully into the breeding of Sandcastle himself, as you can imagine. There is absolutely nothing in the family to alarm. No trace of hereditary illness or undesirable tendencies. He comes from a healthy blue-blooded line of winners, and there’s no reason why he shouldn’t breed true.’ He gave me a photocopied genealogical table. ‘I wouldn’t expect you to advance a loan without getting an expert opinion on this. Please do take it with you.’

He gave me also some copies of his figures, and I packed them all into the brief case I’d taken with me.

‘Why don’t you consider halving your risk to twenty-one shares?’ I asked. ‘Sell nineteen. You’d still outvote the other owners — there’d be no chance of them whisking Sandcastle off somewhere else — and you’d be less stretched.’

With a smile he shook his head. ‘If I found for any reason that the repayments were causing me acute difficulty, I’d sell some shares as necessary. But I hope in five years time to own Sandcastle outright, and also as I told you to have attracted other stallions of that calibre, and to be numbered among the world’s top-ranking stud farms.’

His pleasant manner took away any suggestion of megalomania, and I could see nothing of that nature in him.

Ginnie came into the office carrying two mugs with slightly anxious diffidence.