note 16 and you owe us rather a lot of money! Will Tiptop bail us out?"
"I can't be sure but I talked to him last night. He was encouraging. He agreed to come here after lunch but he hasn't arrived yet. That's ominous.""Yes." Havergill brushed some drizzle off his nose. "We've had a very positive response from the Trade Bank of Moscow.""Even you're not that fat-headed!""It's a last resort, Ian. A serious last resort.""You'll call an immediate board meeting to discuss the Ho-Pak takeover?""Good lord, no." Havergill was sardonic. "You think I'm that much of a fool? If we did that you could table the other directors about an extension of your loan. No, Ian, I propose to ask them individually, like you. With your agreement I have a majority already, the others of course fall into line. I do have your agreement?""At 20 cents on the dollar and full payout of investors, yes.""I might need leeway to go to 30 cents. Agreed?""Yes.""Your word?""Oh yes, you have my word.""Thank you.""But you'll call a board meeting before Monday's opening?""I agreed to consider it. Only. I've considered it and the answer now is no. Hong Kong's a freebooting society where the weak fail and the strong keep the fruits of their labors." Havergill smiled and he glanced at the tote. The odds had shortened. 2 to 1 on Butterscotch Lass, well known for liking the wet. Pilot Fish now 3 to 1. While they watched, Travkin's name flashed up alongside Noble Star and a huge roar accompanied it. "I think the governor was wrong, Ian. You should have ridden. Then I'd've put my modest bet on you. Yes. You'd have gone out in a blaze of glory. Yes, you would have won. I'm not sure about Travkin. Good afternoon." He raised his hat and headed for Richard Kwang who stood with his wife and trainer to one side. "Ah Richard! Can I have a word wi—" He was drowned by a huge roar from the crowd as the first of the eight runners for the fifth race began to trickle out from under the stands. Pilot Fish led the pack, the slight drizzle making his black coat shimmer."Yes, Paul?" Richard Kwang asked, following him into an empty space. "I wanted to talk to you but didn't want to interrupt you with the governor and the tai-pan. Now," he said with forced joviality, "I've a plan. Let's lump all the Ho-Pak's securities together and if you'll lend me 50 mill—""No thank you, Richard," Havergill said crisply. "But we do have a proposal that's good till five o'clock today. We'll bail out the Ho-Pak and guarantee all your depositors. In return we'll buy your personal holdings at par an—""Par? That's a fiftieth of their value!" Richard Kwang screeched. "That's a fiftieth of their worth—""Actually it's 5 cents on the dollar which is about all their value. Is it a deal?""No of course not. Dew neh loh moh, am I a dogmeat madman?" Richard Kwang's heart was almost bursting. A moment ago he had thought, impossibly, that Havergill was granting him a reprieve from the disaster that by now he was convinced was absolute, however much he pretended otherwise, however much it was not his fault but the work of rumormongers and malicious fools who had led him into inept banking deals. But now he was in the vise. Oh kol Now he would be squeezed and whatever he did he could not escape the tai-pans. Oh oh oh! Disaster on disaster and now that ungrateful strumpet Venus Poon making me lose face in front of Uncle Four Fingers, Charlie Wang and even Photographer Ng and that even after I delivered to her personally the new mink coat that she trails in the mud so carelessly.