PAPER MONEY by Ken Follett

worse.

During the afternoon some trivial thing would irritate him beyond all

reason, he would yell at his staff, and his stomach would ball into a

knot of pain which made him incapable of thinking at all.

He would go home and take too many pain-killers.

He would sleep, wake with a headache, eat dinner, take sleeping pills,

and go to bed.

At least he could look forward to bedtime.

He rolled over, yanked open the drawer of the bedside table, found a

tablet, and put it in his mouth. Then he sat up and picked up his cup of

tea. He sipped, swallowed, and said: “Good morning, dear.”

“Morning.” Ellen Hamilton sat on the edge of the twin bed, wearing a

silk robe, perching her cup on one slender knee. She had brushed her

hair already. Her nightwear was as elegant as the rest of her large

wardrobe, despite the fact that only he ever saw it, and he was not

interested.

That did not matter, he surmised: it was not that she wanted men to

desire her only that she should be able to think of herself as

desirable.

He finished his tea and swung his legs to the floor. His ulcer protested

at the sudden movement, and he winced with pain.

Ellen said: “Again?”

He nodded. “Brandy last night. Ought to know better.” Her face was

expressionless. “I suppose it has nothing to do with yesterday’s

half-year results.”

He heaved himself to his feet and walked slowly across the expanse of

oyster-colored carpet to the bathroom. The face he saw in the mirror was

round and red, balding, with rolls of fat under the jaw. He examined his

morning beard, pulling the loose skin this way and that to make the

bristles stand up. He began to shave. He had done this every day for the

last forty years, and still he found it tiresome.

Yes, the half-year results were bad. Hamilton Holdings was in trouble.

When he had inherited Hamilton Printing from his father it had been

efficient, successful and profitable. Jasper Hamilton had been a printer

fascinated by typefaces, keen on the new technology, loving the oily

smell of the presses. His son was a businessman. He had taken the flow

of profits from the works and diverted it into more businesses–wine

importing, retailing, publishing, paper mills, commercial radio. This

had achieved its primary purpose of turning income into wealth and

thereby avoiding tax. Instead of Bibles and paperbacks and posters, he

had concerned himself with liquidity and yields. He had bought up

companies and started new enterprises, building an empire.

The continuing success of the original business disguised the flimsiness

of the superstructure for a long time. But when the printing complex

weakened, Hamilton discovered that most of his other businesses were

marginal; that he had underestimated the capital investment needed to

nurse them to maturity; and that some of them were very long-term

indeed. He sold forty-nine percent of his equity in each of the

companies, then transferred his stock to a holding company and sold

forty-nine percent of that. He raised more money, and negotiated an

overdraft running into seven figures. The borrowing kept the

organization alive, but the interest rising fast through the decade ate

up what little profit there was.

Meanwhile, Derek Hamilton cultivated an ulcer.

The rescue program had been inaugurated almost a year ago. Credit had

been tightened in an attempt to reduce the overdraft; costs had been cut

by every means possible from cancellation of advertising campaigns to

utilization of print-roll off-cuts for stationery. Hamilton was running

a tight ship now; but inflation and the economic slump ran faster. The

six-month results had been expected to show the world that Hamilton

Holdings had turned the corner. Instead they demonstrated further

decline.

He patted his face dry with a warm towel, splashed on cologne, and

returned to the bedroom. Ellen was dressed, sitting in front of the

mirror, making up her face. She always managed to dress and undress

while her husband was out of the bedroom: it occurred to him that he had

not seen her naked for years. He wondered why. Had she run to seed, the

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