– I have heard him read papers at the Royal Society, when a member has taken me there, and I was present when he addressed the Institut in Paris.’
‘Was you, though?’ said Jack. From this and some other things that had been let drop it was now pretty
clear to him that Palmer was one of those emissaries who went to and fro, the men for whom the cartel ships really continued to exist.
‘Indeed I was. His subject was the solitaire, as of course you must know very well: I was unable to catch all he said – the hail was rather large – but afterwards I read the account in the published minutes with the greatest profit and enjoyment. Such a range of inquiry,
such erudition, such illuminating comparisons, such flashes of wit! It must be a privilege to know such a man.’
They talked of Stephen until they reached Sittingbourne, and they talked of him during their admirable supper. ‘I wish he were with us now,’ said Jack, looking at the candle through his burgundy. ‘He loves good wine even more than I do; and this is a truly noble year.’
‘So he adds that virtue to all the rest: I am delighted to hear it. He sounds the best and happiest of men. My dear,’ – this to the rose-like daughter of the house – ‘I believe we could do with another bottle.’
Jack might have replied that Stephen lacked a sense of time and of discipline, and that he was capable of giving a sharp answer, but he did not: he said ‘And as you observed just now, he is amazing witty on occasion. I heard him say the best thing I ever heard in my life, straight off, taking it on the half-volley, no clearing the decks and beating to action. I wish I may get it right this time, but sometimes I blunder, it being so damned subtle; and it is never quite so droll when it was to be put right and explained. First I must observe that in the Navy we have two short watches of only two hours apiece, called the first and the last dog-watches. Now it so happened that on the Toulon blockade there was a civilian aboard who did not understand our ways, and at dinner one day he asked “Why dog watches?” We explained that they shifted the times of duty, so that the starbowlins should have the graveyard watch one night and the larbowlins the next; but that was not what he meant. “But why dog?” says he, “Why
should short watches be dog watches?” And there we were, all at a stand, unable to tell, until Maturin piped up, “Why, don’t you see sir? It is because they are curtailed.” We did not smoke it quite at once, but then it flashed upon us -cur-tailed, do you see?’
It now flashed upon Palmer, and although he was not ordinarily a laughing man he burst out with such a peal that it brought the lovely young woman in, amazed, with the corkscrew in her hand.
They lingered long over their walnuts, and once or twice Palmer began to speak in an unusually grave tone but then changed his mind. It was not until they were on the road again, with the carriage-lights boring into the darkness ahead and the rain drumming on the roof, giving a fine enclosed sense of privacy, that he brought out what was in his mind.
‘I have been wondering, Captain Aubrey, I have been wondering just how I might express my gratitude.’ jack uttered the customary protests, but Palmer went on, ‘And it occurs to me that although on the one hand a present of money to a gentleman in your position would clearly be unthinkable, even if it amounted to a very considerable sum, yet on the other, a piece of information that would lead to the acquisition of the same amount, or indeed more, might prove acceptable.’
‘A kindly thought,’ said jack, smiling in the darkness.
‘It is certainly kindly meant,’ said Palmer. ‘But I must confess that it depends on the possession of a certain amount of money in the first place, or of Mends who will advance it, or of credit with an agent or a banker, which is much the same thing; for to the rich shall be given, you know, and only to the rich.’
‘I should not describe myself as rich,’ said jack, ‘but for the moment I should not describe myself as destitute either.’ His mind searched among the race-meetings for the kind of horse that Palmer was about to recommend, and he was wholly taken aback when he heard the words, spoken very seriously, ‘As I dare say you are aware, negotiations to end the war have been going on for some time: that is why my principal and I have been to Paris. They have succeeded. Peace will be signed in the next few days.’
‘Good Lord above!’ cried jack.
‘Yes, indeed,’ said Palmer. ‘And of course there are an infinity of reflexions to be made.
But what is to my immediate purpose is that as soon as the news is made public, Government stock and a large variety of commercial shares will rise enormously, some of them cent per cent.’
‘Good Lord above,’ said jack again.
‘A man who bought now,’ said Palmer, ‘would make a very great deal of money before next settling-day; he might borrow or pledge his credit or make time-bargains with absolute confidence.’
‘But is it not wrong to buy in such circumstances?’ asked Jack.
‘Oh dear me no,’ said Palmer, laughing. ‘That is how fortunes are made in the City. It is not wrong either legally or morally. If you knew for certain that a given horse was going to win a race, it might be said that it was wrong to bet on it, because you would be taking money away from the other man. But when stocks and shares rise, and you profit by the rise, you are not taking money away from anyone: it is the country’s or the company’s wealth that increases, and you profit by the increase, harming no one at all. Of course it cannot be done on a very large scale, for fear of disturbing the money-market. Are you acquainted with the money-market, sir?’
‘Not I,’ said Jack.
‘I have studied it closely for many years, and I do assure you that upon occasion it is as nervous, irrational, and skittish as a foolish woman, given to the vapours. Disturbance upsets it for a long while, which has a very bad effect on the country’s credit. In cases of this kind, therefore, Government limits the information to a small number of people, all of them men who can be relied
upon to act with discretion, and not to exaggerate.’
‘What would exaggeration amount to?’
‘Anything much exceeding fifty thousand in omnium, in Government stock, would probably be frowned upon. Investment in commercial shares could of course be spread out and therefore disturb the market less, but even there I do not think much larger dealings would be approved.’
‘There is little danger of my being thought indiscreet,’
said Jack, laughing; and then, much more earnestly, ‘I am
most uncommonly obliged to you, sir. It so happens that I do have a certain amount of prize-money in hand, and
like most men I should be happy to see it increase. May
I speak of all this to Maturin?’
‘Why, as to that,’ said Palmer, ‘I am afraid it would not quite do, the information being so very strictly confidential. For the same reason, if you do decide to buy, you should not do so through one person but through several – your agent, say, your banker, and ,a couple of stockbrokers. The market is very sensitive to sudden purchases in a time of general morosity, above all purchases by a single individual. On the other hand you could urge Dr Maturin, and perhaps one or at the most two other particular friends, to buy in moderation: you could urge it very strongly, though without citing any authority nor of course betraying my confidence. Does Dr Maturin understand the stock-exchange?’
‘I very much doubt it.’
‘Yet so philosophic a mind might well contemplate the City, and observe the conflict of greed and fear in the minds of its inhabitants, symbolized by the Stock Exchange quotations; but at all events perhaps he might care for a list of the securities most likely to appreciate, or rather likely to appreciate most. I should very much like to mark my esteem for him; although only at such a distance. You might even find it useful yourself: it is the fruit of much study.’
The list was still in Jack’s pocket when he walked into his club the next day, but by now it was ticked, crossed off, scored through, and heavily annotated.