‘Thank you, chairman. I agree with those members who feel that Mr Simpson, having fought so gallantly at Ebbw Vale during the last election, deserves to be interviewed, but I believe we should also consider Mr Dunnett. After all, his wife is a local girl, which is a considerable advantage, especially when you consider Sir Giles Barrington’s current marital status.’
Several ‘Hear, hears’ echoed around the table.
Forty minutes later, Gregory Dunnett was among those on the shortlist, together with Mr Simpson, the former candidate for Ebbw Vale, plus a local councillor, no hope, a bachelor over the age of forty, no hope, and the statutory woman, absolutely no hope. All Fisher needed to do now was find a good reason for them not to select Mr Simpson.
As the meeting was drawing to a close, the chairman called for any other business.
‘I have something to report to the committee,’ Fisher said, screwing the top back on his pen, ‘but I think it would be wise for it not to be recorded in the minutes.’
‘I’m sure you’re the best judge of that, major,’ said the chairman, glancing around the table to confirm that everyone else present was in agreement.
‘When I was staying at my club in London last week,’ said Fisher, ‘I picked up some disturbing information from a reliable source, concerning Sir Giles Barrington.’ He now had the full attention of the entire committee. ‘As all of you will be aware, Sir Giles is currently facing divorce proceedings following the unfortunate breakdown of his marriage. Most of us felt some sympathy for him when he decided to take “the Brighton route”, especially after he let it be known, rather ungraciously in my opinion, that he did so to protect his wife’s reputation. We’re all grown men, and are all well aware that the divorce laws badly need reforming. However, I have since discovered that we have only heard half the story. Sir Giles, it seems, is conducting an affair with a young student at Cambridge University, despite the fact that his wife has been trying hard to bring about a reconciliation.’
‘Good God, the man’s a cad,’ said Bill Hawkins. ‘He should be made to resign.’
‘I couldn’t agree more, Mr Chairman. Indeed, he would have had no choice, if he’d been the Conservative candidate.’
Mumbled conversations broke out around the table.
‘I do hope,’ continued Fisher after the chairman had banged his gavel several times, ‘that I can rely on the committee to make sure this information does not go beyond this room.’
‘Of course, of course,’ said the chairman. ‘That goes without saying.’
Fisher leant back, confident that within hours the story would have reached several well-placed members of the local Labour Party, which would guarantee that at least half the constituency would have heard about it by the end of the week.
After the chairman closed the meeting and members began to make their way across the street to the local pub, Peter Maynard, the treasurer, sidled up to Alex and asked if he could have a quiet word.
‘Of course, old chap,’ said Alex. ‘How can I help?’
‘As you know, the chairman has made it clear on several occasions that he intends to stand down before the next general election.’
‘I had heard that.’
‘One or two of us feel it’s a job for a younger man, and I’ve been asked to sound you out and see if you would allow your name to be put forward.’
‘How kind of you, Peter. If the majority of my colleagues felt I was the right person for the job, I would of course consider taking on this onerous task, but not, you understand, if another member of the committee felt he could make a better fist of it.’
When the first cheque from Barrington Shipping Co. for his services as a board member was cleared, Alex closed his account at the Midland Bank, and moved across the road to Barclays. It already administered the Barrington company account, as well as acting for the Conservative Association. And unlike the Midland, the manager agreed to allow him an overdraft facility.
The following day, he travelled up to London and opened an account with Gieves & Hawkes, where he was measured up for three new suits, a dinner jacket and an overcoat, all black. After lunch at the Army & Navy he dropped into Hilditch & Key and selected half a dozen shirts, along with two pairs of pyjamas, a dressing gown and a selection of silk ties. After signing the bill, he went on to John Lobb and spent some time being fitted for two pairs of shoes, both brogues: one black, one brown.
‘They should be ready in about three months, major,’ he was told.
During the next four weeks, he took out every member of the committee for lunch or dinner, at Virginia’s expense, by the end of which he was confident that most of them would back Gregory Dunnett as their second choice for party candidate at the upcoming election, and one or two of them had him as their preferred choice.
Over an after-dinner brandy with Peter Maynard, Fisher discovered that the party treasurer was experiencing some temporary financial difficulties. He travelled up to London the following day and, after a discreet word with Lady Virginia, those temporary financial difficulties were removed. One of the committee was now in his debt.
18
ALEX HAD BEEN on the board of Barrington Shipping for just a few months when he spotted an opportunity he thought might appeal to Virginia.
During that time, he had assiduously attended every board meeting, read every report, and always voted with the majority, so no suspicion was ever raised about what he was really up to.
Virginia hadn’t been in any doubt that Giles would be suspicious when Alex was appointed to the board. She even wondered if he would try to find out who owned the 71⁄2 per cent of the company’s stock Fisher represented. If he did, all he would discover was that it was held by a blind trust. But Giles was neither blind nor dumb, so he wouldn’t have needed to put two and two together to make 71⁄2.
Although the chairman assured him that the major seemed a decent enough chap, rarely opened his mouth at board meetings and certainly wasn’t causing any trouble, Giles was not convinced. He didn’t believe Fisher was capable of changing his spots. But with an imminent election on the cards, at which the Tories were expected to increase their majority, as well as the mystery as to why Virginia still hadn’t signed her decree nisi papers despite her having begged him to give her grounds for divorce, Fisher was the least of his problems.
‘Gentlemen,’ said the chairman of Barrington Shipping, ‘I don’t think it would be an exaggeration to suggest that the proposal I’m making today might well prove to be a turning point in the history of the company. This bold new venture proposed by Mr Compton, our managing director, has my full backing, and I will be inviting the board to support a plan that the company build its first new passenger liner since the war, in an attempt to keep pace with our great rivals, Cunard and P&O. I would like to believe that our founder, Joshua Barrington, would have applauded such an initiative.’
Alex listened intently. He had come to respect Sir William Travers, who had replaced Hugo Barrington – not that anyone ever referred to the past chairman – as a shrewd and intelligent operator, regarded by both the industry and the city as a safe pair of hands.
‘The capital outlay will unquestionably stretch our reserves,’ continued Sir William, ‘but our bankers are willing to support us, as our figures show that even if we are able to sell only 40 per cent of the cabin space on the new vessel, we would recoup our investment within five years. I’ll be happy to answer any of the board’s questions.’
‘Do you think the public might still have the fate of the Titanic fixed indelibly in their subconscious, making them wary of sailing on a new luxury liner?’ asked Fisher.
‘That’s a fair point, major,’ replied Sir William, ‘but Cunard’s recent decision to add another vessel to their fleet would rather suggest that a new generation of travellers have noticed that there hasn’t been a major shipping accident involving a luxury liner since that tragic disaster in 1912.’
‘How long would it take for us to build thi
s ship?’
‘If the board gives the go-ahead, we would put the contract out to tender immediately, and hope to appoint specialist marine architects by the end of the year, with a view to the vessel being launched in three years’ time.’
Alex waited for another member of the board to ask a question he didn’t want to ask himself.
‘What is the estimated cost?’
‘It’s hard to give an exact figure,’ admitted Sir William, ‘but I have allowed for three million pounds in our budget. However, I would consider that to be an overestimate.’
‘Let’s hope so,’ said another board member. ‘And we’ll need to inform the shareholders what we have in mind.’
‘I agree,’ said Sir William. ‘I will do so at our AGM next month, at which I shall also be pointing out that our profit forecasts are most encouraging, and I can see no reason why we shouldn’t pay our shareholders the same dividend as last year. Even so, the board must face the possibility that some of our shareholders may be wary of this change in direction, not to mention such a large capital outlay. This might well cause a fall in our share price. However, once the City realizes we have the resources to cover any short-term difficulties, it should only be a matter of time before our shares fully recover. Any more questions?’
‘Have we settled on a name for the new passenger division of the company, and for its first ship?’ asked Fisher.
‘We’re thinking of calling the new division the Palace Line, and its first liner the Buckingham, signalling the company’s commitment to a new Elizabethan era.’
On that, the board were in full agreement.
‘Explain it to me once again,’ said Virginia.
‘Sir William will announce at the AGM next Thursday that Barrington’s is going to build a luxury liner to rival anything Cunard and P&O currently have on the high seas, with an estimated cost of three million pounds.’
‘That sounds like a rather bold and imaginative step to me.’
‘And risky to others, because most investors on the stock market are neither bold nor imaginative, and will be anxious about the construction costs rising and the difficulty of selling enough cabin space to cover the capital expenditure. But if they were to check the accounts carefully, they’d see that Barrington’s has more than enough cash to cover any short-term losses.’
‘Then why are you recommending that I sell my shares?’
‘Because if you were to buy them back within three weeks of selling them, you’d make a killing.’
‘That’s the bit I don’t understand,’ said Virginia.
‘Allow me to explain,’ said Alex. ‘When you buy a share, you don’t have to settle your account for twenty-one days. Equally, when you sell a share, you don’t get paid for three weeks. For that twenty-one-day period you can trade without having to pay out any money, and because we have inside knowledge, we can take advantage of that situation.’
‘So what are you suggesting?’
‘Barrington’s AGM will open at ten next Thursday morning with the chairman’s annual report. Within a few hours, I anticipate the share price will fall from its present level of just over four pounds to around three pounds and ten shillings. If you were to sell your seven and a half per cent holding as soon as the market opens at nine o’clock that day, it would cause the price to fall even further, possibly below three pounds. Then you wait until the price has bottomed out before moving back in and repurchasing any stock available at the lower price, until you’ve replaced your seven and a half per cent.’
‘Won’t the brokers become suspicious, and tell the board what we’re up to?’
‘They’re not going to say a word as long as they get a commission when they sell the stock and another one when they buy it back. They can’t lose either way.’
‘But can we?’
‘Only if the share price rises after the chairman’s annual report, because you’d have to pay more to buy your shares back. But frankly, that’s unlikely to happen once the company announces that it’s putting three million pounds of its reserves at risk.’
‘So what do I do next?’
‘If you give me the authority to act on your behalf, I’ll place the business through a broker I know in Hong Kong so it can’t be traced back to either of us.’
‘Giles will work out what we’re up to. He’s no fool.’
‘Not if three weeks later the records show that the ownership of your seven and a half per cent of the company hasn’t changed. In any case, he has far more pressing problems to occupy himself with at the moment.’
‘Such as?’
‘I’m told he’s facing a vote of confidence from the local Labour Party executive committee, after they found out about his relationship with Miss Gwyneth Hughes. There’s even a chance he won’t be contesting the next election. That’s assuming you still haven’t signed those divorce papers.’
‘Can you assure me, Major Fisher, that this investigation has no connection with Sir Giles Barrington or Mrs Harry Clifton, because I’ve represented both of them in the past, and that would create an unacceptable conflict of interest.’
‘My enquiries have nothing to do with the Barrington family,’ said Fisher. ‘It’s simply that the local Conservative Association has shortlisted two candidates to be their representative for Bristol Docklands. As secretary of the association, I want to be absolutely sure there’s nothing in their backgrounds that might embarrass the party at some future date.’
‘Are you looking for anything in particular, major?’
‘With your contacts in the force, I need you to find out if either of their names appears in police records.’
‘Does that include parking fines or other non-custodial offences?’
‘Anything that the Labour Party could use to its advantage during an election campaign.’
‘I get the picture,’ said Mitchell. ‘How much time do I have?’
‘The selection process will take a couple of months, possibly three, but I’ll need to know if you come up with anything long before then,’ said Fisher, passing over a piece of paper with two names on it.
Mitchell glanced at the two names before placing the piece of paper in his pocket. He left without another word.
Fisher phoned a private number in Hong Kong at nine o’clock on the morning of Barrington’s Annual General Meeting. When he heard a familiar voice come on the line, he said, ‘Benny, it’s the major.’
‘How are you, major? Long time, no hear.’
‘There’s a reason,’ said Fisher, ‘and I’ll explain everything when you’re next in London, but right now I need you to carry out a sell order for me.’
‘My pen is poised,’ said Benny.
‘I want you to sell two hundred thousand shares in Barrington Shipping at spot price the moment the London Stock Exchange opens.’
Benny whistled. ‘Consider it done,’ he said.
‘And once you’ve completed the order, I want you to buy back the same number of shares during the next twenty-one days, but not until you think they’ve bottomed out.’
‘Understood. Just one question, major. Should Benny be placing a little flutter on this particular horse?’
‘That’s up to you, but don’t get greedy, because there’s going to be a lot more where this came from.’
The major put down the phone, walked out of his club on Pall Mall and took a taxi to the Savoy. He joined his fellow directors in the hotel’s conference room just a few minutes before the chairman rose to deliver his annual address to the shareholders of the Barrington Shipping Company.
19
THE CONSTITUTIONAL HALL on Davis Street was packed. Several party members had to stand in the aisle or at the back of the room. One or two were even perched on windowsills in the hope of getting a better view of proceedings.
Both of the candidates on the shortlist, Neville Simpson and Gregory Dunnett, had delivered powerful speeches, but Fisher felt that at that moment Simpson had the edge over his preferred cand
idate. Simpson, a London barrister, was a few years older than Dunnett, had a fine war record and had already contested an election against Aneurin Bevan in Ebbw Vale, where he’d increased the Tory share of the vote. But Mitchell had been able to supply Fisher with enough information to embarrass the man.
Simpson and Dunnett were seated on either side of the chairman on the stage, while the committee were in the front row. The news that Sir Giles Barrington had survived a vote of no confidence at a closed meeting of the local Labour Party earlier in the week had pleased Fisher, although he didn’t admit his reason to anyone, other than Virginia. He planned to humiliate Barrington publicly, in the glare of a general election campaign, rather than in a dimly lit Labour Party committee room. But his plan couldn’t work unless Dunnett became the Tory candidate, and that was still in the balance.
The chairman rose from his seat and smiled benignly down on the assembled gathering. He gave his trademark cough before addressing the faithful.
‘Before I call for questions, I should like you to know that this will be my last meeting as chairman. I feel the association should go into the general election with both a new candidate and a new chairman, preferably someone a lot younger than me.’ He paused for a moment, to see if anyone would try to talk him out of it, but as no one did, he reluctantly continued.
‘We now enter the final stage of the meeting before we select the man who will fight our cause at the next election. Members will have the opportunity to put their questions directly to the two prospective candidates.’
A tall man leapt up at the back of the hall and began to speak even before Bill Hawkins had called on anyone.
‘Mr Chairman, can I ask both candidates, if they were to win the seat, would they live in the constituency?’
Simpson was the first to respond. ‘I would certainly buy a house in the constituency,’ he said, ‘but I would expect to live in the House of Commons.’