They did not own Minerva. The owners were, in order of precedence, Queen Kottakkal of Malabar, Electress Sophie of Hanover, van Hoek, Dappa, Jack Shaftoe, and some old comrades of theirs who at last report were dwelling on the isle of Queenah-Kootah, off Borneo. For the most part these investors were far away and had not the faintest idea of how to reach them, which were good investors to have. Even Sophie reigned over a land-locked Electorate. But in time they received a message written in her hand and bearing her seal, letting them know that she was naming Eliza, Duchess of Arcachon and of Qwghlm, as her proxy, and that they should report to her whenever they dropped anchor in the Pool of London, to hand over Sophie’s share of the profits, and to be managed.

  Dappa had gone to the first such meeting with dim expectations. He and the others had heard so much of this Duchess’s beauty from Jack, and, at the same time, had learned to harbor such grave reservations as to Jack’s powers of discernment, that he could only expect to be confronted with some one-toothed, poxy hag.

  The event was rather different. To begin with, the woman had been all of about thirty-five years old. She had all of her teeth and had come through smallpox with only moderate scarring. So she was, for a start, not loathsome. She had keen blue eyes and yellow hair, which of course looked bizarre to Dappa. But he’d grown used to van Hoek, a red-head, which proved he could adjust to anything. Her small nose and mouth would have been considered beautiful among the Chinese, and in due time he understood that many European men’s tastes ran along similar lines. If her nose and cheeks had not been disfigured by freckles, Dappa might have been able to bring himself round to thinking she was attractive. But she was small-waisted and bony. In every way, Eliza was the opposite of voluptuous. Voluptuous was what Dappa liked, and from the looks of the sculptures and frescoes he observed round London and Amsterdam, his tastes seemed to be shared by many a European man.

  The topic of their first meeting had been Accounting. And so even if Dappa had felt the slightest attraction for the woman at the beginning of the day, it would long since have vanished when he stumbled out the door of her town-house twelve hours later.