Swirling Waters Part 49

"Mrs Matheson--do you like her?"

"Is she----Is she the lady you meant when you said on board s.h.i.+p you were going to marry someone?"

"I want to know what you think of her."

A troubled look came into Olaf's sensitive eyes. "I don't like her very much, Dad."

"Why not?"

"I don't think she means what she says."

"You're mistaken. Mrs Matheson has taken a great liking to you, and I want you to be very nice to her. You must meet her again and get better acquainted. Now see here, I'd like you to invite her on your yacht.

That's the big test, isn't it?"

Olaf's eyes brightened at the mention of the yacht. "Very well, Dad," he answered. "If you want me to, of course, I'll try and be nice to her."

"I'll send you down to Southampton Water with Dean, and from the yacht I want you to write a letter to Mrs Matheson. I'll give you the gist of what to say, and you'll put it in your own words."

"Are you going to marry Mrs Matheson, Dad?"

"Not if you don't like her after better acquaintance. I promise you that."

CHAPTER x.x.xII

THE NEW SCHEME

Larssen had spoken part truth when he told Olive over the tea-table that he had the glimmering of a plan in his mind. But its object was by no means what he had led her to believe. It was a scheme of an audacity in keeping with his previous impersonations of the "dead" Clifford Matheson, and its single objective was the attainment of his personal ambitions. Even his own son was to be used to help in the gaining of that one end.

The new scheme, in its essential, held the simplicity of genius. He would, single-handed, float the Hudson Bay company with Matheson's name at the head of the prospectus, whether Matheson a.s.sented or not.

The first move was to evade the spirit of his own written compact: "Until May 3rd, I fix up nothing with the underwriters." To get round this obstacle, he decided on the audacious plan of underwriting the entire issue _himself_. That is to say, he would give an absolute guarantee that if any portion of the five million pounds were not subscribed for by the general public, he himself would pay cash for and take up those shares. It was a huge risk. In the ordinary course of business no single finance house in London, the world's financial centre, would take on its shoulders the guaranteeing of a five million pound issue. Lars Larssen proposed to do it. In order to provide the requisite security, he would have to mortgage his s.h.i.+ps and his private investments. He would be dicing with nine-tenths of his entire fortune.

The second move was to prevent interference, while the issue was being offered to the public, from those who knew anything of the inner history of the flotation--Matheson, Olive, Elaine, and Dean. Arthur Dean could easily be kept out of the way. Elaine would no doubt be still confined to the surgical home at Wiesbaden. Matheson and his wife were problems of much more difficulty. In whatever part of Europe Matheson might be, he would be certain to hear of the flotation. The point was to delay his knowledge of it for two or three days. After that, interference on his part could not undo what had been done. "One cannot unscramble an egg."

For the success of the first move, it was essential to have the willing co-operation of Sir Francis. Consequently Larssen was particularly cordial and gracious to him that evening at the Leadenhall Street offices, pa.s.sing him compliments about his business abilities, which found their mark unerringly.

Presently the s.h.i.+powner got down to the crux of the matter, taking out the draft prospectus from the drawer in his desk and smoothing it out to show the signature of Clifford Matheson.

"As you see, I sent it to Clifford to O.K.," he said.

Sir Francis looked at the signature through his pair of business eyegla.s.ses, and nodded an official confirmation.

Larssen continued: "There's no alteration necessary--Clifford pa.s.ses it as it stands. But I've thought of one point which I reckon would add very considerable weight in its appeal to the public."

"What's that?"

"The underwriting. There are a few blank lines here"--he turned over to a page of small type--"where the details of the underwriting arrangements were to be filled in. We were negotiating on a 4 per cent.

basis, you remember. On some of it we should have had to offer an overriding commission of another 1 per cent. Say 4-1/2 per cent. on the average--that's 225,000 on the round five million shares. A big sum for the company to pay out!"

"I don't see how we can avoid it."

"We might cut it out altogether and state that 'No part of this issue has been underwritten.' That sounds like confidence on our part."

Sir Francis shook his head emphatically. "It might do in the States, but it won't do over here. Our public wouldn't like it. It's not the thing."

Larssen knew this latter was an overwhelming reason to the baronet's mind.

"Very well; pa.s.s that suggestion," said he. "Here's a far better one.

Suppose we could get the underwriting done at 3 per cent. straight. That would save the company 75,000."

"What house would take it on at that?"

"_I_ would."

"_You!_" exclaimed the amazed Sir Francis.

"Why not?" quietly replied the s.h.i.+powner.

"But----!" The baronet paused in perplexity.

"Well, what's the particular 'but'?"

"We--the company--would have to ask you for the fullest security."

"Of course."

"Security up to the whole five million pounds."

"Of course."

"But----But I don't quite see your reason for the suggestion."

"My reason is just this," answered Larssen earnestly. "I want that prospectus to breathe out confidence in every line and every word. I want the whole five millions taken up by the public, and not left partly on the underwriters' shoulders. I want to do everything I can to make the public realise that they're being offered the squarest deal that ever was. What better plan could you have than getting the vendor--myself--to guarantee the whole issue at a mere 3 per cent.

cover? No financial house of any standing would look at it for a trifle of 3 per cent. But I stand in and take the whole risk--the whole five million risk--and give you securities on my s.h.i.+ps that bears looking into with a microscope."

Sir Francis gasped his admiration of the daring offer.

"That's pluck!" he exclaimed.

"Well, what do you say? Are you agreeable, for one?"

"Certainly--certainly!"

"Then will you bring St Aubyn and Carleton-Wingate here, and get their consent? Say to-morrow morning?"