Page 48 of A Sense of Fate
Archie scowled at Pawson. ‘Why am I only just hearing about this now, after the event?’
Pawson shrugged a meaty shoulder, unmoved by Archie’s bad temper. ‘Only just heard the news myself. Don’t know any particulars, but we must assume Flora got her way and her sister remained with her.’
Archie grunted.
‘I have also been told that Conrad went to the Stag to drown his sorrows after leaving here, and Latimer joined him once he had left Fox Hollow.’
Archie jerked upright. ‘Conrad didn’t try to see Flora?’
‘Take it easy.’ Pawson waved a placating hand. ‘Apparently not. The two men presumably caught the train back to Salisbury together. They have left the district in any event.’
‘Right.’ Archie breathed a little more easily. ‘Walker, the investment director at Coutts, should be arriving on the midday train. Send someone to the railway station to collect him, Pawson. I shall be very interested to hear what he has to say about Conrad.’
Half an hour later, Archie welcomed Walker into his library, assessing the man whose reputation preceded him. Short and well-dressed, he didn’t seem overawed by his surroundings and greeted Archie with polite deference that didn’t run to flummery.
‘I was surprised to hear from you, Lord Felsham,’ Walker admitted once he was seated and had been supplied with refreshments. ‘Surprised and honoured. Coutts made attempts over the years to persuade the old marquess to trust us with his investments, but alas to no avail.’ He peered at Archie through a pair of wire-rimmed spectacles, his gaze astute. ‘I trust we will have more luck now that you are responsible for the Felsham fortune.’
‘My father was a little stuck in his ways, but I am more liberally minded. I am aware that times have changed and have brought new investment opportunities with them. I have heard good reports about some of your funds, and nothing but praise for your personal supervision of them, which is why I asked for you by name. I like to make up my mind about a man face to face.’
Walker inclined his head in acknowledgement of the compliment. ‘I pride myself upon my dedication and flatter myself that our investors have no cause for complaint. However, let me tell you something about the opportunities we have that are available to men of vision.’
‘Such as?’
‘That rather depends upon the level of return you require. Needless to say, the greater the risk, the higher the reward. ’Twas ever thus, and very probably always shall be.’ Walker offered a thin smile as he settled into his chair and launched into an explanation that failed to tell Archie anything that he didn’t already know. ‘For low to moderate returns, I would recommend investment in national debt shares, which are a variety of bond and stock issues that support specific government projects. You could expect a regular three percent.’
Archie flexed a brow. ‘And if I am feeling more ambitious?’
‘The explosion of building projects in our major cities to accommodate the booming population provides a variety of opportunities.Rents and mortgages in the newly built estates are discounted by builders to obtain capital for further speculative constructions.’ The banker leaned forward, warming to his theme. ‘Bills of exchange, on the other hand, are riskier.’ Walker rubbed his chin. ‘But if a man holds his nerve, they are inevitably more rewarding.’
‘How do they work?’ Archie asked, interested to see if Walker would emphasise the pitfalls as well as the benefits.
‘They are sold along with railway and other construction stock issues at variable discount rates, usually for short terms of less than three months. Returns on domestic railway investments vary enormously but average just under eight percent.’
‘Sounds too good to be true,’ Archie said, letting out a low whistle.
Walker smiled. ‘A prudent investor will spread the risk.’
‘Quite.’ Archie allowed a momentary pause. ‘I’ll be frank with you, Walker. I don’t know why my father decided against investing with Coutts. I am impressed by your enthusiasm but hesitate to commit myself because I’ve been hearing distressing reports about one of your employees.’
Walker looked shocked. ‘Are you aware of the person’s name, my lord?’
‘I am. He was up at Oxford at the same time as me.’ Archie spoke casually but watched Walker closely for giveaway nuances. The man, he knew, would put the bank’s reputation first and foremost. But would he lie in order to protect it? Archie couldn’t be sure—yet. ‘His name is Elroy Conrad.’
‘Ah.’ Walker looked momentarily distressed. ‘We had hoped that nothing would get out about that unfortunate business.’
Archie feigned surprise. ‘You covered up his misdemeanours?’
‘I wouldn’t go quite that far.’ Walker waggled a hand from side to side. ‘The directors found themselves in an impossible position. Conrad managed a few small funds and did well at it, at least at first. But then discrepancies arose. They were small at first; nothing to set alarm bells ringing. He explained them all away and we gave him the benefit of the doubt several times. He had given good service and was popular with his clients, but in the end…’
‘Why did you engage his services? It is my understanding that Coutts can afford to be selective and engage the brightest and the best. From my recollection of our college days, Conrad was neither.’
‘His father had considerable wealth and…’
‘Ah, I see. His investments were made dependent upon your offering his youngest son a position.’ Archie curled his upper lip in disdainful disapproval. ‘Does that sort of thing happen frequently?’
‘To the best of my recollection, my lord, it is the first and only time.’
‘I understand Conrad senior is now six feet under. Does the brother who inherited still invest with Coutts?’
