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of their profit。
Joseph Stern was head of the firm of Stern and Jones that had been in Hong Kong for fifty years。 They had bee stockbrokers only since the war。 Before that they were moneylenders; dealers in foreign exchange and ship's chandlers。 He was a small; dark…haired man; mostly bald; in his sixties; and many people thought he had Chinese blood in him a few generations back。
He walked to the front of the board and stopped beside the column that listed Golden Ferry。 He wrote down the bined Chang and Fung holdings in the sell column。 It was a minor offering。
〃I'll buy at 30 cents off listing;〃 a broker said。
〃There's no run on Golden Ferry;〃 he said sharply。
〃No; but it's a Struan pany。 Yes or no?〃
〃You know very well Golden Ferry's profits are up this quarter。〃
〃Tough titty! Christ; isn't it bloody hot? Don't you think we could afford air conditioning in the exchange? Is it yes or no; old chap?〃
Joseph Stern thought a moment。 He did not want to fuel the nervousness。 Only yesterday Golden Ferry had soared a dollar because all the business world knew their annual meeting was next week; it had been a good year and it was rumored there was going to be a stock split。 But he knew the first rule of all exchanges: yesterday has nothing to do with today。 The client had said; Sell。
〃20 cents off market?〃 he asked。
〃30。 Last offer。 What the hell do you care; you still get paid。 Is it 30 off?〃
〃All right。〃 Stern worked his way down the board; selling most of their stocks without trouble though each time he had to concede on price。 With difficulty he borrowed the Ho…Pak stock。 Now he stopped at the column listing the bank。 There were many sell orders。 Most of them were small figures。 He wrote 200;000 at the bottom of the list in the sell column。 A shock wave went through the room。 He paid no attention; just looked at Forsythe; who was Richard Kwang's broker。 Today he was the only buyer of Ho…Pak。
〃Is Quillan trying to wreck the Ho…Pak?〃 a broker asked。
〃It's already under siege。 Do you want to buy the shares?〃
〃Not on your bloody life! Are you selling Struan short too?〃
〃No。 No I'm not。〃
〃Christ; I don't like this at all。〃
〃Keep calm; Harry;〃 someone else said。 〃The market's e alive for once; that's all that counts。〃
〃Great day; what?〃' another broker said to him。 〃Is the crash on? I'm totally liquid myself; sold out this morning。 Is it going to be a crash?〃
〃I don't know。〃
〃Shocking about Struan's; isn't it?〃
〃Do you believe all the rumors?〃
〃No; of course not; but one word to the wise is sufficient they say; what?〃
〃I don't believe it。〃
〃Struan's off 31/2 points in one day; old boy; a lot of people believe it;〃 another broker said。 〃I sold out my Struan's this morning。 Will Richard sustain the run?〃
〃That's in the hands of 。。。〃 Joseph Stern was going to say God but he knew that Richard Kwang's future was in the hands of his depositors and that they had already decided。 〃Joss;〃 he said sadly。
〃Yes。 Thank God we get our missions either way; feast or famine; jolly good; what?〃
〃Jolly good;〃 Stern echoed; privately loathing the smug; self…satisfied upper…class English accent of the exclusive British public schools; schools that; because he was Jewish; he had never been able to attend。 He saw Forsythe put the phone down and look at the board。 Once more he tapped his offering。 Forsythe beckoned him。 He walked through the throng; eyes watching him。
〃Are you buying?〃 he asked。
〃In due course; Joseph; old boy!〃 Forsythe added softly。 〃Between you and me; can't you get Quillan off our backs? I've reason to believe he's in cahoots with that berk Southerby。〃
〃Is that a public accusation?〃
〃Oh e on; it's a private opinion; for chrissake! Haven't you read Haply's column? Tai…pans and a big bank spreading rumors? You know Richard's sound。 Richard's as sound as 。。。 as the Rothschilds! You know Richard's got over a billion in res… 〃
〃I saw the crash of '29; old chap。 There were trillions in reserve then but even so everyone went broke。 It's a matter of cash; credit and liquidity。 And confidence。 You'll buy our offering; yes or no?〃
〃Probably。〃
〃How long can you keep this up?〃
Forsythe looked at him。 〃Forever。 I'm just a stockbroker。 I just follow orders。 Buy or sell I make a quarter of one percent。〃
〃If the client pays。〃
〃He has to。 We have his stock; eh? We have rules。 But while I think of it; go to hell。〃
Stern laughed。 〃I'm British; I'm going to heaven; didn't you know。〃 Uneasily; he walked back to his desk。 〃I think he'll buy before the market closes。〃
It was a quarter to three。 〃Good;〃 Gornt said。 〃Now I wa… 〃 He stopped。 They both looked back as there was an undercurrent。 Dunross was escorting Casey and Linc Bartlett to the desk of Alan Holdbrook … Struan's in…house broker … on the other side of the hall。
〃I thought he'd left for the day;〃 Gornt said with a sneer。
〃The tai…pan never runs away from trouble。 It's not in his nature。〃 Stern watched them thoughtfully。 〃They look pretty friendly。 Perhaps the rumors are all wrong and Ian'll make the Par…Con deal and make the payments。〃
〃He can't。 That deal's going to fall through;〃 Gornt said。 〃Bartlett's no fool。 Bartlett'd be mad to throw in with that tottering empire。〃
〃I didn't even know until a few hours ago that Struan's were indebted to the Orlin Bank。 Or that the Toda payments were due in a week or so。 Or the even more nonsensical rumor that the Vic won't support the Noble House。 Lot of nonsense。 I called Havergill and that's what he said。〃
〃What else would he say?〃
After a pause; Stern said; 〃Curious that all that news surfaced today。〃
〃Very。 Sell 200;000 Struan's。〃
Stern's eyes widened and he plucked at his bushy eyebrows。 〃Mr。 Gornt; don't you think th… 〃
〃No。 Please do as I ask。〃
〃I think you're wrong this time。 The tai…pan's too clever。 He'll get all the support he needs。 You'll get burned。〃
〃Times change。 People change。 If Struan's have extended themselves and can't pay 。。。 Well; my dear fellow; this's Hong Kong and I hope the buggers go to the wall。 Make it 300;000。〃
〃Sell at what figure; Mr。 Gornt?〃
〃At market。〃
〃It'll take time to borrow the shares。 I'll have to sell in much smaller lots。 I'll hav… 〃
〃Are you suggesting my credit's not good enough or you can't perform normal stockbroking functions?〃
〃No。 No of course not;〃 Stern replied; not wanting to offend his biggest customer。
〃Good; then sell Struan's short。 Now。〃
Gornt watched him walk away。 His heart was beating nicely。
Stern went to Sir Luis Basilio of the old stockbroking firm of Basilio and Sons; who had a great block of Struan's personally; as well as many substantial clients with more。 He borrowed the stock then walked to the board and wrote the huge offering in the sell column。 The chalk scraped loudly。 Gradually the room fell silent。 Eyes switched to Dunross and Alan Holdbrook and the Americans; then to Gornt and back to Dunross again。 Gornt saw Linc Bartlett and Casey watching him and he was glad she was there。 Casey was wearing a yellow silk skirt and blouse; very Californian; a green scarf tying her golden hair back。 Why is she so sexual; Gornt asked himself absently。 A strange invitation seemed to surround her。 Why? Is it because no man yet has ever satisfied her?
He smiled at her; nodding slightly。 She half…smiled back and he thought he noticed a shadow there。 His greeting to Bartlett was polite and returned equally politely。 His eyes held Dunross and the two men stared at each other。
The silence mounted。 Someone coughed nervously。 Everyone was conscious of the immensity of the offering and the implications of it。
Stern tapped his offering again。 Holdbrook leaned forward and consulted with Dunross who half shrugged and shook his head; then began talking quietly to Bartlett and Casey。
Joseph Stern waited。 Then someone offered to buy a portion and they haggled back and forth。 Soon 50;000 shares had changed hands and the new market price was 24。90。 He changed the 300;000 to 250;000 and again waited。 He sold a few more but the bulk remained。 Then; as there were no takers; he came back to his seat。 He was sweating。
〃If that number stays there overnight it'll do Struan's no good at all。〃
〃Yes。〃 Gornt still watched Casey。 She was listening intently to Dunross。 He sat back and thought a moment。 〃Sell another 100;000 Ho…Pak … and 200;000 Struan's。〃
〃Good God; Mr。 Gornt; if Struan's gets brought down the whole market'll totter; even your own pany'll lose。〃
〃There'll be an adjustment; lots of adjustments; certainly。〃
〃There'll be a bloodbath。 If Struan's go; so will other panies; thousands of investors'll be wiped out an… 〃
〃I really don't need a lecture on Hong Kong economics; Mr。 Stern;〃 Gornt said coldly。 〃If you don't want to follow instructions I'll take my business elsewhere。〃
Stern flushed。 〃I'll 。。。 I'll have to round up the shares first。 That number 。。。 to get that sum 。。。〃
〃Then I suggest you hurry up! I want that on the board today!〃 Gornt watched him go; enjoying the moment immensely。 Cocky bastard; he was thinking。 Stockbrokers are just parasites; every one of them。 He felt quite safe。 Bartlett's money was in his accou