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ur Fingers； nor the half…coin； nor the theft of the half…coin； he thought grimly； nor the trap that he thinks he has me in。 But all that es later。 First things e first。 Concentrate； there's a lot to do before you sleep tonight！
The list Claudia had given him was long； most of the calls urgent； and two hours of work were ahead of him。 Tiptop wasn't on the list； nor Lando Mata； Tightfist Tung； Four Fingers or Paul Choy。 Casey and Bartlett were there。 Travkin； Robert Armstrong。 Jacques deVille； Gavallan； Phillip Chen； Dianne Chen； Alan Holdbrook … Struan's in…house stockbroker … Sir Luis； and dozens of others spread throughout the world。 〃We'll get to them after Hiro Toda； Claudia。〃
〃Yes sir。〃
〃After Toda； I want to see Jacques … then Phillip Chen。 Anything on Mrs。 Riko Gresserhoff？〃
〃Her plane's due in at 7：00 p。m。 She's booked into the V and A and she'll be met。 Flowers are in her room。〃
〃Thank you。〃 Dunross went into his office and stared out of the window。 For the time being he had done everything he could for the Noble House and for Hong Kong。 Now it was up to joss。 And the next problem。 The ships。 His excitement picked up。
〃Hello； tai…pan。〃
〃Hello； Hiro。〃 Dunross shook the outstretched hand warmly。
Hiro Toda； managing director of Toda Shipping Industries was of an age with Dunross； trim； hard； and much shorter； with wise eyes and a ready smile； his accent slightly American from two years of postgraduate work at UCLA in the late forties。 〃May I introduce my associates： Mr。 Kazunari； Mr。 Ebe； Mr。 Kasigi。〃
The three younger men bowed and Dunross bowed back。 They were all dressed in dark suits； well cut； with white shirts and subdued ties。
〃Please sit down。〃 Airily Dunross waved to the chairs around the small conference table。 The door opened and his Japanese interpreter and assistant； Akiko； came in。 She brought a tray with green tea； introduced herself； poured the tea delicately； then took her seat near Dunross。 Though his Japanese was easily good enough for a business meeting she was necessary for face。
Partially in Japanese； partially in English； he began the polite conversation about inconsequential matters； that by Japanese custom preceded serious discussion。 It was also Japanese custom that business meetings were shared by many executives； the more senior the executive； usually the more people who came with him。
Dunross waited patiently。 He liked the other man。 Hiro Toda was titular head of the great shipping conglomerate that had been founded by his great…grandfather almost a hundred years before。 His forebears were daimyos； feudal lords； until feudalism and the samurai class was abolished in 1870 and modern Japan began。 His authority in Toda Shipping was outwardly all powerful； but as frequently happened in Japan； all real power was centered in the hands of his seventy…three…year…old father who； ostensibly； was retired。
At length Toda came to the point。 〃This stock market collapse must be very worrying； tai…pan。〃
〃A temporary loss of confidence。 I'm sure everything will work itself out over the weekend。〃
〃Ah yes。 I hope so too。〃
〃How long are you staying； Hiro？〃
〃Till Sunday。 Yes Sunday。 Then on to Singapore and Sydney。 I shall be back for the closing of our business with you next week。 I'm glad to tell you your ships are ahead of schedule。〃 Toda put a sheaf of papers on the table。 〃Here's a detailed report。〃
〃Excellent！〃 Dunross swung to the attack； blessing the gods and AMG and Kirk。 ing home last night he had suddenly realized the enormity of the key AMG and Kirk had given him to a plan he had been working on for almost a year。 〃Would you like to bring forward your payment schedule？〃
〃Ah！〃 The other man covered his surprise。 〃Perhaps I could discuss that with my colleagues later but I'm glad to hear that everything is in control then； and the takeover bid contained。〃
〃Didn't Sun Tzu say； 'He who exercises no forethought but makes light of his opponents is sure to be captured by them'？ Gornt is certainly snapping at our heels； of course the run on our banks is serious； but the worst is over。 Everything's just fine。 Don't you think we should expand the amount of business we're doing together？〃
Toda smiled。 〃Two ships； tai…pan？ Giants by present standards。 In one year？ That's not a minor connection。〃
〃It could perhaps be twenty…two ships；〃 he said； outwardly nonchalant； his whole being concentrated。 〃I have a proposal for you； in fact for all Japanese shipbuilding industrial plexes。 At the moment you just build ships and sell them； either to gai…jin … outsiders … to ourselves for example； or to Japanese shippers。 If to Japanese shippers； your operating costs with the high cost of Japanese crews … which by your law you have to carry … are already being nonpetitive； like American ships with American crews。 Soon you won't be able to pete with the Greeks； with others and with us； because our costs will be so much lower。〃
Dunross saw them all concentrating on Akiko who was translating almost simultaneously and he thought with glee of another Sun Tzu saying： 〃In all fighting； the direct method may be used for joining battle but indirect methods will be needed to secure victory。〃 Then he continued； 〃Second point： Japan has to import everything it needs to support its rising economy and standard of living and its industrial plex； and certainly the 95 percent of all energy it needs to sustain it。 Oil's the key to your future。 Oil has to e to you seaborne； so do all your bulk raw materials … always carried by bulk cargo ships。 Always seaborne。 You're building the great ships very efficiently； but as shipowners your operating costs and your own internal tax structure are going to drive you out of the marketplace。 My proposal for you is simple： You stop trying to own your own uneconomic merchant fleets。 You sell your ships abroad on a lease…back basis。〃
〃What？〃
Dunross saw them staring at him； astounded。 He waited a moment； then continued； 〃A ship's life is； say fifteen years。 You sell your bulk carrier say to us； but as part of the deal lease it back for fifteen years。 We supply the captain and crew and operate her。 Prior to delivery； you charter the ship to Mitsubishi or another of your own great panies for bulk supplies over fifteen years … coal； iron ore； rice； wheat； oil； whatever you want。 This system guarantees Japan a continuous supply of raw material； set up at your whim and controlled by Japanese。 Japan Inc。 can increase its financing to you； because you yourselves； in effect； are the carriers of your own vital raw materials。
〃Your industries can plan ahead。 Japan Inc。 can afford to assist financially selected buyers of your ships； because the purchase price is easily covered by the fifteen years charter。 And since the ships are on long…term charter； our bankers； like Blacs and the Victoria； will also be happy to finance the rest。 Everyone gains。 You gain most because you ensure a long…term supply line under your control。 And I haven't yet mentioned the tax advantages to you； to Toda Industries particularly！〃
Dunross got up in a dead silence； the others staring at him； and went to his desk。 He brought back some stapled reports。 〃Here's a tax study done by our people in Japan with specific examples； including methods to depreciate the ship's cost for added profit。 Here's a suggested plan for bulk carriers。 This one documents various ways Struan's could assist you in charters； should we be one of the foreign shippers chosen。 For example； Woolara Mines of Australia are prepared； at our direction； to enter into a contract with Toda Industries to supply 95 percent of their coal output for one hundred years。〃
Toda gasped。 So did the others when Akiko had translated。 Woolara Mines was a huge； highly efficient and productive mine。
〃We could assist you in Australia which is the treasury of Asia … supplying all the copper； wheat； foodstuffs； fruit； iron ore you need。 I'm told privately there are new； immense deposits of high…grade iron ore just discovered in Western Australia within easy access of Perth。 There's oil； uranium； thorium； and other precious materials you require。 Wool。 Rice。 With my scheme you control your own flow of materials； the foreign shippers get ships and a steady cash flow to finance and order more ships； to lease back； to carry more and more raw materials and more cars； more television sets； more electronic goods； and more goods outward bound to the States … and heavy industry plants and machines to the rest of the world。 Last； back to your most vital import of all： oil。 Here's a suggested pattern for a new fleet of bulk oil carriers； half a million to a million tons dead weight each。〃
Toda gasped and abruptly finished the translation himself。 Astounded； they all sucked in their breath when he mentioned the half a million to a million tons。
Dunross sat back enjoying the tension。 He watched them glance at one another； then at Toda； waiting for him to react。
〃I 。。。 I think we had better study your proposals； tai…pan；〃 Toda said； trying to keep his voice level。 〃Obviously they are far…reaching。 May we get back to you later？〃
〃Yes。 You're ing to the races tomorrow？ Lunch'll be 12：45。〃
〃Thank you； yes； if it's not too much t