"Thank you." Johnjohn put the phone down and told Havergill. The deputy chairman did not answer, just redialed Tiptop's num- ber. It was still busy. "You'd better open a dialogue with the Soviet contact."

lohnjohn went red. "But that's impossible"

"Do itt Do it now!" Havergill, equally choleric, redialed Tiptop. Still busy.

Dunross went into his offlce.

"Mr. Toda's here with the usual entourage, tai-pan." Claudia did not hide her distaste or nervousness.

"Show them in please."

"Mr. Alastair called twice asked that you call him back the moment you come in. And your father."

"I'll call them later."

"Yes sir. Here's the telex for Nelson Trading from Switzerland confirming that they've purchased triple the regular order of gold for the Great Good Luck Company of Macao."

"Good. Send a copy to Lando at once and request the funds."

"This telex is from Orlin Merchant Bank confirming they regret they cannot renew the loan and require payment."

"Telex~hem, 'Thank you.'"

"I checked with Mrs. Dunross and they arrived safely."

"Good. Get Kathy's specialist's home number so I can call him over the weekend."

Claudia made another note. "Master Duncan called from Sydney to say he had a great evening and he's on the Monday Qantas flight. Here's a list of your other calls."

He glanced at the long list, wondering fleetingly if his son was no longer a virgin, or was not even before the lovely Sheila. Thinking of a lovely Sheila reminded him again of the exquisite Snow Jade. Curious her name was Snow Jade she reminded me so much of Elegant Jade who's somewhere in Taipei in charge of a House of Many Pleasures. Perhaps the time's come to find Elegant lade and thank her. Once more he remembered old Chen-chen's admonition when he was dying. "Listen, my son," old Chen-chen had whis- pered, his voice failing, "never try to find her. You will take away her face and take away beauty, both from her and from you. Now she'll be old, her Jade Gate withered and her pleasures will come from good food and good brandy. Children of the Pleasure World do not age well, nor do their tempers. Leave her to her jossand to her memories. Be kind. Always be kind to those who give you their youth and their yin to succor your yang. Eeeee, how I wish I was as young as you againa"

Dunross sighed. His evening with Snow Jade had been impecca- ble. And filled with laughter.

"I dori't eat dessert," he had replied at once. "I'm on a diet."

"Oh ho, not you, tai-pan. I help you lose weight never mind."

"Thank you but no dessert and never in Hong Kong."

"Ah! Four Fingers said you'd say that, tai-pan, and for me not to be shamed." She had beamed and poured him a whiskey. "I'm to say, Have passport can travel."

They had laughed together. "What else did Four Fingers say?"

The tip of her tongue touched her lips. "Only that foreign devils are mighty very peculiar in some things. Like saying no dessert! As if it mattered." She watched him. "I've never been with a barbarian before."

"Oh? Some of us are really quite civilized."

Dunross smiled to himself, remembering how tempted he was, their banter and the great meal, everything good-humored and satisfying. Yes. But that doesn't forgive that old bastard Four 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 comes later. First things come 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, Tightest 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 PhillipChen. Anything on Mrs. Riko Gresserhoft7"

"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 Jose. 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 sub- dued 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 flS frequently happened in Japan, all real power WflS centered in the hands of his seventy-three-year-old Other 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. Coming 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 complexes. 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 becoming noncompetitive, like American ships with American crews. Soon you won't be able to compete 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 translat- ing 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 complex, and certainly the 95 percent of all energy it needs to sustain it. Oil's the key to your future. Oil has to come 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 companies 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 particularlyI"

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 varjous ways Struan's could assist you in charters, should we be one of the foreign shippers chosen. For example, Wooiara 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 highgrade 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. As- tounded, 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.

"Ia 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 coming to the races tomorrow? Lunchtll be 12:4S."

"Thank you, yes, if it's not too much trouble," Toda said with sudden nervousness, "but it would be impossible for us to have an answer by that time."

"Of course. You got your invitations and badges?"

"Yes, thank you. I, er, I hope everything turns out well for you. Your proposal certainly sounds far-reaching."

They left. For a moment Dunross allowed himself to enjoy the excitement. I've got them, he thought. Christ, in a year we can have the biggest fleet in Asia, all totally financed, with no risks to financier, builder, operator or supplier, with oil tankers, huge tankers as its nucleus if we can weather this typhoon.

All I need's some luck. Somehow I've got to stave off the crash till Tuesday when we sign with Par-Con. Par-Con pays for our ships, but what about Orlin and what about Gornt?

"Mr. Jacques's on his way up, tai-pan. Mr. Phillip's in his office and'll come up whenever you're ready. Roger Crosse called, your appointment's at 7:00 P.M. instead of 6:00. He said Mr. Sinders's plane was late. He's informed the governor and everyone con- nected."

"Thank you, Claudia." He glanced at his list of calls. He dialed the V and A and asked for Bartlett. He was out. "Miss Tcholok please."

"Hello?"

"Hello! Ian Dunross returning your call and Linc Bartlett's call. How're things?"

There was a slight pause. "Interesting. Tai-pan, can I drop by?"

"Of course. How about cocktails at 6:15 at the Mandarin? That'd give me half an hour-odd before my next appointment. Eh?" A twinge of anxiety went through him at the thought of Crosse, Sinders and AMG's admonition about never giving up the files.

"Is it possible for me to come by the office? I could leave now and be there in half to three quarters of an hour? I have something to talk over with you. I'll make it as short as possible."

"All right. I may have to keep you waiting a moment or two but come on over." He put the phone down, frowning. What's up there?

The door opened. Jacques deVille came in. He looked careworn and tired. "You wanted me, tai-pan?"

"Yes, sit down, Jacques. I understood you were going to be on the plane last night."

"We talked, Susanne and I, and she thought it best for Avril if I waited a day or twoa"

Dunross listened with fascination as they began to talk, still astounded that Jacques could be a Communist plant. But now he had thought through the possibility. It was easily possible for Jacques, being young, an idealist and in the Maquis during the hated and terrible Nazi occupation of France to have had his idealistic nationalism and anti-Nazi feelings channeled into communism Christ, wasn't Russia our ally in those days? Wasn't communism fashionable everywhere in those days even in America? Didn't Marx and Lenin seem so sensible then? Then. Before we knew the truth about Stalin, about gulags and KGB and police state and mass murders and mass conquests and never freedom.

But how could all that Communist nonsense last for someone like Jacques? How could someone like Jacques retain such convictions and keep them buried for so long if indeed he is the Sevrin plant AMG claimed?

"What did you think of Grey?" Dunross asked.

"A total cretin, tai-pan. He's far too left-wing for me. Even Broadhurst's a little too left for my taste. As I'ma I'm staying now, can I take over Bartlett and Casey again?"

"No, for the time being I'll deal with them, but you take care of the contract."

"It's being drawn up now. I've already been on to our solicitors. One slight problem. Dawson met with Bartlett's lawyer, Mr. Steigler, this morning. Mr. Steigler wants to renegotiate the payment schedule and put off signing till next weekend."

A wave of fury rushed through Dunross. He tried to keep it off his face. That's got to be the reason for Casey wanting a meeting, he thought. "I'll deal with that," he said, putting the problem aside for the more pressing one: Jacques deVille, who should be innocent until proven guilty.

He looked at him, liking the craggy, chunky man, remembering all the fine times they had had in Avisyard and in France. He, Penelope. Jacques and Susanne, their children along for Christmas or summer holidays, good food and good wine and good laughter and great plans for the future. Jacques certainly the wisest, the most close-mouthed, and until the AMG accusation, possibly the next in line. But now you're not, not until you've proved yourself and I'm certain. Sorry my friend, but you must be tested.

"I'm making some organizational changes," he said. "Linbar went to Sydney today as you know. I'm going to leave him there for a month to try to get the Woolara merger fixed. I don't hope for much. I want you to take over Australia." He saw Jacques's eyes widen momentarily but could not read if it was concern or happiness. "I've pushed the button on our Toda plan and I w"

"How did he take it?"

"Hook, line and bait."

"Merde, but that is great." Dunross saw Jacques beam and read no guile in him. The man had been one of the main planners for the shipping scheme, working out the intricacies of the financing. "What a shame poor John's not alive to know," Jacques said.

"Yes." John Chen had been working closely with Jacques deVille. "Have you seen Phillip?"

"I had dinner with him last night. Poor fellow, he's aged twenty years."

"So have you."

A Gallic shrug. "Life, mon amit But yes, yes I am sad about poor Avril and poor Barge. Please excuse me, I interrupted you."

"I'd like you to take over Australasia effective today and be responsible for putting into effect all our Australian and New Zealand plans. Keep this to yourself for the month I'll tell Andrew only but get yourself organized and be prepared to leave then."

"Very well." Jacques hesitated.

"What? Susanne never did like Hong Kong you'll have no problem there, will you?"

"Oh no, tai-pan. Since the accidenta frankly I was going to ask you if I could move for a while. Susanne's not been happy here anda But I was going to ask if I could take over Canada for a year or so."

Dunross was startled at the new thought. "Oh?"

"Yes. I thought that perhaps I could be useful there. My contacts among French-Canadians are good, very good. Perhaps we could shift Struan's Canadian office from Toronto to Montreal or to Ottawa. I could help very much from there. If our Japanese connection goes through, we'll need wood pulp, woods, copper, wheat, coal and a dozen other Canadian raw materials." He smiled wanly, then rushed onward. "We both know how Cousin David's been chomping to get back out here and I thought, if I moved there, he could return. Actually he's better equipped to be here, to deal with Australasia, non? He speaks Cantonese, a little Japanese and reads and writes Chinese which I don't. But whatever you say, tai-pan. I'll take Australasia if you wish. It is true I would like a change."

Dunross let his mind range. He had decided to isolate Jacques from Hong Kong while he found out the truth. It would be too easy to tell Crosse or Sinders secretly and ask them to use their sources to investigate, to watch and to probe. But Jacques was a member of the Inner Court. As such he was party to all sorts of skeletons and private informations which would be put to risk. No, Dunross thought, much better to deal with our own. Perhaps it will take longer but I will find out the truth if he is or isn't. One way or another, I'll know about Jacques deVille.

But Canada?

Logically Jacques'd be better there. So would Struan's I should have thought of that myself there's never been any reason to question his business loyalty, or acumen. Good old David's certainly been screaming for two years to come back. The switch would be easier. Jacques's right. David's better equipped to do Australasia, and Australia and New Zealand are far more important to us than Canada, far more important they're vital and the treasure house of all Asia. If Jacques's innocent he can help us in Canada. If he's not, he can harm us less there. "I'll think about that," he said having already decided to make the change. "Keep this all to yourself and we'll finalize it Sunday."

Jacques got up and stuck out his hand. "Thanks, man Dunross shook the hand. But in his heart he wondered whether it was the hand of his friend or his Judas.

Alone once more, the weight of his burdens swamped him. The phone rang and he dealt with that problem, then another and an- other Tiptop's phone still engaged and he asked for Phillip to come up, and all the time it seemed as though he were sinking into a pit. Then his eyes caught the eye of Dirk Struan on the wall, looking out of the oil painting at him, half-smiling, supremely confidept, arrogant, master of clipper ships the loveliest craft ever built by man. As always, he was comforted.