"Number five, Winsome Lady, 3 to I for a placea What's wrong, old man, have you a palsy?"

"Noa noa" Weakly Nine Carat Chu groped away. At length he found a small empty patch of concrete and spread his racing form on the wet concrete and sat down, his head on his knees and arms, his mind sweeping him into the ecstasy of win- ning the first leg. Oh oh oh! And nothing to do now but wait, and if the time of waiting is too long I will use one more of the White Powders, yes, and that will leave me the last to see me through tonight's work. Now, all gods concentrate! The first leg was won by my own shrewdness. Please concentrate on the fifth! Seven and one! All gods concentratea Over by the winner's circle the stewards and owners and officials clustered. Dunross had intercepted his horse and congratulated the jockey. Buccaneer had run a fine race and now as he led the gelding into the winner's circle amid another burst of cheering and congratulations he kept his exuberance deliberately open. He wanted to let the world see his pleasure and confidence, very aware that winning this race was an immense omen, over and above the fact of winning. The omen would be doubled and tripled if he won with Noble Star. Two horses in the double quinella would absolutely set Gorntand his allies back on their heels. And if Murtagh works his magic or if Tiptop keeps his bargain to swap the money for Brian Kwok or if Tightfist or Lando or Four Fingersa "Hey, Mr. Dunross, sir, congratulations!"

Dunross glanced at the crowd on the rails. "Oh hello, Mr. Choy," he said, recognizing Four Finger Wu's Seventh Son and supposed nephew. He went closer and shook hands. "Did you have the win- ner?"

"Yes sir, sure, I'm with the Noble House all the way! We're on the double quinella, my uncle and me. We just won the first leg five and eight, and we've seven and eight in the fifth. He's got 10,000 riding, me, my whole week's salary!"

"Then let's hope we win, Mr. Choy."

"You can say that again, tai-pan," the young man said with his easy American familiarity.

Dunross smiled and walked over to Travkin. "Are you sure Johnny Moore can't ride Noble Star? I don't want Tom Wong."

"I told you, tai-pan, Johnny's sicker than a drunken Cossack."

"I need the win. Noble Star is to win."

Travkin saw Dunross look at Buccaneer speculatively. "No, taipan, please don't ride Noble Star. The going's bad, very bad and very dangerous and it'll get worse as they hack up the turf. Kristosl I suppose that'll only make you want to ride her more."

"My future could ride on that race and the face of the Noble House."

"I know." Angrily the gnarled old Russian slapped the switch he carried perpetually against his ancient jodhpurs, shining with use. "And I know you're better than all the other jockeys but that turfs danger"

"I don't trust anyone in this, Alexi. I can't afford any mistake." Dunross dropped his voice. "Was the first race fixed?"

Travkin stared back levelly. "They weren't doped, tai-pan. Not to my knowledge. The police doctor has put the fear of God into those who might be tempted."

"Good. But was it fixed?"

"It wasn't my race, tai-pan. I'm only interested in my horses and my races. I didn't watch that race."

"That's convenient, Alexi. Seems that none of the other trainers did either."

"Listen, tai-pan. I have a jockey for you. Me. I'll ride Noble Star."

Dunross's eyes narrowed. He glanced at the sky. It was darker than before. There'll be rain soon, he thought and there's much to do before the rain. Me or Alexi? Alexi's legs are good, his hands the best, his experience immense. But he thinks more of the horse than of winning. "I'll consider it," he said. "After the fourth race I'll decide."

"I'll win," the older man said, desperate for the chance to extricate himself from his agreement with Suslev. "I'll win even if I have to kill Noble Star."

"No need to do that, Alexi. I'm rather fond of that horse."

"Tai-pan, listen, perhaps a favor? I've a problem. Can I see you tonight or Sunday, Sunday or Monday late, say at Sinclair Towers?"

"Why there?"

"We made our deal there, I'd like to talk there. But if it's not all right the day after."

"You're going to leave us?"

"Oh no, no it's not that. If you've time. Please."

"All right but it can't be tonight, or Sunday or Monday, I'm going to Taipei. I could see you Tuesday at 10:00 P.M. How's that?"

"Fine, Tuesday's fine yes, thank you."

"I'll be down after the next race."

Alexi watched the tai-pan walk for the elevators. He was near tears, an overwhelming affection for Dunross possessing him.

His eyes went to Suslev who was in the general stands nearby. Trying to appear casual he held up the prearranged number of fingers: one for tonight, two for Sunday, three Monday, four Tuesday. His eyes were very good and he saw Suslev acknowledge the signal. Matyeryebyets, he thought. Betrayer of Mother Russia and all us Russians, you and all your KGB brethren! I curse you in the name of God, for me and all Russians if the truth be known.

Never mind that! I'm going to ride Noble Star, he told himself grimly, one way or another.

Dunross got into elevator amid more congratulations and much envy. At the top floor Gavallan and Jacques were waiting for him. "Is everything ready?" he asked.

"Yes," Gavallan replied. "Gornt's there, and the others you wanted. What's cooking?"

"Come along and you'll see. By the way, Andrew, I'm switching Jacques and David MacStruan. Jacques will take over Canada for a year, David"

Jacques's face lit up. "Oh thank you tai-pan. Yes, thanks very much. I'll make Canada very profitable, I promise."

"What about the changeover?" Gavallan asked. "Do you want Jacques to go there first or will David come here?"

"He arrives Monday. Jacques, you hand over everything to David, then next week you can both go back together for a couple of weeks. You go via France, eh? Pick up Susanne and Avril, she should be well enough by then. There's nothing urgent in Canada at the moment it's more urgent here."

"Oh yes, ma foi! Yes, yes thank you, tai-pan."

Gavallan said thoughtfully, "It'll be good to see old David." He liked David MacStruan very much but he was still wondering why the change, and did this mean that Jacques was out of the running to inherit the tai-pan's mantle and David in and his own position changed, changing or threatened if there was anything left to inherit after Monday. And what about Kathy?

Joss, he told himself. What is to be will be. Oh goddamn every- thing!

"You two go on ahead," Dunross said. "I'll get Phillip." He turned into the Chen box. By ancient custom the compradore of the Noble House was automatically a steward. Perhaps for the last year, Dunross thought grimly. If Phillip doesn't deliver help in the form of Four Finger Wu, Lando Mata, Tightfist or something tangible by Sunday at midnight he's blackballed.

"Hello, Phillip," he said, his voice friendly, greeting the other guests in the packed box. "You ready?"

"Oh yes, yes, tai-pan." Phillip Chen was looking older. "Con- gratulations on the win."

"Yes, tai-pan, a marvelous omen we're all praying for the fifthl"

Dianne Chen called out, trying equally hard to hide her apprehension, Kevin beside her, echoing her.

"Thank you," Dunross said, sure that Phillip Chen had told her about their meeting. She wore a hat with bird of paradise feathers and too many jewels.

"Champagne, tai-pan?"

"No thanks, later perhaps. Sorry, Dianne, have to borrow Phillip for a moment or two. Won't be long."

Outside in the corridor he stopped a moment. "Any luck, Phillip?"

"I'vea I've talked to all thea all of them. They're meeting tomorrow morning."

"Where? Macao?"

"No, here." Phillip Chen dropped his voice even more. "I'm sorry abouta about all the mess my son's causeda yes, very sorry," he said, meaning it.

"I accept your apology. If it hadn't been for your carelessness and treachery, we'd never have become that vulnerable. Christ Jesus, if Gornt gets our balance sheets for the last few years and our interlocking corporate structures, we're up the creek without a paddle."

"Ia I had a thought, tai-pan, how to extract our how to extract the House. After the races, could Ia a little time, please?"

"You're coming for drinks tonight? With Dianne?"

"Yes, ifa yes please. May I bring Kevin?"

Dunross smiled fleetingly to himself. The heir apparent, officially and so soon. Karma. "Yes. Come along."

"What's this all about, tai-pan?"

"You'll see. Please say nothing, do nothing, just accept with great confidence that you're part of the package, and when I leave follow me, spread the word and good cheer. If we fail, the House of Chen fails first, come hell, high water or typhoon!" He turned into the McBride box. There were more immediate congratulations and many said it was great joss.

"Good God, tai-pan," McBride said, "if Noble Star wins the fifth, wouldn't it be marvelous!"

"Pilot Fish will beat Noble Star," Gornt said confidently. He was at the bar with Jason Plumm getting a drink. "10,000 says he'll finish ahead of your filly."

"Taken," Dunross said at once. There were cheers and hoots of derision from the thirty-odd guests and once more Bartlett and Casey, who had by arrangement with Dunross ostensibly just wan- dered in a few minutes ago to visit Peter Marlowe, were inwardly staggered at the festive air and Dunross's high-flying confidence.

"How're you doing, Dunstan?" Dunross asked. He paid Casey and Bartlett no attention, concentrating on the big florid man who was more florid than usual, a double brandy in his hand.

"Very well, thank you, fan. Got the first, and Buccaneer made a bundle on Buccaneer, but blew my damned quinella. Lucky Court let me down."

The room was the same size as the Struan box but not as well decorated, though equally well filled with many of the Hong Kong elite, some invited here a moment ago by Gavallan and McBride for Dunross. Lando Mata, Holdbrook Struan's in-house stockbroker Sir Luis Basilio head of the stock exchange Johnjohn, Havergill, Southerby chairman of Blacs Richard Kwang, Pugmire, Biltzmann, Sir Dunstan Barre, young Martin Haply of the China Guardian. And Gornt. Dunross looked at him. "Did you get the winner of the last race too?"

"No. I didn't fancy any runner. What's all this about, Ian?" Gornt said, and everyone's attention soared. "You want to make an announcement?"

"Yes, as a courtesy I thought you should know, along with other VIPs." Dunross turned to Pugmire. "Pug, the Noble House is for- mally contesting the American Superfoods takeover of your H.K. General Stores."

There was a vast silence and everyone stared at him. Pugmire had gone white. "What?"

"We're offering $5 a share more than Superfoods, we'll further improve their bid by making it 30 percent cash and 70 percent stock, everything done within thirty days!"

"You've gone mad," Pugmire burst out. Didn't I sound everyone out first, he wanted to shout, including you? Didn't you and everyone approve or at least not disapprove? Isn't that the way it's done here for God's sake private chats at the Club, here at the races, over a private dinner or wherever? "You can't do that," he muttered.

"I already have," Dunross said.

Gornt said harshly, "All you've done, fan, is to make an an- nouncement. How are you going to pay? In thirty or three hundred days."

Dunross just looked at him. "The bid's public. We complete in thirty days. Pug, you'll get the official papers by 9:30 A.M. Monday, with a cash down payment to cement the tender."

Momentarily he was drowned out as others began talking, asking questions, everyone immediately concerned how this astonishing development would affect them personally. No one had ever con- tested a prearranged takeover before. Johnjohn and Havergill were furious that this had been done without consultation, and the other banker, Southerby of Blacs, who was merchant-banking the Superfoods takeover, was equally upset that he had been caught off balance. But all the bankers, even Richard Kwang, were counting possibilities, for if the stock market was normal and Struan's stock at its normal level, the Struan bid could be very good for both sides. Everyone knew that Struan's management could revitalize the rich but stagnant hong, and the acquisition would strengthen the Noble House immeasurably, put their end-of-year gross up at least 20 percent and of course increase their dividends. On top of all that, the takeover would keep all the profits in Hong Kong, and not have them trickle away to an outsider. Particularly Biltzmann.

Oh my God, Barre was thinking with vast admiration and not a little envy, for Ian to make the tender here, in public, on a Saturday, with never the breath of a rumor that he was contemplating the unthinkable, with nothing to give you an inkling so that you could have bought in quietly last week at bottom to make a fortune with one phone call, was brilliant. Of course Pug's General Stores shares will soar first thing on Monday. But how in the hell did Ian and Havergill keep it quiet? Christ I could've made a bundle if I'd known, perhaps I still can! The rumors about the Victoria not supporting Struan's is obviously a lot of cobblersa Wait a minute, Sir Luis Basilic was thinking, didn't we buy a huge block of General Stores last week for a nominee buyer? Good God, has the tai-pan outsmarted all of us? But Madonna, wait a minute, what about the run on his stock, what about the market crashing, what about the cash he'll have to put up to fix the tender, what about Even Gornt was counting, his mind flooded with fury that he had not thought of the ploy first. He knew the bid was good, perfect in fact, that he could not top it, not at the moment. But then, Ian can't complete. There's no wa "Can we go to press on this, tai-pan?" Martin Haply'sincisive Canadian voice cut through the excited uproar.

"Certainly, Mr. Haply."

"May I ask a few questions?"

"It depends what they are," Dunross said easily. Looking at the penetrating brown eyes, he was grimly amused. We could use a right rotten young bastard in the family if he could be trusted with Adryon. "What had you in mind?"

"This's the first time a takeover's ever been contested. May I ask why you're doing it at this time?"

"Struan's have always been innovative. As to timing, we considered it perfect."

"Do you consider this Sat"

Biltzmann interrupted harshly, "We have a deal. It's set. Dickie?" He whirled on Pugmire. "Eh?"

"It was all set, Mr. Biltzmann," Dunross said crisply. "But we're contesting your tender, just as it's done in the States, according to American rules. I presume you don't mind a contest? Of course we are amateurs here but we enjoy trying to learn from our peers. Until the stockholders' meeting nothing's final, that's the law isn't it?"

"Yes, buta but it was set!" The tall gray-haired man turned to Pugmire, hardly able to speak he was so angry. "You said it was all agreed."

"Well, the directors had agreed," Pugmire said uneasily, conscious of everyone listening, particularly Haply, one half of him ecstatic with the vastly improved offer, the other furious that he, too, had had no advance warning so he could have bought in heavily. "But, er, but of course it has to be }atified by the stockholders at the Friday meeting. We had no idea there'd be a . . Er, Ian, er, Chuck, don't you think this is hardly the place to dis"

"I agree," the tai-pan said. "But at the moment there's little to discuss. The offer's made. By the way, Pug, your own deal stands, except that it's extended from five to seven years, with a seat on Struan's board for the same period."

Pugmire's mouth dropped open. "That's part of the tender?"

"We'd need your expertise, of course," Dunross said airily, and everyone knew Pugmire was hooked and landed. "The rest of the package as negotiated by you and Superfoods stands. The papers will be on your desk by 9:30. Perhaps you'll put our tender to your stockholders on Friday." He went over to Biltzmann and put out his hand. "Good luck. I presume you'll be coming back with a counteroffer at once."

"Well, er, I have to check with head office, Mr., er, tai-pan." Biltzmann was flushed and angry. "Wea we put our best foot forward anda That's a mighty fine offer you made. Yes. But with the run on your stock, the run on the banks and the market going down, that's going to be Linda hard to close, isn't it?"

"Not at all, Mr. Biltzmann," Dunross said, gambling everything that Bartlett would not renege on the promise of cash, that he would close with Par-Con, extricate himself from Gornt and put his stock back into its rightful place by next weekend. "We can close with no trouble at all."

Biltzmann's voice sharpened. "Dickie, I think you'd better consider our bid carefully. It's good till Tuesday," he said, confident that by Tuesday Struan's would be in a shambles. "Now I'll make me a bet on the next race." He stalked out. Tension in the box went up several decibels.

Everyone began talking but Haply called out, "Tai-pan, may I ask a question?"

Again attention zeroed. "What is it?"

"I understand it's customary in takeovers for there to be a down payment, in cash, a measure of good faith. May I ask how much Struan's is putting up?"

Everyone waited breathlessly, watching Dunross. He held the pause as his eyes raked the faces, enjoying the excitement, knowing everyone wanted him humbled, almost everyone, excepta except who? Casey for one, even though she's in the know. Bartlett? I don't know, not for certain. Claudia? Oh yes, Claudia was staring at him, white-faced. Donald McBride, Gavallan, even Jacques.

His eyes stopped on Martin Haply. "Perhaps Mr. Pugmire would prefer to have that detail in private," he said, leading them on. "Eh, Pug?"

Gornt interrupted Pugmire and said, as a challenge, "Ian, since you've decided to be unorthodox, why not make it all public? How much you put down measures the value of your tender. Doesn't it?"

"No. Not really," Dunross said. He heard the distant muted roar of the off for the third race and was sure, watching the faces, that no one heard it except him. "Oh, very well," he said, matter-of-fact.

"Pug, how about $2 million, U.S., with the papers at 9:30 Monday? In good faith."