'A private word, please,' I said, and the Russians nodded as we trooped out.

'This is John Stone, Chancellor,' I said. 'I think he might be able to help.'

Goschen nodded. 'How?'

'Is your objection to a Russian naval base fundamental? That is to say, is the problem the base, or the consequences of people knowing about it?'

'Both. It would dramatically shift the balance of power in the Near East. I suppose we could live with that, but the public would not wear it. We'd be massacred.'

'And if no one knew?'

'How could anyone not know? Don't be absurd.'

I nodded to Stone, who I now saw for the first time working as a businessman. And by heavens he was impressive. He had only had a rapid account from me, and even with that he managed to take over and dominate the meeting with extraordinary speed.

'If the Russians want a base then they have to get it from Britain, practically speaking,' he said. 'We are the only country which could mobilise the resources for the sort of thing they must have in mind. Enough to maintain a fleet,' here Goschen grimaced, 'supplies, equipment, engineering shops. Clearly a major project. They don't have the capital, the workforce or the expertise to design, build and run it. Nor, I must say, do the French have enough spare capacity to provide it. The Germans do, but won't.

'Nor can we,' he went on. 'Or cannot appear to. And there would be outrage in Britain against any country – France, say – which did. Is that correct?'

Goschen nodded. 'It would be tantamount to an act of war if the French built the Russians such a thing.'

'Well,' Stone continued thoughtfully, 'it could be done. I'm sure that French banks would float the bonds to raise the money on behalf of the Russian Government; it could be a general fund for development. There would be no need to specify what it is for, if the interest rate was high enough. I could form a new construction company, registered in somewhere like Belgium, with shareholdings held in trust by banks across the Continent. As for the workforce, the crucial personnel would come from yards across Europe, directed at a distance by my companies. It would be perfectly possible to set up a structure so impenetrable that no one could ever find out who owned it. And the Russians could hail it as a triumph of Russian engineering, a sign of their industrial progress. I cannot speak about the strategic consequences, of course. That is outside my area of expertise. But if you are prepared to allow a base to be built, then it could be done without anyone knowing who was responsible.'

That was a summary; the actual discussion was much longer and far more technical. Goschen was both a money man and a politician and wanted to know exactly what Stone was suggesting. The more he heard, the more Stone dealt with his objections, the more I could see him regaining confidence and determination.

Eventually Goschen sat back. 'Any further comments?'

Wilkinson shook his head, and there was silence.

'Then I suggest we talk to the Russians once more. Mr Stone, if you would be so good as to come with us?'

I was left out of that one. The deal was done; the French and the Russians had both got what they wanted, and the end of the crisis was in sight. All they had to do was send the telegrams to deposit money in the Bank of England and it would be over. I could still hardly believe it; Britain had got off lightly; astonishingly lightly.

'You look tired, my friend,' Elizabeth said. She had come when she heard the others marching down the corridor.

'I'm afraid you've been a guest in your own house this evening.'

'Yes, and my chef might resign tomorrow. The amount these people eat and drink is astonishing. It all seems quite good-tempered, though.'

'I think they've been thoroughly enjoying themselves,' I said. 'It's what they love more than anything. I don't think it would suit me at all.' I yawned. 'Lord, but I'm tired. I'll sleep well tonight.'

There was a ring at the doorbell, and a few moments later a footman came in with a card on a tray.

'Please show M. Rouvier into the sitting room,' she said, then turned back to me. 'That is where the French are?'

'Just in time to hear what has been agreed. Good.'

'I gather you visited Count Gurunjiev a few days ago.'

'Yes. And I apologise for mentioning your name. I did it very discreetly, though. I gave no hint at all of knowing anything about you, other than saying I was your friend.'

'Thank you. But please don't do it again.'

'I promise.'

Fateful words. A few moments later the door opened and Goschen and Wilkinson came in, followed by Stone and Rothschild, who looked worried.

'Problem?' I asked.

'M. Rouvier is apparently shouting at the Governor of the Bank of France, telling him he had no right to agree to anything without his approval. And that he does not give his approval. To put it another way, he won't take the deal. And if the French won't the Russians won't either. Come, gentlemen, let us go and talk this over.'

They trooped out again, leaving me with Stone and Elizabeth. He went and sat opposite her, and smiled gently.

'Well, this is a problem,' he said.

'You mean you didn't foresee it?'

'What do you mean?'

I shook my head and frowned, thinking furiously. A whole host of little details, previously unconnected, seemingly random, seeming to be sticking themselves together into new and troubling patterns. And then, there it was. Undeniable.

'This is all you, isn't it?' I said. 'From the start.'

'I don't think I understand.'

'When did you come up with this scheme? To create a crisis, and force a solution that allowed you to do as you wanted?'

He smiled. 'You overestimate me, Mr Cort. That does not happen often. I'm not used to it. What do you mean, my scheme?'

'The first time I met you you mentioned that the government had forbidden you from working for the Russians. Now you will be able to do so with their blessing and appear a selfless patriot at the same time. The banks to organise all this, they will be same as the ones leading the assault on London. Credit International, Banque de Bruges. This whole business could not possibly have taken place without you knowing about it long in advance.'

Stone, who had been examining a Chinese bowl on the mantelpiece, turned around.

'I haven't broken it yet, you see,' she said. 'And I have given it a place of honour.'

'I am flattered,' he said with a gentle smile.

Stone put it carefully back in its place, then stood back anxiously to make sure it wasn't about to crash to the floor.

'I'm sorry, Mr Cort. You were saying?'

'The Russians and the French could have destroyed London, but they are settling for a shipyard and a few bond issues. And, by pure coincidence, the owner of Britain's biggest arms company is in a hotel down the road, ready to oblige. And you came up with this staggeringly complex scheme in the time it took to take a cab from the Louvre to here. How could anybody think of something that complicated in a matter of minutes?'

'I'm very good at my job.'

'Not that good. Not without thinking it out in advance.'

'I did not create this situation,' he said quietly. 'Barings was going to fail anyway; that has been obvious for months. I merely made sure that I benefited. And that my country benefits as well.'

'What do you care about your country?'

'It may surprise you if I say I care a great deal. The Russians were going to get a shipyard; it was merely a matter of who built it and profited from it. They will be bound ever tighter to France, and that will make Germany . . .'

I held up my hand. 'That was Wilkinson's argument as well. Does this come from him as well? Was this his doing? A Civil Service plot to rewrite Britain's foreign policy against the wishes of the Government and the electorate?'