PART THREE

Venice, 1867

CHAPTER 1

I was not intended by family, education or natural instinct for a life of, or in, industry. I still know surprisingly little about it, even though my companies own some forty factories across Europe and the Empire. I have little real idea how the best steel is smelted and have no more notion of how a submarine works. My skill lies in comprehending the nature of people and the evolution of money. The dance of capital, the harmony of a balance sheet, and the way these abstractions interact with people, their characters and desires, either as individuals or in a mass. Understand that one is the other, that they are two separate ways of expressing the same thing, and you understand the whole nature of business.

A few months ago I read a book by Karl Marx on capital. Elizabeth gave it to me, with a smile on her face. A strange experience, as the author's awe exceeds even my own. He is the first to understand the complexity of capital and its subtlety. His account is that of a lover describing his beloved, but after describing her beauty and the sensuality of her power, he turns away from her embrace and insists that his love should be destroyed. He could gaze clearly into the nature of capital, but not into his own character. Desire is written in every line and paragraph of his book, but he does not see it.

In my case, I surrendered to the excitement that came over me when I glimpsed the extraordinary process by which food turned into labour into goods into capital. It was akin to a vision, a moment of epiphany, all the more surprising because it was so unexpected. It was a strange process, this metamorphosis of a curate's son into a businessman, and deserves some description, not least because it involved events now completely unknown.

I am considered a secretive man, although I do not see myself in this fashion. I do not guard my privacy with any unusual jealousy, but feel no need for all the world to know my affairs. Only one thing have I hidden which is of any importance. This account will, I hope, explain some elements of my life and may give the information needed for fulfilling the requirements of my will. It is an aide-memoire, and I put down here all the details I can remember while I conduct my search for a definitive answer.

I write sitting in my office in St James's Square, and all is quiet. Downstairs, my Elizabeth is curled up in front of the fire, reading a book, as she usually does in the evening before going to bed. I can imagine her yawning, her face illuminated by the firelight, entirely beautiful and calm. As there is no one there, she will be wearing her reading glasses. When she hears me coming down the stairs, she will whip them off and hide them; it is her vanity. I would tell her it means nothing to me, but having to use them so annoys her that I do not wish to trespass on her little secret. For the rest, she is at peace; I have given her that, and it is the best and most worthwhile thing I have ever done, worth more to me than all the factories and money I have accumulated over the years. I will not have it disturbed. But I must settle this other business once and for all; it has been gnawing at me for some time, and I am no longer young enough to afford any delay. I will find the truth, and will settle my mind. I do not fear that it will disturb Elizabeth greatly, as likely as not, the story ended long ago. I wish to know; that is all.

I will write as my researches progress; I have begun my enquiries, they will bear fruit sooner or later. I am, I am sorry to say, unused to not getting what I want. In that lies my reputation for arrogance and I suppose it is probably deserved. It is necessary; a humble businessman is about as much use as an arrogant priest and if you are not by nature self-confident, then you must appear so, or you will fail. It is not a quality that will ever be sung about by poets, but like all the darkness within us, such characteristics – shame, guilt, despair, hypocrisy – have their uses.

This pensiveness is foolish, I know. It began simply because of the death of William Cort; he asked me to come and see him in his wasting state and I went, travelling down to Dorset, where he had lived for the past forty years. A mournful meeting, but he was resigned to his end and not unhappy. Life had been a burden to him and he was looking forward to being rid of it. He gave me his message; it weighed on him. I made some remark, changed the subject as quickly as possible. Then I dismissed it from my mind. But it would not go. The thought came back to me, nestling in the back of my mind, ambushing me at the strangest of moments.

And when I was sitting with Tom Baring, trying to come up with an insurance policy to safeguard my companies in case of accident, the thought came into my mind once more. It would be an appropriate denigration, I thought, to tame my unease by using it so cynically. A block on opening the books so that the great hole in the finances is not revealed to shareholders – not watertight, nothing can be, but enough to enable an ingenious solicitor to tie everything up in knots for as long as is necessary.

My beloved shareholders would be alarmed and panic if all was open. But then shareholders are sheep, which is why they invest in little bits of paper, rather than in something real. Why they whinge and moan if something goes wrong but would never test their own mettle against the markets. Why they congratulate themselves on their acumen if their bits of paper rise in value due to the labour of others. It is the great unspoken passion of all businessmen: they may battle against their workers, criticise bungling governments, try their hardest to bankrupt and ruin their competitors, but they all, invariably, have some respect – if only small – for each of these. But shareholders disgust them, and if they could find a way of ruining them all, they would do so with pleasure and satisfaction. Managers of public companies are like slaves, as much as the workers they in turn employ. They may serve their masters well, be obsequious and conscientious, but deep in their hearts there is loathing. I feel it in myself, and I see it in others. I can detect it in Theodore Xanthos, as resentment and greed take hold of him. He will test himself against me sooner or later. I have expected it for years.

At the moment, I have committed my entire fortune to one extraordinary operation, to build battleships which no one has ordered, for a government which has not enough courage to tell the truth, to safeguard a people which does not want to pay for them. I have calculated that they will change their minds and I am prepared to back my judgement. And if they don't, I can ruin them all. They are corrupt, greedy, little men, and their grasping nature gives me the power to bend them to my will, should they thwart me. It is exciting, what business should be when it rises above mere production and strives for grandeur. Naturally, the shareholders would take fright if they knew what I was doing – although I have long believed that people who are not prepared to risk their money should not be allowed to keep it.

So I would protect myself from my shareholders with my niggling concern. Turn it to my advantage. Show it who was the master. I visited Henderson, had a sentence put into my will: '£250,000 to my child, whom I have never acknowledged . . .' The sum had to be big, so that it would affect all the other legacies, make it impossible to wind up the estate. Unacknowledged because non-existent.

I did not even mention it to Elizabeth, whom I tell most things, because I never considered it would be necessary. Dying has never been something which has struck me as even a remote possibility. That is for others. Even visiting Cort at his last did not make me think that, sooner or later, I would become like him. All I felt when I looked at him on his bed, so thin and weak, hardly able even to speak, was a distant interest. Concern, a little sadness for him, but no identification with his plight. No; in due course the provision would become redundant, the will would be recast. That would be the end of the matter.