There are accidents in business against which no good fortune nor even
the largest generosity can protect us.
Mr. Clutterbuck woke the next morning, after a night of such repose as
he had not lately enjoyed. The June morning in that delightful Surrey
air awoke all the perfumes of his small but well-ordered garden, and
he sauntered with a light step down its neat gravel paths, reflecting
upon his new property, considering what advice he should take, whether
to hold it for the necessities that might arise later in the year if
the campaign should take a more difficult turn, or whether it would
be found the experience of such of his friends as held Government
contracts, that he had better offer at once in the expectation of an
immediate demand.
To settle such questions needed some conversation with men back from
the front, a certain knowledge of the conditions in South Africa
(where, he was informed, the month of June was the depth of winter),
and many another point upon which a sound decision should repose.
As he mapped out his consequent activity for the coming day, he heard
the postman opening the gate in front of his villa, and went out to
intercept the daily paper which he delivered.
Mr. Clutterbuck tore its cover thoughtlessly enough in the expectation
of discovering some minor successes or perhaps an unfortunate but
necessary surrender of men and guns, when a leaded paragraph in large
type and at the very head of the first column, struck him almost as
with a blow. With a dramatic suddenness that none save a very few in
the highest financial world could have expected, negotiations for peace
had opened and the enemy had laid down their arms.
Mr. Clutterbuck sat down upon the steps of his house, oblivious of the
giggling maid who was washing the stone behind him, and gazed blankly
at the two Wellingtonias and the Japanese arbutus which dignified
his patch of lawn. He left the paper lying where it was, and moved
miserably into the house.
During the meal Mrs. Clutterbuck made no more allusion to his business
than was her wont, and was especially careful to say nothing in regard
to the deceased friend, whose relations with her husband she knew
had latterly been more than those of an ordinary acquaintance. She
did, however, permit herself to suggest that there must be something
extraordinary in the fact that the blinds in Mr. Boyle's house were now
lifted, that there had been no orders for a funeral, and that her own
investigations among her neighbours made it more than probable that no
such ceremony would be needed.
The candid character of her husband was slow to seize the significance
of this last item, but when in the course of the forenoon a police
inspector, accompanied by a less exalted member of the force,
respectfully desired an interview with him, Mr. Clutterbuck could not
but experience such emotions as men do who find themselves engulfed in
darkness by a sudden flood.
He was happy to find, after the first few moments, that it was not
with him these bulwarks of public order were concerned, but with that
faithless man whose name he had determined never again to pronounce.
Did Mr. Clutterbuck know anything of Mr. Boyle's movements? When had
he last seen him? Had Mr. Boyle, to his knowledge, taken the train for
Croydon as usual on the day he cashed the cheque? Had he any knowledge
of Mr. Boyle's intentions? Had Mr. Boyle shown him, by accident or by
design, a ticket for any foreign port? And if so (added the official
with the singular finesse of his profession) was that ticket made out
for Buenos Ayres?
To all of these questions Mr. Clutterbuck was happily able to give a
frank, straightforward, English answer such as satisfied his visitors.
Nor did he dismiss them without offering, in spite of the matutinal
hour, to the more exalted one a glass of wine, to the lesser a tumbler
of ale. To see them march in step out of his carriage gate was the
first relief he had obtained that morning.
He comforted his sad heart by the very object of his sadness, as is
our pathetic human way. He took a sort of mournful pride in handling
the great key that gave him access to the warehouse, and a peculiar
pleasure in snubbing the servant who had denied him when he had called
before.
These eggs after all were a possession; they were a tangible thing,
a million was their number; the very boxes in which they soaked were
property; and it cannot be denied that Mr. Clutterbuck, who had
hitherto possessed no real thing nor extended his personality to any
visible objects beyond his furniture, his clothes, his pipe, his
bicycle, and his wife, could not but be influenced by the sense of
ownership. Sometimes he would select an egg at random, and placing
it in the machine which had been witness of his first decisive
interview, he would examine whether or no it were still transparent;
but the occupation was but a pastime. Often he did not really note
their condition, and when he did note it, whether that condition were
satisfactory or no, he would replace the sample as solemnly as he had
chosen it.
Day after day it was Mr. Clutterbuck's mournful occupation to regard
them as they lay stilly in their brine, these eggs that had so long
awaited the call to arms from South Africa; that call which never came.
To complete his despair the rumours of a full treaty of peace, which
had tortured him for a whole week, were finally confirmed. He seemed
irrecoverably lost, and though a preserved egg will always fetch its
price in this country, yet the distribution of so vast a number, the
search for a market, and the presence of such considerable competitors
on every side--the total length of the boxes in which the eggs were
stored amounted to no less than six miles and one-third--made him
despair of recovering even one-half of the original sum which he had
risked.
Mr. Clutterbuck must not be blamed for an anxiety common to every man
of affairs in speculations which have not yet matured: and those who,
from a more exalted position in society, or from a more profound study
of our institutions would have reposed confidence in the equity of the
Government, must not blame the humble merchant of Croydon if in his
bewilderment he misjudged for a moment the temper of a British Cabinet.
That temper did not betray him. The Government, at the close of the
war were more than just--they were bountiful to those who, in the
expectation of a prolonged conflict, had accumulated stores for the
army.
No one recognised better than the Cabinet of the day under what an
obligation they lay to the mercantile world which had seen them through
the short but grave crisis in South Africa, nor did any men appreciate
better than they the contract into which they had virtually if not
technically entered, to recoup those whom their abrupt negotiations for
peace had left in the lurch. It could not be denied that the published
despatches of Lord Milner and the frequently expressed determination of
the Government never to treat with the Dutch rebels in the Transvaal,
had led the community in general to imagine a conflict of indefinite
duration. And if, for reasons which it is not my duty to criticise
here, they saw fit to reverse this policy and to put their names to a
regular treaty, the least they could do for those whose patriotism had
accumulated provisions to continue the struggle, was to recompense them
not only equitably but largely for their sacrifice.
The decision so to act and to repurchase, with a special generosity,
the eggs accumulated for our forces, was reinforced by many other
considerations besides those of political equity. It was recognised
that for some time to come a considerable garrison would be necessary
to constrain the terrible foe whom we had so recently vanquished; it
was recognised that of all articles of diet the egg has recently been
proved the most sustaining for its weight and price; the perishable
nature of the commodity, though it had been counteracted by the
scientific methods of the packers, was another consideration of great
weight, certain as it was that the preservation of these supplies could
not be indefinitely continued, and that the moment they were moved
dissolution would be at hand; finally, the Government could not forget
that these eggs, worth but a paltry farthing apiece upon the shores of
the Baltic or in the frozen deserts of Siberia, would exchange in the
arid waste of the veldt for fifty times that sum.
My readers will have guessed the conclusion: in spite of the fact that
the chief packer was no less than Sir Henry Nathan, a man willing to
wait, well able to do so, a continual and generous subscriber to the
Relief Funds; in spite of a letter to the _Times_ signed by Baron de
Czernwitz himself in the name of the larger holders, and professing
every willingness to accept bonds at 3-1/2 per cent., the condition of
the smaller men was enough to decide the Government. Within a week of
the cessation of hostilities, offers had been issued to all the owners
at the rate, less carriage, of one shilling for each egg which should
be found actually present beneath the surface of the brine; for here,
as in every other matter, our Government regulations are strict and
minute; there was no intention of paying in the rough for a vague or
computed number: it was necessary that every egg should be counted,
and its preservation determined, before a shilling of public money
should be exchanged for it. The inspection, the cost of which fell,
as was only just, upon the public purse, was rapidly and efficiently
accomplished by a large body of experts chosen for the purpose, and
organised under the direction of Lord Henry Townley, whose name and
salary alone are a guarantee of scientific excellence and accuracy.
Thus it was that a group of merchants who had in no way pressed the
authorities, who had stood the stress and strain of waiting during
those last critical days before the Treaty of Vereeniging was signed,
obtained, as such men always will from our Commonwealth, the just
reward of their public spirit and endurance.
Mr. Clutterbuck was perhaps not so fortunate as some others. Of the
million eggs which he nominally controlled, no less than 8306 were
rejected upon examination, and the bonds he received, so far from
amounting to a full £5000, fell short of that sum by over £415. Certain
expenses incidental to the transaction further lowered the net amount
paid over, but even under these circumstances Mr. Clutterbuck was not
disappointed to receive over £4500 as his share of compensation for
loss and delay.
Those who are willing to see in human affairs the guiding hand of
Providence and who cannot admit into their vocabulary the meaningless
expression "coincidence," will reverently note the part which an
English Government played in the foundation of a private fortune.
Elated, and (it must be admitted) rendered a little wayward in judgment
by this accession of wealth, Mr. Clutterbuck was more deeply convinced
of advancing prosperity when the rise of Government credit during
the next weeks still further increased the value of the bonds which
his bank held for him. He sold in July, and with the sum he realised
entered upon yet another venture, which must be briefly reviewed. Upon
the advice of an old and dear friend he purchased no less than 72,000
shares in the discredited property of the Curicanti Docks. The one
pound shares of that unhappy concern had fallen steadily since 1897,
when the whaling station had been removed to Dolores; but even here,
imprudent as the speculation may appear, his good fortune followed him.
The friend whose advice Mr. Clutterbuck had followed--a private
gentleman--had himself long held shares in the property of that
distant port; its continued misfortune had raised in him such doubts
as to its future that he thought it better a solid brain such as Mr.
Clutterbuck's should help to direct its fortunes, than that he and
others like him should be at the loss of their small capital. He
arranged with an intermediary for the sale of the shares should Mr.
Clutterbuck desire to purchase in the open market, and was relieved
beyond measure to find his advice followed and Mr. Clutterbuck
in possession of the whole parcel at one and a penny each. To
the astonishment, however, of the friend, and still more of the
intermediary whom that friend had employed, the difficulties of the
Curicanti Docks were in the very next month submitted to arbitration; a
man of Cabinet rank, whose name I honour too much to mention here, was
appointed arbitrator. The help of the Imperial Government was afforded
to re-establish a concern whose failings were purely commercial, but
whose strategic importance to the Empire it needs but a glance at the
map to perceive. The shares which had dropped some days after Mr.
Clutterbuck's purchase to between ninepence ha'pennny and ninepence
three farthings, rose at once upon the news of this Imperial Decision
to half a crown. The negotiations were conducted by that tried
statesman with so much skill and integrity that, before September, the
same shares were at eight and fourpence, and though the commercial
transactions of the port and the grant of Government money upon the
Admiralty vote did not warrant the public excitement in this particular
form of investment, it was confidently prophesied they would go to par.
They did not do so, but when they had reached, and were passing, ten
shillings Mr. Clutterbuck sold.
He had not intended to dispose of them at so early a date, for he
was confident, as was the rest of the public, that they would go to
par. His action, due to a sudden accession of nervousness and to a
contemplation of the large profit already acquired, turned out, however
(as is so often the case with the sudden decisions of men with business
instinct!) profoundly just. In one transaction, indeed, a few days
later, Curicantis were quoted at ten shillings and sixpence, but it is
not certain that they really changed hands at that price, and certainly
they went no higher.[1]
As the autumn thus turned to winter, Mr. Clutterbuck found himself
possessed, somewhat to his bewilderment and greatly to the increase of
his manhood, of over £50,000.
It has often been remarked by men of original genius as they look back
in old age upon their careers, that some one turning point of fortune
established in them a trust in themselves and determined the future
conduct of their minds, strengthening all that was in them and almost
compelling them to the highest achievement. In that autumn this turning
point had come for Mr. Clutterbuck.
There were subtle signs of change about the man: he would come home
earlier than usual; the four o'clock train in which the great Princes
of Commerce are so often accommodated would receive him from time to
time; there were whole Saturdays on which he did not leave for the
City at all. He was kinder to his wife and less careful whether he
were shaved or no before ten o'clock in the morning. Other papers than
the _Times_ found entry to his villa: he was open to discuss political
matters with a broad mind, and had more than once before the year was
ended read articles in the _Daily Chronicle_ and the _Westminster
Gazette_. He had also attended not a few profane concerts, and had
bought, at the recommendation of a local dealer, six etchings, one
after Whistler, the other five original.
But, such is the effect of fortune upon wise and balanced men, he did
not immediately proceed to use his greatly increased financial power
in the way of further speculation; he retained his old offices, he
invested, sold, and reinvested upon a larger scale indeed than he
had originally been accustomed to, but much in the same manner. A
cheeriness developed in his manner towards his dependents, notably
towards his clerk and towards the office boy, a staff which he saw no
reason to increase. He would speak to them genially of their affairs
at home, and when he had occasion to reprimand or mulct them, a thing
which in earlier days he had never thought of doing, it was always
in a sympathetic tone that he administered the rebuke or exacted the
pecuniary penalty.
It was long debated between himself and his wife whether or no they
should set up a brougham; and Mrs. Clutterbuck, having pointed out the
expense of this method of conveyance, herself decided upon a small
electric landaulette, which, as she very well pointed out, though of
a heavier initial cost, would be less expensive to maintain, less
capricious in its action, and of a further range. She argued with
great facility that in case of any interruption in train service, or
in the sad event of her own demise, it would still be useful for
conveying her husband to and from the City; and Mr. Clutterbuck having
pointed out the many disadvantages attaching to this form of traction,
purchased the vehicle, only refusing, I am glad to say, with inflexible
determination, to have painted upon its panels the crest of the
Montagues.
No extra servants were added to the household; but in the matter of
dress there was a certain largeness; the cook was trained at some
expense to present dishes which Mr. Clutterbuck had hitherto only
enjoyed at the Palmerston Restaurant in Broad Street; and the bicycle,
which was now no longer of service, was given open-handedly to the
gardener who had hitherto only used it by permission.
Simultaneously with this increase of fortune, Mr. Clutterbuck acquired
a clean and decisive way of speaking, prefaced most commonly by a
little period of thought, and he permitted himself certain minor
luxuries to which he had hitherto been unaccustomed: he would buy
cigars singly at the tobacconist's; he used credit in the matter of
wine, that is, of sherry and of port, and his hat was often ironed when
he was shaved.
It must not be imagined, however, that these new luxuries gravely
interfered with the general tenor of his life. His wife perceived,
indeed, that something was easier in their fortunes, that the cash
necessary for her good deeds (and this was never extravagant) was
always present and was given without grudging. His ample and ready
manner impressed his neighbours with some advance in life. But nothing
very greatly changed about him. He lived in the same house, with the
same staff of servants; he entertained no more at home, for he was
shy of meeting new friends, and but little more in the City, where
also his acquaintance was restricted. This wise demeanour resulted in
a continual accumulation, for it is not difficult in a man of this
substance to buy and sell with prudence upon the smaller scale. Mr.
Clutterbuck for five years continued a sensible examination of markets,
buying what was obviously cheap, selling what even the mentally
deficient could perceive to be dear, and though he missed, or rather
did not attempt, many considerable opportunities (among which should
honourably be mentioned Hudson Bays, and the rise in the autumn of 1907
of the London and North Western Railway shares),[2] the general trend
of his judgment was accurate. For two years he maintained a slight but
sufficient growth in his capital, and he entered what was to prove a
new phase of his life in the year 1910 with a property, not merely upon
paper, but in rapidly negotiable securities, of over £60,000, a solid
outlook on the world, and a knowledge of the market which, while it did
not pretend to subtle or occult relations with the heads of finance,
still less to an exalted view of European politics, was minute and
experienced.
It was under these conditions that such an increment of wealth came
to him as only befalls men who have earned the apparent accident of
fortune by permanent and uncompromising labour.
In the April of that momentous year 1910, Mr. Clutterbuck suddenly
achieved a financial position of such eminence as those who have
not toiled and thought and planned are too often tempted to believe
fortuitous.
FOOTNOTES:
[Footnote 1: The present price of sixpence a share is, in the opinion
of the author, merely nominal, and any one with a few pounds to spare
would do well to buy, for further Government action in connection with
the docks has been rendered inevitable by the necessity of admitting
new ships of the _Dreadnought_ type for repair to plates after firing.]
[Footnote 2: After the fruitful interference of the Board of Trade.]