She tapped the line. It was strikingly inefficient.
“We’ve had problems getting permission to take the line through some of the estates,” Vesperian reminded her. “In the long run, however, it will work in our favor. Clear proof of profit will convince the holdouts to join us, allowing us to expand the network through their territory. We’ll be in a better position to dictate terms when we no longer need them.”
Emily wasn’t so sure. She’d met enough aristocrats to know they reacted badly to anything that threatened their power. The railway, in and of itself, wasn’t much of a threat. It might even be profitable. But it would introduce a whole new world to the peasants laboring on the farms. Who knew what would happen when peasants could purchase a railway ticket to Beneficence…
…And never come back.
It’s hard enough catching runaways who flee to the nearest city, she thought, grimly. She’d had to deal with hundreds of complaints from her neighbors, the last time she’d been in Cockatrice. Too many of their peasants were fleeing into her territory. How much harder will it be if the runaways can cross the entire country?
It wasn’t the only problem, either. Building a line over relatively flat countryside was simple enough, but cutting through hills and mountains would be considerably harder. Vesperian would have to build bridges and stations, install crossings…everything necessary to run a railway line up to the Iron Hills. And there would be an ongoing demand for maintenance that would eat up the early profits…
“It’s an impressive scheme,” she said. It wasn’t a lie. It was impressive. But she doubted that profits would materialize as quickly as he suggested. “Why did you want to show it to me?”
Vesperian leaned forward. “I wanted to give you the opportunity to invest,” he said, confidently. “I can give you notes at a rate of ten-to-fifteen.”
Emily blinked. Marian had mentioned notes, hadn’t she? But she hadn’t gone into detail.
“You want me to invest,” she said, slowly.
“Yes,” Vesperian said. “Unfortunately, such a large project requires a sizable investment.”
“It would,” Emily agreed.
She listened as he outlined what he had in mind. Thankfully, listening to some of her tutors had taught her how to follow speakers who weaved backwards and forwards, sometimes changing the subject at random. It was simple enough, at least on first glance. She would invest ten thousand gold crowns, publicly, into Vesperian’s Track. In exchange, she would receive fifteen thousand crowns when the profits started rolling in. Vesperian himself wouldn’t take any profit until his investors had been serviced.
It sounded good. It sounded too good to be true.
They might not be able to get the line built, she thought, looking down at the map. The line between Beneficence and Cockatrice served as a proof of concept, but it was also relatively simple. Scaling it up, even pushing the line to Swanhaven, would be expensive. And if they can’t get permission to build the line, everything will be wasted.
And yet, she knew the railway line was necessary…
“I will consider it,” she said. “However, before I offer any money, I will require a good look at your accounting books.”
Vesperian’s face froze, just for a second. “My books?”
“I need to know just how profitable the first part of the railway has been,” Emily said. It seemed the obvious thing to check. “You do keep figures, don’t you?”
“Of course I do,” Vesperian said. “The line has been profitable, strikingly profitable.”
Then you should be willing to prove it, Emily thought.
She looked back at him. “I am unwilling to invest any money until I know that the line is profitable,” she said, flatly. She wasn’t Bryon – or Imaiqah – but she knew a few things. “I will require a look at the accounting books, a comprehensive cost-benefit analysis for the future expansion and a full list of your investment collateral.”
Vesperian’s face darkened. “There are details I cannot share,” he said. “My investors…”
“Should have no objection to anything I demanded,” Emily said. Had Vesperian’s original investors bothered to do any due diligence? “I believe they would be interested in seeing the books too.”
Vesperian rose, firmly. “Thank you for coming, Lady Emily,” he said. It was clearly a dismissal. “I may not be able to offer so good a deal in future.”
“I will not change my mind,” Emily said. “I cannot even consider a loan before seeing your books.”
“As you wish,” Vesperian said. He snapped his fingers. The door opened a moment later, revealing Callam. “My assistant will escort you back to your bank.”
My bank, Emily thought.
She looked at him. “How did you know I was here? At the bank, I mean?”
Vesperian smiled. “That would be telling.”
Emily sighed. She’d announced herself to the clerk, in front of two guards. Any of them could have tipped off Vesperian. They might not even be breaking their contracts with Markus! Or…perhaps someone had put two and two together and realized that she was staying with Caleb’s family. It wouldn’t be that hard to deduce her identity. Caleb and she hadn’t made any sort of formal announcement, but the magical community probably knew they were dating. The thought made her more uncomfortable than she cared to admit. Her private life was none of their business.
She nodded to Vesperian, catching a hint of…something…crossing his face. He hid it well, but he clearly hadn’t been brought up in an aristocratic household. He was…fearful? Or worried?
Perhaps he has reason to worry, she thought.
She followed Callam out of the house and through the streets. They seemed tenser somehow, although it was hard to put her finger on it. The crowds milled around, small groups forming only to break up moments later. She was missing something, she was sure. But what?
“Lady Emily,” Callam said, breaking into her thoughts. “Where do you want to go?”