by John Buchan
Having got a list of the chief shareholders in Daphne Concessions, he set out to bargain for their holdings in the speediest way, by personal visitation. I gathered that time was of the essence of the business.
First of all he flew to Berlin. There he had an interview with the president of one of the big air services, and, having a good deal of purchase, obtained certain privileges not usually granted to the travelling public. The said president gave a dinner for him at the Adlon, at which he met two people with whom he had long conversations. One was Dilling, the airman, one of the few German aces who had survived the war, who was now busy blazing the trails in commercial aviation. He was specializing at the moment in trans-African flights, and hoped to lower the record from Europe to Cape Town. Tavanger made friends with Dilling, who was a simple soul wholly engrossed in his profession.
The other guest was Sprenger, the metallurgical chemist who had first discovered the industrial uses of michelite. Sprenger was an untidy little man of about sixty, the kind of genius who has never reaped the fruit of his labours and is inclined to be peevish. But he went on doggedly with these labours under considerable difficulties, living on certain small fees for patent rights and on a modest salary paid him by the not very flourishing Rosas-Sprenger company. Tavanger had a remarkable gift of winning people’s confidence, and he made Sprenger talk freely, since the latter had no notion that his companion had any michelite interests, though he showed an intelligent appreciation of the metal’s possibilities. Three things Tavanger discovered. The first was that Sprenger was ill-informed about the Daphne Concessions, from which it might be deduced that his company was equally in the dark. Therefore no immediate competition for the Daphne shares need be looked for from that quarter. The second was that he was desperately loyal to his own company, and would never be seduced into a rival concern. This solved one problem for Tavanger, who had been ready to pay a considerable price for Sprenger’s services. The third was that the little chemist was toiling away at michelite problems, especially the major difficulty of the smelting costs, and was inclined to hope that he was on the brink of a great discovery. Any such discovery would of course belong to his company, but Tavanger ascertained that the Rosas-Sprenger had an agreement with the Anatilla to pool any devices for lessening costs. The Anatilla no doubt provided some of the working capital which enabled the German company to experiment.
The dinner convinced Tavanger that there was no time to be lost. He flew to Salonika by the ordinary Middle East service, and then changed into a seaplane which took him to Crete. The famous antiquary, Dr. Heilbron, was busy there with his Minoan excavations. Heilbron had some years before been engaged in investigating the Zimbabwe remains, and had spent a considerable time in Rhodesia. For some reason or other he had been induced to put money into Daphne Concessions at the start, and owned a block of five thousand shares which he had almost forgotten about.
I could guess at the masterly way in which Tavanger handled Heilbron and got what he wanted. He appeared to be the ordinary traveller, who had dropped in on his way to Egypt to get a glimpse of the antiquary’s marvellous work. Being well read, he no doubt talked intelligently on the Minoan civilization. He let drop that he was a businessman with South African interests, and drew from Heilbron the story of his Daphne investment. The antiquary was comfortably off, but excavation consumes a good deal of money, and he seems to have jumped at Tavanger’s offer to buy his shares, which he had long ago written off as worthless when he thought of them at all. Tavanger offered a good price for them, but insisted on Heilbron consulting his stockbroker. The answer was favourable, and the transfer was arranged by cable.
While in Crete Tavanger received another cable which perturbed him. The big block of Daphne shares which he had acquired was not all in his own name; the registered holders of a third were his nominees and quite obscure people. This had been done with a purpose. He wanted to know if the Anatilla people were coming into the market; if they did, they were not likely to approach him in the first instance, but to go for the humbler holders. The cable told him that an offer had been made to one of his nominees—a handsome offer—and that this had been traced by his intelligence department as coming through two firms who were known to handle a good deal of Glaubsteins’ European business.
Tavanger had had a long experience of Glaubsteins’ methods, and he was aware that they did not enter any market for fun. If they were buyers of Daphnes at all they were out for complete control, and, being people of his own stamp, would not let the grass grow under their feet. They had obviously started on the road which was to lead to a great combine. The bulk of the shareholders were in South Africa, and he was morally certain that at this moment representatives of Glaubsteins’ were on steamers bound for the Cape. Well, it behooved him to get there before them, and that could not be done by returning to England and embarking in a South African boat. No more could it be done by the Messageries line and the East African route. A bolder course was required, and, faced with apparently insurmountable difficulties, Tavanger began to enjoy himself.
He cabled to the Aero president in Berlin and to Dilling, and then set his face for Egypt. Here he struck a snag. There was no direct air line from Crete to Cairo, and if he went back to Salonika the journey would take him six days. But he managed to pick up a coasting steamer from the Piraeus, and by bribing the captain induced it to start at once. The weather grew vile, and the wretched boat took five days to wallow through the Eastern Mediterranean, while Tavanger, a bad sailor, lay deathly sick in a smelly cabin. He reached Cairo, pretty much of a physical wreck, only one day earlier than by the comfortable Salonika route.
But, as it happened, that one day made all the difference, for it enabled him to catch Dilling before he started on his southward journey. With Dilling he had all sorts of trouble, for the airman, in spite of the recommendation of the Aero president, showed himself most unwilling to take a passenger. He was flying a new type of light machine, and he wanted as his companion a skilled mechanic.
I don’t know how Tavanger managed to overcome his reluctance; he called in some of his airmen friends at the Cairo station, and he got the British authorities to make an international favour of the thing, but I fancy the chief weapons were his uncommon persuasive power and his personal magnetism. Anyhow, after a hectic afternoon of argument, Dilling consented.
Then began a wild adventure. Tavanger had never flown much, only pottered between Croydon and the continent, and now he found himself embarked on a flight across the wildest country on earth, with a pilot who was one-fourth scientist and three-fourths adventurer, and who did not value his own or anybody else’s life at two pins. Tavanger admitted to me that at first his feet were cold. Also, Dilling on a big flight was a poor companion. His eagerness affected his temper, and his manners were those of a slave-driver and his conversation mostly insults.
As long as they were in the Nile Valley things went well enough. But in the basin of the Great Lakes they ran into a chain of thunderstorms, and after that into headwinds and massive sheets of rain. The bucketing they got played the deuce with the light machine, and engine trouble developed. They had to make a forced landing in very bad forest ground on the skirts of Ruwenzori, where they found that something had gone wrong with the petrol pump and that some of the propeller and cylinder bolts had worked loose. For forty hours they toiled in a tropical jungle cloaked in a hot wet mist, Dilling cursing steadily. Tavanger said that before they had got the machine right he had learned a good deal about air mechanics. When they started again they found that they had two lizards and a snake in their fuselage!
After that they had many minor troubles, and Dilling’s temper had become so vile, owing to his disappointment at the rate of speed, that Tavanger had much ado to keep the peace. He himself had contracted a chill, and for the last ten hours of the journey had a high temperature and a blinding headache. When they reached Bulawayo and he crawled out of his seat he could scar
cely stand. Dilling, having made port, became a new man. He kissed Tavanger on both cheeks, and wept when he said goodbye.
Tavanger went to an hotel, sent for a doctor, and cured himself in two days. He could not afford to waste time in bed. Also he permitted himself to be interviewed by the local press, for his journey with Dilling, in spite of the delays, had been something of a feat. He told the reporters that he had come to South Africa for a holiday, but that he hoped, while in the country, to have a look round. This of course meant business, for Tavanger’s was a famous name in the circles of high finance. He mentioned no particular line, but hinted at the need for the establishment in South Africa of a certain type of steel-making plant to meet local requirements, with a possible export trade to India. He had considerable steel interests in Britain, and all this sounded quite natural. He knew that it would be cabled home, and would be read by the Anatilla people, and it seemed to him the best camouflage. If rumours got about that he was enquiring about Daphnes, they would be connected with this steel scheme and not taken too seriously.
He now controlled twenty-two thousand odd of the hundred thousand ordinary shares. There were five people in South Africa—about a dozen possibles, but five in particular—from whom he hoped to acquire the balance which would give him a controlling interest. The first was a retired railway engineer, who lived at Wynberg, near Cape Town. The second was a lawyer who had a seat in the Union Parliament, and the third was a Johannesburg stockbroker. The other two were a mining engineer employed at a Rhodesian copper mine, and a fruit farmer in the Salisbury district. Tavanger decided that he had better begin at Cape Town, for that was the point which the Anatilla emissaries would reach first, and he must not be forestalled. The Anatilla people were of course in possession of all the information about the shareholders that he had himself.
So, reflecting that he was playing a game which seemed to belong to some crude romance of boyhood, Tavanger flew to Cape Town, and put up at the Mount Nelson. He had various friends in the city, but his first business was to study a passenger list of the incoming steamers.
The tourist traffic to South Africa does not begin till after Christmas, so he found the lists small, and most of the people, with the help of the shipping clerks, he was able to identify. None of the passengers gave an American address, but he decided that the Anatilla representative was one or other of two men, Robson and Steinacker. Then he gave a luncheon to some of his friends, and proceeded to sound them cautiously about the retired railway man at Wynberg, whose name was Barrowman.
It turned out that he was a well-known figure, a vigorous youth of sixty whose hobbies were botany and mountaineering. Now, Tavanger in his youth had been an active member of the Alpine Club—he had begun climbing as a boy with his Swiss relations—and he was delighted to find a ready-made link.
It was arranged that he should meet Barrowman at dinner at the house of one of his friends at Muizenberg, and presently, on a superb moonlit night, with the long tides breaking beneath them on the white sands, he sat on the Muizenberg stoep next a trim little man who overflowed with pent-up enthusiasms. Barrowman had made a comfortable small fortune by his profession, and was now bent on sampling all the enjoyments which had been crowded out of a busy life. He was a bachelor, and had settled at Wynberg in order that he might be near Table Mountain, on whose chimneys and traverses he was the chief authority. Tavanger conjured up his early ardour, asked eagerly concerning the different routes and the quality of the rock, and gladly accepted Barrowman’s offer to take him next day to the summit of the mountain.
They spent some very hot and fatiguing hours in kloofs which were too full of vegetable matter for comfort, and reached the summit by a difficult and not over-safe chimney. Tavanger was badly out of practice and training, and at one point was in serious danger. However, the top was won at last, and Barrowman was in the best of tempers, for it pleased him to find one, who was some years his junior and who had done most of the legendary courses in the Alps, so manifestly his inferior in skill and endurance. So as they ate their luncheon on the dusty tableland he expanded happily.
It appeared that he thought of retiring for good to England. He had climbed everything in South Africa worth climbing, including the buttresses of Mont Aux Sources, and he wanted to be nearer the classic ground of his hobby. Also he dreamed of an English garden where he could acclimatize much of the Cape flora . . . He would like, however, to realize some of his South African holdings. All his eggs were in the one basket, and, if he was going to settle at home, he ought to distribute them better. In England one could not watch South African stocks with the requisite closeness. “The trouble,” he said, “is that it’s a rotten time to change investments. Good enough for the buyer, but the devil for the seller . . . Do you know anything about these things?”
“A little,” Tavanger answered. “You see, they’re more or less my profession. I should be delighted to help you. If your things are sound, there is generally a fair market to be had, if you take a little pains to find it.”
So three hours later in the Wynberg bungalow he went with Barrowman over his holdings. Most were good enough—town lots in Johannesburg, Bulawayo and Durban, investment company debentures, one or two deep-level gold properties which were paying high dividends; but there was a certain amount of junk, mostly land development companies where Barrowman had come in on the ground floor. “Oh, and there’s those Daphnes,” Barrowman said wryly. “God knows why I ever got let in for them. There was a man at Salisbury who swore by them, and as I was rather flush of money at the time I plunged. I meant to realize in a month or two, but the darned things have never paid a penny, and no one will look at them. I’ve tried to get rid of them, but I was never bid more than five bob.”
Tavanger took a lot of pains with Barrowman’s list, and, since he seemed to possess uncanny knowledge of the markets of the world and was a fellow-mountaineer, Barrowman accepted all he said for gospel. He advised holding on to the town lots and the debentures, but taking the first favourable moment to sell the deep levels, the producing life of which was limited. As the dividends were high they would fetch a reasonable figure. As to the unsaleable junk, Barrowman had better hold on; you never knew how a dud might turn out. “I can get you a fair price for your Daphnes,” he added. “They’re not everybody’s stock, but they might have their uses.”
“What sort of price?” Barrowman asked. “I bought them at par, you know.”
“I can get you sixteen and six,” was the answer. “At least, I think I can . . . I tell you what I’ll do. This is my own line of country, and as a speculation I’ll buy them from you at that price. Call it a small return for your hospitality.”
This was the price that Tavanger had paid in London, and Barrowman jumped at it. “I felt so generous,” Tavanger told me, “that I took over also a block of shares in a thing called the Voortrekkers, a land company which owned a lot of Portuguese bush-veld, and had sat tight on its undeveloped holding for twenty years. Barrowman almost wept when I gave him my cheque for the lot. I really felt that I had done well by him, for, when you added the worthless Voortrekkers, I had paid pretty nearly par for the Daphne shares.”
The next step was easy. The lawyer-politician, Dove by name, Tavanger had already met. He was frankly hard up, for he had spoiled a good practice by going into Parliament, and at the same time was determined to stick to politics, where his chief ambition lay. He knew all about Tavanger by repute, and actually sought him out to consult him. Tavanger was friendly, and declared himself anxious to help a man who had so sound a notion of the future of the Empire. A directorship or two might be managed—he controlled various concerns with South African boards—he would look into the matter when he got home. He counselled Dove to give as much time as he could to the Bar—he would do what he could to put work in his way. Thus encouraged, Dove opened his heart. He wanted money, not in the future but now—there were payments due on certain irrigated lands w
hich he owned, and he did not want to have the mortgages foreclosed. But everything was at such ruination prices, and if he sold any of his sound investments it would be at a hideous loss. Tavanger asked him what he had, and in the list given him was a block of Daphne shares about which Dove was blasphemous. Tavanger appeared to consider deeply.
“I’ll tell you what I’ll do,” he said at length. “I’ll buy your Daphnes. I might make something of them. They’re not worth half a crown to the ordinary operator, but they’re worth more than that to me. To me, and I believe to scarcely anybody else. I’ll give you sixteen and sixpence for them.”
Dove stared and stammered. “Do you mean it? It’s tremendous. But I can’t take it, you know. It’s pure charity.”
“Not a bit of it,” said Tavanger. “I quote you sixteen and six because I happen to know that that was the price paid for a block in London the other day by a man who was very much in my position. It’s a gamble, of course, but that’s my business.”
As Tavanger was leaving the club, where he had been having an early lunch with Dove, he ran into Barrowman in the company of a lean, spectacled gentleman, whose particular quality of tan proclaimed that he had just landed from a sea voyage. Barrowman was effusive in his greetings and longings for another talk before Tavanger sailed. “I can’t wait now,” he said. “I’ve got to give a man luncheon. A fellow called Steinacker, an American who has an introduction to me from one of my old directors.”
Tavanger took the night mail to Johannesburg, feeling that he had won his first race by a short head.
The next proposition was tougher. The Johannesburg stockbroker, Nall by name, to whom he had taken the precaution of being introduced by cable from London, received him royally, insisted on putting him up in his big house in the Sachsenwaid, and gave a dinner for him at the Rand Club, to which most of the magnates of the place were bidden. Tavanger was of course a household name in these circles, and there was much curiosity as to what he was doing in South Africa. He stuck, both in private talk and in his interviews with the press, to his original story: he was there for a holiday—had long wanted to fly Africa from north to south—was becoming interested in commercial aviation—hoped to get some notion of how South Africa was shaping—had some idea of a new steel industry. He made a speech at the Rand Club dinner in which he expounded certain views on the currency situation throughout the globe and the importance of discovering new gold fields. For three days he feasted and talked at large, never saying anything that mattered, but asking innumerable questions. Nall watched him with a quizzical smile.