Mr. Harry Smith, for that was the gentleman’s name, stared at her in astonishment. “Upon my word, Mrs. Elizabeth,” said he, “you express yourself very decidedly. It is for Lady Jersey to lead this meeting, and not for you to dismiss her enquiries so peremptorily.”
“What a gem, Harry,” said Lady Jersey. “‘Tis seldom that I have been spoken to so bluntly. Well said, Mrs. Elizabeth. I am known for being too inquisitive. But you have not upset me in the slightest. Indeed, you remind me of myself, perhaps when I was not so jaded by society. You are young; pray, what is your age?”
“I am some months shy of one and twenty, your ladyship; the second of five sisters.”
“Do you see, Harry? The same age as when I took up my inheritance and became head partner. I believe we should offer Mrs. Elizabeth the same courtesy as you gave me.”
“Are you prepared to represent Mr. Gardiner’s interests, Mrs. Elizabeth, or would you rather we postpone the meeting?” Lady Jersey looked intently at Elizabeth. “For myself, I would hear, in your own words, how his business has fared. And—” she held up a gloved hand, forestalling any protest—“I wish to judge not merely the numbers in your ledger, but the sense in your head. This bank is run by a woman, Mrs. Elizabeth, and I do not think your uncle’s affairs will overmatch me.”
Elizabeth could not retreat—there was an air of challenge in Lady Jersey’s demeanour. She looked at her notes, calming herself, before drawing a deep breath. “Mr. Gardiner’s firm has seen steady growth these last two years,” she said, gaining confidence as she spoke. “He has diversified his shipments: cotton and silks from the Indies, teas from Canton, and, since last autumn, a modest venture in Spanish wool. The risk is not inconsiderable, but the returns have—thus far—been promising.”
She laid out her uncle’s correspondence and a slender account book, opening the latter for their inspection. Her speech was rather pedantic, having rehearsed what she wished to say that morning before leaving Gracechurch Street. “His warehouse on the Legal Quays is newly expanded, now employing some twenty men. In the last quarter alone, he cleared over six thousand pounds in goods—after duties and expenses. He has contacts in the Americas and, with some foresight, avoided entanglements in the Atlantic trade, fearing the growing political instability. Instead, he has invested in reliable returns—insurance, shipping partnerships, and several government consols.”
Her delivery, she thought, was as exciting as a Fordyce Sermon, yet Harry Smith leaned forward, raising his eyebrows in surprise. “Six thousand, you say? Does he speculate himself, or does he prefer the safety of government paper?”
Elizabeth relaxed, letting her voice grow steadier as she spoke of facts, not feelings. “My uncle is not a gambler by nature, sir. He allows himself a little risk, but only where his knowledge is sure. He believes the security of his family—of his employees—depends upon prudence rather than boldness.”
Lady Jersey nodded, approval flickering across her face. “And yourself, Mrs. Elizabeth? Would you counsel caution—or adventure?”
Elizabeth hesitated only a moment. “I would counsel both, my lady. Boldness without understanding is folly, but caution alone breeds stagnation.”
Lady Jersey smiled—a quick, bright expression that transformed her face. “Well said. Your uncle is fortunate to have you. Let us see these figures, then. Harry, pay attention; you may learn something from a woman’s account.”
As Elizabeth handed over the ledgers, she felt a subtle and private satisfaction. For the first time since entering the room, she allowed herself to hope that she might not stumble.
* * *
On Elizabeth’s return to Gracechurch Street, she was welcomed by a beaming Mr. Gardiner. His wife, Madelaine, had been safely delivered of a boy—a brother for Jenny, their two-year-old daughter.
“Is all well with Aunt Madelaine?” Elizabeth enquired, rather anxiously, for it was well known that many women died in childbirth or came down with the childbed fever shortly thereafter.
“She is very well, and the babe is hearty,” her uncle replied. “Come, Lizzy, let us share a glass in celebration. Your aunt is sleeping, and the midwife has just this moment left the house.” They entered the parlour, and her uncle poured a glass of Madeira for himself and sherry for Elizabeth—though both fortified wines, she found Madeira a little too bitter for her taste.
“Lizzy, I forgot, in all the excitement of Madelaine in labour, how went it with Child & Co.? I trust they understood why I cancelled my attendance—did they arrange another meeting?”
Elizabeth chuckled. “Indeed not, uncle. I was shown into their grand boardroom, the Oak Room, as it is called—of rather more pretension than the modest exterior of the building. You had warned me that I would likely meet with Mr. James Wood, senior partner, and that he was a difficult man, prone to think rather too well of himself. I believe it was he with whom you had previously dealt, was it not?”
“Did you find him so? I was in two minds as to whether to send you to the bank, but thought it better that they should be informed of my being indisposed personally, rather than send a note.”
“No, Mr. Wood did not attend. There were but two partners—a Mr. Harry Smith and Lady Jersey herself.”
“Lady Jersey!” Mr. Gardiner exclaimed. “While she takes a great interest in the company—after all, she is the majority shareholder—she rarely intervenes in commercial dealings. I had heard she was rather rude and overbearing. And of great influence in theton, though we do not inhabit such elevated circles.”
“I was treated very kindly—though it was clear she doesn’t suffer fools,” said Elizabeth. “Oh, uncle, I was so nervous! Yet I found there is a stubbornness about me that seems never to be frightened at the will of others—even their clerk tried to unsettle me. But my courage always rose with every such attempt.”
“And the outcome, Lizzy? Are they to call in their investment?”
“No, sir, indeed not! I was forced to restrain their ardour, for they wished to settle more funds on your business. I truly believe, uncle, you are their current favourite. They were most impressed by your clearing six thousand pounds over the past quarter—an excellent return on their investment.”
“Ah, exceedingly good news,” said he. “I must admit that their endorsement will greatly ease my doing business in the City. But I detect a slyness, Lizzy. For though the accounts are good, I have never heard before of such approbation from the bank. Indeed, Mr. Harry Smith is known to be a very cautious partner. You must have been a great ambassador for my business.”
“We were fortunate that I am of an age when Lady Jersey came into her inheritance,” she said, modestly. “Rather than dismissing me for my youth, she showed great interest in my presentation and my understanding of commerce.” Elizabeth laughed. “That is all to the good. But now, I would like to attend my dear aunt, or at least meet my sweet nephew.”
* * *
Chapter 2
Gracechurch Street, March 1812
