Page 44

There was momentary hesitation.

“I have been keeping track of those who wronged you.”

Elizabeth’s eyes focused on Lawrence with a disturbing intensity.

“I was asked to do so by Lord Napier before he passed. I have the letter here.”

The proffered letter was waved away. Elizabeth knew he was not lying.

“Will it be troubling?”

“No, my Lady. Definitely not.”

“We will talk of this after the discussion over my finances. Is there anything else?”

“The last item is more of a discussion my Lady. It is about your building a life within society. What to expect, how to act, a path that will guide you, all these things and many more.”

Elizabeth had expected this to be the sole focus of the morning, it was not unexpected.

“I see. Right then finances first.”

Lawrence laid out all that had happened over the last two years.

“You did not spend even a quarter of your income during this time. The income from the land is stable, growing very slowly but consistently. The two Stewards have worked closely with the Agent to bring the estates up to date and to increase the income earned where possible.”

“This would be the construction of the dairy, I believe.”

“Exactly my Lady. There is a small yet successful dairy on one of the minor estates and it was decided to build one on the main Napier estate. Between the town of Bath and the city of Bristol there will be easy markets for the butter and cheese, in addition to the milk and cream.”

“And the tenants?”

“Doing well my Lady. The cottages across all the estates have been inspected, as well as the barns and outbuildings. There is a plan for the immediate repair as well as long term renewal of the cottages. Many landlords would claim your tenants are being spoiled but I would not go so far. They are being well treated and the increased returns reflect the benefit of this treatment.”

“Good.”

Elizabeth rode the main estate, and was a known sight. But she was aware that Lady Napier had staff to see to the needs of her tenants. She was a figurehead and insisted on the money being spent. She did not sit with the wives of tenant farmers.

“You gave me wide discretion with regard to making investment decisions, especially with the recent surpluses. I have sent summaries to Miss Underwood and I know from her letters that you have read my reports and asked the occasional question. Is there anything you wish to discuss now that we are face to face?”

“I do not wish to go through every investment, I am not here to second guess your decisions. But I would be interested to hear why you chose those investments, rather than others.”

“Of course. The main reason is the returns are substantially higher. That is the fundamental point. Now higher returns normally mean there is a higher risk of losing money. Which is why I have, with one exception, spread the investments across a dozen different businesses.”

He spent quite a while talking about where he had invested and where he had not.

“Even although the Napier lands are doing well, the return is still much less than available on these industrial investments?”

“Yes my Lady. Even with the recent agricultural innovations the land yields less than money in the Consols.”

“That is why you have suggested that we do not acquire additional acreage?”

“Yes. Although I would not proclaim that publically.”

“Is there a reason for such reticence?”

“Your late husband actually disposed of several small plots of land in Kent. He listened to my ideas and quietly pruned all the outlying parcels of land he owned. In all cases the land was swiftly purchased. You know how he spoke of money. He was clear in his belief that money is power. For most of the Peerage, the gentry and squires around the country, land is power. It is the basis of governance in every county of the Kingdom. We are in the process of that having that change, it no longer being an absolute. Where we are in that process is unknown, it will only be known when it is over I suspect. But there are many wealthy people who have made their fortunes through industry and trade.

“Your husband kept the main estate and the four smaller ones, after selling off the various small parcels of land. He knew it was important, vital even, that he be seen to be a landowner. But he had no interest in buying additional land. Instead he had me invest in new ventures that had the chance to make outsize returns. I have continued that plan after his passing.”