Page 29 of A Column of Fire
Alice looked taken aback, and after a moment Rollo realized why. His father’s emollient words about helping neighbours actually constituted a backhand threat. If Alice did not co-operate, it was implied, then Reginald might make trouble for her in the harbour.
There was an extended silence while Alice considered this. Rollo could guess what she was thinking. She did not want to make the loan, but she could not afford to antagonize someone as powerful as Reginald.
At last Alice said: ‘I would require security.’
Rollo’s hopes sank. A man who has nothing cannot offer security. This was just another way of saying ‘No’.
Reginald said: ‘I’ll pledge my post as Receiver of Customs.’
Alice shook her head. ‘You can’t dispose of it without royal permission – and you don’t have time for that.’
Rollo knew that Alice was right. Reginald was in danger of revealing his desperation.
Reginald said: ‘Then how about the priory?’
Alice shook her head. ‘I don’t want your half-built house.’
‘Then the southern part, the cloisters and the monks’ quarters and the nunnery.’
Rollo was sure Alice would not accept that as security. The buildings of the old priory had been disused for more than twenty years, and were now beyond repair.
Yet, to his surprise, Alice suddenly looked interested. She said: ‘Perhaps . . .’
Rollo spoke up. ‘But, Father, you know that Bishop Julius wants the chapter to buy back the priory – and you’ve more or less agreed to sell it.’
The pious Queen Mary had tried to return all the property seized from the Church by her rapacious father, Henry VIII, but Members of Parliament would not pass the legislation – too many of them had benefited – so the Church was trying to buy it back cheaply; and Rollo thought it was the duty of good Catholics to help that process.
‘That’s all right,’ said Reginald. ‘I’m not going to default on the loan, so the security will not be seized. The bishop will have what he wants.’
‘Good,’ said Alice.
Then there was a pause. Alice was clearly waiting for something, but would not say what. At last Reginald guessed, and said: ‘I would pay you a good rate of interest.’
‘I would want a high rate,’ said Alice. ‘Except that to charge interest on loans is usury, which is a crime as well as a sin.’
She was right, but this was a quibble. Laws against usury were circumvented daily in every commercial town in Europe. Alice’s prissy objection was only for the sake of appearances.
‘Well, now, I’m sure we can find a way around that,’ said Reginald in the jocular tone of one who proposes an innocent deception.
Alice said warily: ‘What did you have in mind?’
‘Suppose I give you use of the priory during the term of the loan, then rent it back from you?’
‘I’d want eight pounds a month.’
Ned looked anxious. Evidently he wanted his mother to walk away from this deal. And Rollo could see why: Alice was going to risk four hundred pounds to earn just eight pounds.
Reginald pretended to be outraged. ‘Why, that’s twenty-four per cent a year – more, compounded!’
‘Then let’s drop the whole idea.’
Rollo began to feel hopeful. Why was Alice arguing about the rate of interest? It must mean she was going to make the loan. Rollo saw that Ned was looking mildly panicked, and guessed he was thinking the same, but regarding the prospect with dismay.
Reginald thought for a long moment. At last he said: ‘Very well. So be it.’ He held out his hand, and Alice shook it.
Rollo was awestruck by his father’s cleverness. For a man who was virtually penniless to make an investment of four hundred pounds was a triumph of audacity. And the cargo of theSt Margaretwould revive the family finances. Thank heaven for Philbert Cobley’s sudden urgent need for money.
‘I’ll draw up the papers this afternoon,’ said Alice Willard, and she turned away.
