"How would I know? Something innocuous, I guess. Let's call it the Theta Corporation."

I said, "I run three hotels with a fourth building for a total of 650 rooms. That's a lot of bed linen, a lot of crockery and cutlery, a lot of kitchenware and ashtrays ana anything else you care to name. Now, if the Theta Corporation is going to build and equip hotels it would be better to consolidate and keep the economy of scale. You^et bed sheets a damn sight cheaper if you order by the 5000 pair rather than the 500 pair, and that applies right down the line."

"Sure, I know that." Billy napped his hand impatiently.

"Come to the point."

"What I'm suggesting is that the Theta Corporation take over West End Securities in return for stock."

"Ha!" he said.

"Now you're saying something. How much stock?"

"One-fifth."

"We put in $40 million, you put in West End and take a fifth of the stock. That makes it a $50 million corporation, so you estimate West End as being worth $10 million. Is it? What's the book value?"

I said, "Jamieson and I have been working it out. I put it at $8 million."

"So you put in $8 million and take stock worth $ 10 million. What kind of a deal is that? What do we get for the other two million bucks?"

The," I said evenly.

Billy burst out laughing.

"Come on, Tom! Do you reall y think you're worth that?"

"You're forgetting quite a few things," I said.

"If you come in here on your own you come in cold. I know you've picked up your facts and statistics and so on, but you don't know the score you don't know the way things get done here. But if you come in with me you begin with a firm base ready for expansion, eager for expansion. And you don't only get me, but you get my staff, all loyal to me personally.

And don't forget the Bahamas for the Bahamians bit. Call it goodwill, call it know-how, call it what you like, but I reckon it's worth two million. "

Billy was silent for a long time, thinking hard.

"Maybe you're right," he said at last.

I gave him another jolt.

"And I get to be President of the Theta Corporation," I said calmly.

He nearly choked.

"Jesus, you don't want much! Why don't you just pick my pocket of forty million bucks and have done with it?"

"I told you. I don't want to lose control. Look, Billy; you'll be Chairman and I'll be President the Cunninghams retain financial control but I have operational control. That's the only way it can work. And I want a five-year contract of service; not a cast iron contract that fractures too easily an armour plate contract."

Billy looked glum, but nodded.

"Billy One might go for it, but I don't know about Jack." He drummed his fingers on the desk and said cautiously, "If we take over West End we get everything? Not just the hotels part of it?"

"You get all the trimmings," I assured him.

"Tours division, car hire fleet, merchandising division the lot."

"Before we go any further into this," he said.

"I'd like to have your ideas about expansion. Have you given it any thought?"

I pushed a folder across the desk.

"There are a few ideas here. Just a beginning."

He studied the papers I had put together and we discussed them for a while. At last he said, "You've obviously been thinking hard. I like your idea of a construction division." He checked the time.

"I need the telephone. Will you give me half an hour? I might have to do some tough talking."

I pushed the telephone towards him.

"Best of luck."

I found Julie holding Karen in her arms and looking faintly worried.

Karen was sniffling and wailing.

"But I want to go!"

"What's the matter?"

"Oh, Karen's not well," said Julie.

"I don't think she should come with us. That cold in the head has sprung up again and she's got a temperature."

"It's notfairV cried Karen.

"Sue's going."

I put out my hand and felt her forehead; Julie was right about the rise in temperature, but it was not much.

"Maybe we should cancel the trip," saidJuhe.

"Put her to bed and we'll talk about it." I looked around. Where's Sue? "* " On Lucayan Girl helping Pete or, rather, getting in his way. I'll be back soon. "Julie walked into the house carrying Karen who had burst into tears.

I found Debbie relaxing by the pool and dropped into a chair next to her.

"Poor kid," she said.

"She's so disappointed. How ill is she?"

"Not very. You know how kids are; their temperature goes up and down for no apparent reason. She'll probably be all right in a couple of days. But Julie is thinking of cancelling the trip."

"I've noticed something about this household," said Debbie.

"Apart from Julie and the girls there are no women in it. If Julie wants someone to look after Karen I could do that."

"It's a kindly thought," I said.

"But ifit comes to the push I'll take Karen to the Royal Palm. We have a very efficient and charming young nurse there whom Karen knows very well. I've done it before when Julie has been away."

"Then talk Julie out of cancelling. It would disappoint Sue so much."

"I'll do my best." Presently Julie came out of the house, and I asked, "How is she?"

"Rebellious."

"You don't have to cancel the trip. I don't want two gloomy kids sulking about the house. Debbie has offered to look after Karen, and there's always Kitty Symonette at the hotel."

"Thanks, Debbie. That's good of you. " Julie thought for a moment.

"Very well we'll go." She looked at Debbie.

"Don't let Karen play you up; that little minx is full of tricks."

I stood up.

"If everything's aboard I'll come and see you off."

Just then Billy came striding out of the house and beckoned me with a jerk of his head. He said, "There'll be a squad of lawyers and auditors flying in to look at your books. If everything checks we have a deal." He laughed and put out his hand.

So it was with a light heart that I saw Julie and Sue away on Lucayan Girl. I told Julie about the deal and she was delighted, and then we went out to the lagoon where the Girl was ready to cast off, her engines already ticking over. Sue was running about taking photographs with the camera I had given her for her birthday; her teacher had set her the exercise of a photo-essay as her homework for the Christmas vacation. By the look of her both she and her stock of film would be exhausted before the voyage began.

I had a word with Pete who was coiling a rope in the bows.

"Got a crewman?"

"Sure."

"How is he?"

"He'll do," said Pete laconically. Knowing Pete that meant the young fellow was pretty good.

"Where is he?"

"Below greasing the shafts." Pete raised his voice.

"All right, then; all aboard that's goin' aboard."

Sue scampered aboard and Julie kissed me and followed more sedately.

"Cast off the after line, Miss Mate," said Pete. He cast off the forward line and quickly went to the helm on the flying bridge. The engines growled and Lucayan Girl moved slowly away.

We watched as the Girl went down the lagoon and turned into the channel which led to the open sea and so out of sight. I said to Billy, "I think we have work to do." I stooped to pick up Sue's camera which she had left on a chair.

"Sue will be mad enough to bust. When Julie rings tonight I'll tell her to buy another. We mustn't disappoint teacher."