CHAPTER 9 #2
“Word is, Maitland has become quite an innovative thinker and a wizard at engineering,” continued his friend. “He’s spent the last five years in America, working with some of their boldest men of science in the field of nautical innovations.”
Maitland cleared his throat with a cough, quieting the auditorium. And then with a theatrical gesture, he signaled for the curtain to be opened.
A flutter of crimson velvet . . . revealing a machine belching a cloud of silvery vapor.
“Behold!” announced Maitland. “An ordinary steam engine, which as we all know can perform a multitude of supremely useful tasks that were once unimaginable, from pumping water to powering looms and propelling an iron carriage along a set of rails.”
He paused, and the audience stirred in anticipation.
There was, acknowledged Wrexford, an element of showmanship necessary in science. One needed to excite people about new discoveries. He waited, curious as to how Maitland would continue.
“But today I come to talk to you about a revolutionary new twist to this machine,” announced Maitland. “One that will change our perception of time and distance!”
He paused again and smiled, clearly aware of the unseen electricity that was now thrumming through the auditorium.
“Since ancient times, great minds have strived to understand the clockwork order of the universe. Men like Newton with his laws of motion, and Galileo with his studies of velocity.” His voice rose, every word smoothly confident.
“Mathematics is one of the keys to unlocking the mysteries of our physical world, and today I shall focus particularly on the renowned Swiss mathematicians Daniel Bernoulli and Leonhard Euler.”
Maitland was an excellent speaker, conceded Wrexford.
“As many of you here know, Bernoulli was renowned for his scientific insights regarding fluid mechanics. His book Hydrodynamica, published in 1738, contained the famous Bernoulli’s Principle, which states that when the flow speed of a fluid increases, its pressure decreases.”
Maitland raised a finger. “Keep that in mind, gentlemen.”
Wrexford angled a sidelong glance at Sheffield and saw that his friend was as captivated as the rest of the audience.
“It was Bernoulli’s close friend Euler who derived Bernoulli’s Equation in 1752, which set out Bernoulli’s Principle in mathematical form,” continued Maitland. “Another important development. But now let us move on to another momentous discovery in the annals of science . . .”
* * *
“This is excellent thinking, Peregrine.” Hedley looked up from the boy’s diagrams. “You have a very creative mind when it comes to engineering.” He went back to studying the details. “You’re essentially right about how a gear-and-spring mechanism could be added to make your hound walk.”
He picked up a pen and drew a series of sketches on a fresh sheet of paper. “Here are some simple ways it can be done. Bring along your prototype next week, and we’ll take a closer look.”
“Thank you, sir,” replied Peregrine. He carefully folded the inventor’s sketches and put them in his jacket pocket. “Umm, might I ask another question, sir?”
“Ask as many as you like!” Hedley smiled. “Inquisitiveness is a trait to be much encouraged—especially in lads of your age.”
“Well . . .” Peregrine cleared his throat. “The Weasels and I were thinking the other day about steam-powered ships . . .” He hesitated. “Do you believe that a marine propulsion system can be made that is powerful enough to cross the oceans?”
“I like to believe that nothing is impossible in the future,” answered Hedley. “But as for now . . .” He rubbed meditatively at his jaw. “It’s an excellent question. It would be a revolutionary breakthrough . . .”
The clack and hum of several mechanical devices running in the laboratory filled the silence as the inventor considered the possibilities.
“Mr. Samuel Tilden, who works for Royal Navy at the King’s Dockyard, invited me and the Weasels to visit their laboratories yesterday,” ventured Peregrine. “I think . . .” He lowered his voice. “I think that he is working on making an oceangoing steamship.”
“Well, it doesn’t surprise me that the navy would be in the forefront of such research,” replied the inventor. “And Mr. Tilden is a very talented engineer . . .”
Hedley’s face was suddenly wreathed in a smile.
“Speaking of marine steam power, I’ve just remembered that I recently received a new illustrated book from America on nautical steam power, including a special section on Robert Fulton’s famous riverboat, the Clermont.
There are some marvelous diagrams and colored engravings of its engine and paddle wheels.
You are most welcome to stay and peruse the pages. ”
After batting at a swirl of steam that floated over his desk, the inventor added, “But it’s awfully damp and noisy in here. Why don’t you take it to the reading room at the end of the corridor? There is no one else working up here today, so you should have the place to yourself.”
Peregrine accepted the book and hurried out the door, eager to study the pictures.
As Hedley had surmised, the room was empty.
The wood paneling and carved bookcases gave the place a dark formality, and with the lamps unlit and the draperies half drawn, the leather armchairs by the hearth were wreathed in shadows.
The boy moved to the bank of windows and found a cozy spot behind a leather sofa that allowed him to sit cross-legged on the carpet and brace his back against the age-soft calfskin.
After opening the book and settling it in his lap to catch the sunlight, he was soon lost in studying the engravings and accompanying technical diagrams.
“I told you this was the perfect place for privacy.” The door closed with a muted click. “You may be sure that nobody will overhear us in here.”
Taken by surprise, Peregrine held his breath.
The sound of steps was muffled to a discreet whisper by the thick Axminster carpet. At first, he thought they were coming toward him, but at the last minute they veered away to a round table set in the center of the room.
A flint struck steel, and a moment later a plume of smoke curled up, filling the air with the scent of tobacco.
“So.” A long exhale from The Smoker. “Have you brought the documents?”
“Yes, we finished drawing them up last night,” answered a baritone voice. “I think you’ll find them to your satisfaction.”
A pause. “Take special note of our Advisory Board. As I promised you, the Earl of Mulgrave, the previous First Lord of the Admiralty and currently Master-General of the Ordnance, has agreed to lend his name to the project. As has the royal Duke of Sussex and several very influential members of Parliament. Their show of support will give our endeavor even more gravitas with potential investors.”
“Hmmph.” Papers rustled as The Smoker set them on the table and began to read through them.
Holding himself very still, Peregrine willed them to finish their business quickly and leave. A sneeze was tickling at his nostrils.
“And of course we expect to add several more distinguished names to the Advisory Board after Maitland finishes regaling the audience here today with his scientific genius.”
“Hmmph.” The Smoker inhaled and blew out a perfect ring before continuing.
“I’ve heard that Henry Maudslay is also working on a marine steam engine.
Given his astounding successes in technical innovation, I would think he would be a serious competitor to your consortium.
So tell me why I should invest with you. ”
“Maudslay has suffered a serious setback,” answered Baritone Voice.
“Word is, the unfortunate attack on his laboratory damaged his lathes and a number of milled pieces for his prototype engine.” A pause.
“Even more importantly, it also seems that his technical drawings, which recorded all the precision specifications, went up in smoke. Which essentially means he will have to start over.”
More rustling, and then a moment of silence. “You think Maitland has invented a system that will actually conquer the oceans?” asked The Smoker.
“He has been working for the last five years in New York, where the American geniuses in engineering are far ahead of the rest of the world in this area of innovation,” answered Baritone Voice.
“Indeed, Maitland was part of Robert Fulton’s team that launched the first successful steamboat service on the North River.
Then he moved to work with Stephen Vail in the state of New Jersey, where his Speedwell Ironworks was doing experimental work with creating stronger iron for steam engines.
With the help of Samuel Carson, who had trained at the legendary Boulton & Watt steam engine factory, they also developed new designs for condensers, boilers, pistons, rods, and pumps, all of which allowed them to design a far more powerful type of steam engine. ”
His boots shifted on the soft carpet. “He then moved on to work with the leaders in paddle wheel and hull design.”
“Impressive credentials,” said The Smoker. He paused to exhale another silvery ring of smoke. “But—”
“But the truth is, as a businessman you’re asking the wrong question,” interjected Baritone Voice in a silky tone.
Peregrine inched a little closer to the end of the sofa, straining to catch the gentleman’s next words.
“Let us look at the potential for making money that this initial offering gives to our small circle of charter investors. We are buying our shares at a very favorable price—an insider deal, if you will. Once the company succeeds, the value of our shares shall shoot up in value.”
Baritone Voice paused. “And even before then, as word spreads of the company’s potential, there will be an immediate clamoring among the beau monde to buy into the consortium.
We will issue a set number of new shares to help meet the demand, but so as not to dilute the value of the company, we will also allow charter investors to sell some of their shares at the new, higher prices—resulting in immediate profit before the company is a proven venture. ”
“But these supposedly innovative ventures are still very risky,” pointed out The Smoker. “If this one fails, we as shareholders are liable for all the debts of the bankrupt company.”
“Ah, but that is where it gets even more interesting,” replied Baritone Voice. “You are familiar with the Bubble Act?”
“I’m somewhat aware of the basics,” said The Smoker. “It’s the Act that Parliament passed in reaction to the South Seas fiasco some years ago, when the highly speculative venture collapsed, leaving the company penniless and the stockholders liable for its huge debts.”
“Yes,” agreed Baritone Voice. “They passed that Act in 1720. Now, as gentlemen, you and I need not fuss with all the boring legalities, but the point is that the Act prohibited companies from being formed in such a way as to limit the liability of shareholders to only their original investment and protected them from any responsibility for the company’s full debts. ”
“Which is exactly why I am concerned—” began The Smoker.
“Hear me out,” interrupted Baritone Voice.
“I happen to know that Lady Kirkwall has been having some very substantive private talks with prominent members of Parliament, and she assures me that the Bubble Act will soon be repealed. Our company will thus be organized with that limited liability for shareholders as soon as the repeal is in place.”
He lowered his voice. “We charter investors will have all the potential of great profit as well as protection from any debts accrued by the company should it fail.”
“That’s very useful to know,” murmured The Smoker.
“But of course,” Baritone Voice added, “I am supremely confident that we are on the cusp of conquering the oceans. Furthermore, Maitland will soon be making an announcement on a remarkable new development, one that will have people clamoring to be part of the consortium.”
The papers crackled.
“So if I were you, I would make up my mind quickly. The chance to be one of the chosen few will soon be sold out.”
“You’re very persuasive.” The Smoker exhaled one last puff and stubbed out his cigar. “I’ll let you know my decision by nightfall.”
They moved to the door. The latch opened and shut with a muted click.
Peregrine slowly counted to one hundred before creeping out from his hiding place and hurrying to quit the reading room. But to his dismay, as he approached Hedley’s laboratory he saw that the inventor was standing in the corridor chatting with two gentlemen.
Flattening himself against the dark wood wainscoting, he froze and held his breath.
“. . . innovative engineering and bold new bold thinking are the catalyst for Progress!” It was Hedley speaking. “By Jove, we live in exciting times, Lord Taviot.”
“Indeed, we do.” It was Baritone Voice.
“I’ve heard that you are soon to make a grand announcement,” continued Hedley. “I am very much looking forward to it.”
Baritone Voice acknowledged the words with a courtly nod. “I’m quite confident that you and General Aldrich won’t be disappointed.”