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Authors: Jeffrey Archer
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much as seven thousand pounds.”
“That would be a small price to pay, given the circumstances,” chipped in Bingham.
“I agree. However, no reference to the Home Fleet incident need be recorded in the minutes of this board or disclosed to our shareholders.”
“Chairman,” said the company secretary, “I’ll have to make some reference to what happened.”
“Then stick to the Home Fleet explanation, Mr. Webster, and don’t circulate anything without my approval.”
“If you say so, chairman.”
“Let’s move on to some more positive news.” Emma turned a page of her file. “The Buckingham has a one hundred percent occupancy for the journey back to Avonmouth, and we already have a seventy-two percent take-up for the second voyage to New York.”
“That is good news,” said Bingham. “However, we mustn’t forget the 184 free cabin spaces we have offered as compensation that are sure to be taken up at some time in the future.”
“At some time in the future is what matters, Mr. Bingham. If they are evenly distributed over the next couple of years, they’ll have little effect on our cash flow.”
“But I’m afraid there’s something else that might well affect our cash flow. And what makes it worse, the problem is not of our making.”
“What are you referring to, Mr. Anscott?” asked Emma.
“I had a very interesting chat with your brother on the way out, and found him fairly sanguine about the consequences of the country having to borrow one and a half billion pounds from the IMF in order to stop a run on the pound. He also mentioned the possibility of the government imposing a seventy percent corporation tax on all companies, as well as ninety percent income tax on anyone earning over thirty thousand a year.”
“Good God,” said the admiral. “Will I be able to afford my own funeral?”
“And the chancellor’s latest idea,” continued Anscott, “which I find almost inconceivable, is that no businessman or holidaymaker will be allowed to leave the country with more than fifty pounds cash in their possession.”
“That won’t exactly tempt people to travel abroad,” said Dobbs with some feeling.
“I think I may have found a way around that,” said Sebastian.
The rest of the board turned toward the newest recruit.
“I’ve been carrying out a little research into what our rivals are up to, and it seems that the owners of the SS New York and the SS France have come up with a solution to their tax problems.” Seb had caught the attention of the board. “The SS New York is no longer registered as being owned by an American company, despite the fact that its headquarters are still in Manhattan, along with the vast majority of its employees. For tax purposes, the company is registered in Panama. In fact, if you look carefully at this picture,” Seb placed a large photograph of the SS New York in the center of the table, “you will see a small Panamanian flag flying from the stern, despite the fact that the Stars and Stripes remain emblazoned on everything on board, from the plates in the dining rooms to the carpets in the staterooms.”
“And are the French doing the same thing?” asked Knowles.
“They most certainly are, but with a subtle Gallic difference. They’re flying an Algerian flag from the stern of the SS France, which I suspect is no more than a political sop.” Another photo, this time of the great French liner, was passed around Seb’s colleagues.
“Is this legal?” asked Dobbs.
“There’s not a damn thing either government can do about it,” said Seb. “Both ships are at sea for more than three hundred days a year, and as far as the passengers can tell, everything is exactly the same as it’s always been.”
“I don’t like the sound of it,” said the admiral. “It doesn’t seem right to me.”
“Our first duty must be to the shareholders,” Bob reminded his colleagues, “so can I suggest that Clifton presents a paper on the subject,
“That would be a small price to pay, given the circumstances,” chipped in Bingham.
“I agree. However, no reference to the Home Fleet incident need be recorded in the minutes of this board or disclosed to our shareholders.”
“Chairman,” said the company secretary, “I’ll have to make some reference to what happened.”
“Then stick to the Home Fleet explanation, Mr. Webster, and don’t circulate anything without my approval.”
“If you say so, chairman.”
“Let’s move on to some more positive news.” Emma turned a page of her file. “The Buckingham has a one hundred percent occupancy for the journey back to Avonmouth, and we already have a seventy-two percent take-up for the second voyage to New York.”
“That is good news,” said Bingham. “However, we mustn’t forget the 184 free cabin spaces we have offered as compensation that are sure to be taken up at some time in the future.”
“At some time in the future is what matters, Mr. Bingham. If they are evenly distributed over the next couple of years, they’ll have little effect on our cash flow.”
“But I’m afraid there’s something else that might well affect our cash flow. And what makes it worse, the problem is not of our making.”
“What are you referring to, Mr. Anscott?” asked Emma.
“I had a very interesting chat with your brother on the way out, and found him fairly sanguine about the consequences of the country having to borrow one and a half billion pounds from the IMF in order to stop a run on the pound. He also mentioned the possibility of the government imposing a seventy percent corporation tax on all companies, as well as ninety percent income tax on anyone earning over thirty thousand a year.”
“Good God,” said the admiral. “Will I be able to afford my own funeral?”
“And the chancellor’s latest idea,” continued Anscott, “which I find almost inconceivable, is that no businessman or holidaymaker will be allowed to leave the country with more than fifty pounds cash in their possession.”
“That won’t exactly tempt people to travel abroad,” said Dobbs with some feeling.
“I think I may have found a way around that,” said Sebastian.
The rest of the board turned toward the newest recruit.
“I’ve been carrying out a little research into what our rivals are up to, and it seems that the owners of the SS New York and the SS France have come up with a solution to their tax problems.” Seb had caught the attention of the board. “The SS New York is no longer registered as being owned by an American company, despite the fact that its headquarters are still in Manhattan, along with the vast majority of its employees. For tax purposes, the company is registered in Panama. In fact, if you look carefully at this picture,” Seb placed a large photograph of the SS New York in the center of the table, “you will see a small Panamanian flag flying from the stern, despite the fact that the Stars and Stripes remain emblazoned on everything on board, from the plates in the dining rooms to the carpets in the staterooms.”
“And are the French doing the same thing?” asked Knowles.
“They most certainly are, but with a subtle Gallic difference. They’re flying an Algerian flag from the stern of the SS France, which I suspect is no more than a political sop.” Another photo, this time of the great French liner, was passed around Seb’s colleagues.
“Is this legal?” asked Dobbs.
“There’s not a damn thing either government can do about it,” said Seb. “Both ships are at sea for more than three hundred days a year, and as far as the passengers can tell, everything is exactly the same as it’s always been.”
“I don’t like the sound of it,” said the admiral. “It doesn’t seem right to me.”
“Our first duty must be to the shareholders,” Bob reminded his colleagues, “so can I suggest that Clifton presents a paper on the subject,
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