The House of Qwentyn was by any measure the largest, wealthiest, and most powerful banking house in the Republic of Siddarmark and had been for generations. It hadn’t gotten that way by accident, and a man as young as Owain Qwentyn wouldn’t have held his present position, family connections or no, if he hadn’t demonstrated his fitness for it. He’d been trusted with some of the house’s most sensitive accounts for the last five years, which had exposed him to some fascinating financial strategists, yet Aivah Pahrsahn was probably the most intriguing puzzle yet to come his way.
Her primary accounts with the House of Qwentyn had been established over two decades ago, although he wouldn’t have said she could possibly be a day past thirty-five, and her balance was enviable. In fact, it was a lot better than merely “enviable,” if he wanted to be accurate. Coupled with her long established holdings in real estate and farmland, her investments in half a dozen of the Republic’s biggest granaries and mining enterprises, and her stake in several of Siddar City’s most prosperous merchant houses, that balance made her quite possibly the wealthiest woman Owain had ever met. Yet those transactions and acquisitions had been executed so gradually and steadily over the years, and spread between so many apparently separate accounts, that no one had noticed just how wealthy she was becoming. And no member of the House of Qwentyn had ever met her, either; every one of her instructions had arrived by mail. By courier, in point of fact, and not even via the Church’s semaphore system or even wyvern post.
It had all been very mysterious when Owain finally looked at her accounts as a whole for the first time. He might not have noticed her even now if the somnolent, steady pace of her transactions hadn’t suddenly become so much more active. Indeed, they’d become almost hectic, including a series of heavy transfers of funds since the… difficulties with Charis had begun, yet despite the many years she’d been a customer of his house, no one seemed to know where she’d come from in the first place. Somewhere in the Temple Lands, that much was obvious, yet where and how remained unanswered questions, and the House of Qwentyn, for all its discretion, was accustomed to knowing everything there was to know about its clients.
But not in this case. She’d presented all the necessary documentation to establish her identity on her arrival, and there was no question of her authority over those widespread accounts. Yet she’d simply appeared in Siddar a month or so ago, stepping into the capital city’s social and financial life as if she’d always been there. She was beautiful, poised, obviously well educated, and gracious, and a great many of the social elite knew her (or weren’t prepared to admit they didn’t know Polite Society’s latest adornment, at any rate), but Owain had been unable to nail down a single hard fact about her past life, and the air of mystery which clung to her only made her more fascinating.
“I’ve brought the list of transactions with me,” she said now, reaching into her purse and extracting several sheets of paper. She extended them across the table to him, then sat back sipping her chocolate while he unfolded them and ran his eyes down the lines of clean, flowing script.
Those eyes widened, despite his best efforts to conceal his surprise, as he read. He turned the first page and examined the second just as carefully, and his surprise segued into something else. Something tinged with alarm.
He read the third and final sheet, then folded them back together, laid them on the tabletop, and looked at her intently.
“Those are… an extraordinary list of transactions, Madam Pahrsahn,” he observed, and she startled him with a silvery little chuckle.
“I believe you’ll rise high in your house’s service, Master Qwentyn,” she told him. “What you’re really wondering is whether or not I’m out of my mind, although you’re far too much the gentleman to ever actually say so.”
“Nonsense,” he replied. “Or, at least, I’d never go that far. I do wonder how carefully you’ve considered some of this, though.” He leaned forward to tap the folded instructions. “I’ve studied the records of all your investment moves since our House has represented you, Madam. If you’ll forgive my saying so, these instructions represent a significant change in your established approach. At the very least, they expose you to a much greater degree of financial risk.”
“They also offer the potential for a very healthy return,” she pointed out.
“Assuming they prosper,” he pointed out in response.
“I believe they will,” she said confidently.
He started to say something else, then paused, regarding her thoughtfully. Was it possible she knew something even he didn’t?
“At the moment,” he said after a minute or two, “the shipping arrangements you’re proposing to invest in are being allowed by both the Republic and Mother Church. That’s subject to change from either side with little or no notice, you realize. And if that happens you’ll probably-no, almost certainly-lose your entire investment.”
“I’m aware of that,” she said calmly. “The profit margin’s great enough to recoup my entire initial investment in no more than five months or so, however. Everything after that will be pure profit, even if the ‘arrangements’ should ultimately be disallowed. And my own read of the… decision-making process within the Temple, let us say, suggests no one’s going to be putting any pressure on the Republic to interfere with them. Not for quite some time, at any rate.”
She’d very carefully not said anything about “the Group of Four,” Owain noticed. Given the fact that she clearly came from the Temple Lands herself, however, there was no doubt in his mind about what she was implying.
“Do you have any idea how long ‘quite some time’ might be?” he asked.
“Obviously, that’s bound to be something of a guessing game,” she replied in that same calm tone. “Consider this, however. At the moment, only the Republic and the Silkiahans are actually succeeding in paying their full tithes to Mother Church. If these ‘arrangements’ were to be terminated, that would no longer be the case.” She shrugged. “Given the obvious financial strain of the Holy War, especially in light of that unfortunate business in the Markovian Sea, it seems most unlikely Vicar Rhobair and Vicar Zahmsyn are going to endanger their strongest revenue streams.”
He frowned thoughtfully. Her analysis made a great deal of sense, although the financial and economic stupidity which could have decreed something like the embargo on Charisian trade in the first place didn’t argue for the Group of Four’s ability to recognize logic when it saw it. On the other hand, it fitted quite well with some of the things his grandfather Tymahn had said. Although…
“I think you’re probably right about that, Madam,” he said. “However, I’m a bit more leery about some of these other investments.”
“Don’t be, Master Qwentyn,” she said firmly. “Foundries are always good investments in… times of uncertainty. And according to my sources, all three of these are experimenting with the new cannon-casting techniques. I realize they wouldn’t dream of putting the new guns into production without Mother Church’s approval, but I feel there’s an excellent chance that approval will be forthcoming, especially now that the Navy of God needs to replace so many ships.”
Owain’s eyes narrowed. If there was one thing in the entire world of which he was totally certain it was that the Church of God Awaiting would never permit the Republic of Siddarmark to begin casting the new model artillery. Not when the Council of Vicars in its role as the Knights of the Temple Lands had been so anxious for so long over the potential threat the Republic posed to the Temple Lands’ eastern border. Only a fool, which no member of the House of Qwentyn was likely to be, could have missed the fact that Siddarmark’s foundries were the only ones in either Haven or Howard which had received no orders from the Navy of God’s ordnance officers. Foodstuffs and ship timbers, coal and coke and iron ore for other people’s foundries, even ironwork to build warships in other realms, yes; artillery, no.