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〃And then there is Yawata；〃 Liu continued。 He was referring to Japan's magnificent Yawata Steel Works； the oldest and largest of the country's coastal mills； which began manufacturing in 1901。 〃Curious； I think。 It is an historic relic of other times yet since 1973 your government has shoveled more than three billion dollars into updating and refining Yawata's technology。 And what has it availed them？ Today Yawata is in far worse shape than it was after the oil shock of 1973。 At least then the government could take economizing measures； streamlining operations； severely rationing fuel consumption。 All those steps allowed Yawata's operations to continue unabated。
〃But today those measures are still in effect； and because the worldwide market has shrunk so significantly； Yawata's work force has dropped from sixty…one thousand in 1969 to less than twenty…four thousand today。 Three of Nippon Steel's blast furnaces are currently idle and a number of their subsidiary plants have closed down。
〃The American steel industry would； I think； be delighted to return to the seventy percent capacity Yawata is currently running at。 But Japan is simply not geared for such reductions。 And what can you do？ In America Bethlehem can lay off their workers； in your country your political and social structure does not allow you to fire your employees。〃
Liu paused here as if he expected Nangi to make some kind of ment。 When he did not； Liu seemed slightly put out and his tone when he spoke again was rather more sharp。 〃The end result of this little talk；〃 he said crisply； 〃is that your keiretsu； like most others； is currently going through an organizational upheaval。 And that； as we both know； takes capital。 With cash flow weakened you have been dipping rather heavily into your reserves。〃
〃We are quite solid。〃
〃Solid perhaps。〃 Liu shrugged。 〃But I am doubtful that you have enough reserves now to save the All…Asia Bank。〃
If he is going to offer me aid from the other side I shall have to strike him across his head with my stick； Nangi thought。
〃What do the munists want with the All…Asia Bank？〃
〃Oh； we don't want any part of it；〃 Liu said conversationally。 〃Rather； we wish a piece of your keiretsu。〃
Nangi； despite having extended all his feelers for clues； was thunderstruck。
〃Oh； we're willing to pay a high premium for the privilege；〃 Liu said into the silence； privately hating the necessity for observing the niceties of conversation among equals just as if he were not face to face with a barbarian。 〃An extremely high premium。 It is clear that the keiretsu needs to be underwritten； we will provide the new infusion of capital。〃
〃I'm not interested；〃 Nangi said； almost strangling on his hatred for this man and all he stood for。
〃Please be kind enough to allow me to plete my offer before hastily setting it aside；〃 Liu forced his lips into the configuration of a smile。 Well； he thought； what can you expect from the Japanese。 They do not have our long centuries of breeding； they merely appropriated from our culture that which they required in order to raise themselves up from the level of the slavering beast。 But； oh； Buddha； they have not e far！
〃Our offer is this；〃 he said。 〃You relinquish to' us one…third interest in your keiretsu and we will deliver to you； divided into six semi…yearly payments； the sum of five hundred million dollars。〃
At first Nangi was not at all certain that he had heard correctly。 But； staring into that long Manchu face； he had no doubts。 Five hundred million dollars！ His mind immediately embraced all the things made possible by such an incredible infusion of capital。 My God； he thought wildly； we could leap to the top if we are careful and courageous and； yes； just a bit lucky。
This was much more money than he could ever hope to get out of Tomkin Industries should their merger go through。 It was more capital than he could hope to get from any other source。 He was absolutely certain Liu knew this。 Too； only the Chinese could e up with enough ready capital to see the All…Asia through the immediate crisis of the bank run。 That above all else must be his primary concern。 If the All…Asia went he knew the entire keiretsu would soon follow。 Tenchi had put him in a delicate and severely undercapitalized position。 Anthony Chin's treachery might be the final straw that broke the whole business empire apart。 For that Nangi would curse him and all his progeny to the end of his days。
But Nangi had to ask himself what the Chinese really wanted out of this deal。 They did not easily part with such tremendous amounts of money。 Profits； yes。 But they could get profits in a number of different areas and with a much smaller outlay。 Nangi's mind raced to find the answer to a question he knew Liu would never willingly provide him with。 But there were other answers which the Chinese would have to give him and perhaps if he asked the right questions Liu would give him the solution without knowing it。
〃Tell me； Mr。 Liu；〃 he said now； 〃what do your people propose to do with your one…third interest？〃
〃Do？〃 he said； shifting in his chaise。 〃I do not follow you。〃
The young Chinese girl had been joined by another and Nangi was hard put to discern which one was wearing the skimpier suit。 A wicker basket now sat between them； a treasure chest on the sand from which one took a bottle of wine； pouring them both half tumblers of the pale gold liquid。 As they lay back on their blankets he could see the soft； succulent swells of their breasts。
〃It's quite simple；〃 Nangi said without taking his eyes off the girls； they were a good deal more pleasant to look at than the man reclining beside him。 〃Before I even consider allowing an outside； er； firm access to the keiretsu…no matter the price…I need to know what it intends to do with its investment。〃
〃Why； make money； of course；〃 Liu said。 〃What other possible reason could we have？〃
Nangi smiled thinly as he spread his hands。 〃You may be able to understand my caution。 I have had little contact with members of。。 。your firm。〃
〃Perfectly understandable；〃 Liu said a bit more amiably； he had begun to sense a thaw。 〃I would suspect your own motives if I did not detect your caution。 This is； after all； not the sort of business deal one puts together every day。 In some ways we are a very young country； Mr。 Nangi。 The world outside the Divine Kingdom is new to us。 Very simply put； there are those currently in power in Peking who wish to probe the beginnings of an Oriental Alliance。 They feel a business partnership…strictly business…is a sensible way in which to； er； get the ball rolling。〃
As if on cue； the two Chinese girls were packing up their belongings。 The sun seemed very hot even here in the protection of the veranda…while they talked all the ice had melted in the pitcher of tea…and the dazzle of the water was blinding； like strips of endless gold。
〃Though this is an extraordinary opportunity；〃 Liu continued as he mopped his forehead with a handkerchief； 〃time is of the essence and once you leave China〃…he shrugged…〃I fear it will no longer obtain。〃
〃Surely you cannot expect me to make such a monumental judgment concerning my keiretsu in the blink of a