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banks is serious； but the worst is over。 Everything's just fine。 Don't you think we should expand the amount of business we're doing together？〃
Toda smiled。 〃Two ships； tai…pan？ Giants by present standards。 In one year？ That's not a minor connection。〃
〃It could perhaps be twenty…two ships；〃 he said； outwardly nonchalant； his whole being concentrated。 〃I have a proposal for you； in fact for all Japanese shipbuilding industrial plexes。 At the moment you just build ships and sell them； either to gai…jin … outsiders … to ourselves for example； or to Japanese shippers。 If to Japanese shippers； your operating costs with the high cost of Japanese crews … which by your law you have to carry … are already being nonpetitive； like American ships with American crews。 Soon you won't be able to pete with the Greeks； with others and with us； because our costs will be so much lower。〃
Dunross saw them all concentrating on Akiko who was translating almost simultaneously and he thought with glee of another Sun Tzu saying： 〃In all fighting； the direct method may be used for joining battle but indirect methods will be needed to secure victory。〃 Then he continued； 〃Second point： Japan has to import everything it needs to support its rising economy and standard of living and its industrial plex； and certainly the 95 percent of all energy it needs to sustain it。 Oil's the key to your future。 Oil has to e to you seaborne； so do all your bulk raw materials … always carried by bulk cargo ships。 Always seaborne。 You're building the great ships very efficiently； but as shipowners your operating costs and your own internal tax structure are going to drive you out of the marketplace。 My proposal for you is simple： You stop trying to own your own uneconomic merchant fleets。 You sell your ships abroad on a lease…back basis。〃
〃What？〃
Dunross saw them staring at him； astounded。 He waited a moment； then continued； 〃A ship's life is； say fifteen years。 You sell your bulk carrier say to us； but as part of the deal lease it back for fifteen years。 We supply the captain and crew and operate her。 Prior to delivery； you charter the ship to Mitsubishi or another of your own great panies for bulk supplies over fifteen years … coal； iron ore； rice； wheat； oil； whatever you want。 This system guarantees Japan a continuous supply of raw material； set up at your whim and controlled by Japanese。 Japan Inc。 can increase its financing to you； because you yourselves； in effect； are the carriers of your own vital raw materials。
〃Your industries can plan ahead。 Japan Inc。 can afford to assist financially selected buyers of your ships； because the purchase price is easily covered by the fifteen years charter。 And since the ships are on long…term charter； our bankers； like Blacs and the Victoria； will also be happy to finance the rest。 Everyone gains。 You gain most because you ensure a long…term supply line under your control。 And I haven't yet mentioned the tax advantages to you； to Toda Industries particularly！〃
Dunross got up in a dead silence； the others staring at him； and went to his desk。 He brought back some stapled reports。 〃Here's a tax study done by our people in Japan with specific examples； including methods to depreciate the ship's cost for added profit。 Here's a suggested plan for bulk carriers。 This one documents various ways Struan's could assist you in charters； should we be one of the foreign shippers chosen。 For example； Woolara Mines of Australia are prepared； at our direction； to enter into a contract with Toda Industries to supply 95 percent of their coal output for one hundred years。〃
Toda gasped。 So did the others when Akiko had translated。 Woolara Mines was a huge； highly efficient and productive mine。
〃We could assist you in Australia which is the treasury of Asia … supplying all the copper； wheat； foodstuffs； fruit； iron ore you need。 I'm told privately there are new； immense deposits of high…grade iron ore just discovered in Western Australia within easy access of Perth。 There's oil； uranium； thorium； and other precious materials you require。 Wool。 Rice。 With my scheme you control your own flow of materials； the foreign shippers get ships and a steady cash flow to finance and order more ships； to lease back； to carry more and more raw materials and more cars； more television sets； more electronic goods； and more goods outward bound to the States … and heavy industry plants and machines to the rest of the world。 Last； back to your most vital import of all： oil。 Here's a suggested pattern for a new fleet of bulk oil carriers； half a million to a million tons dead weight each。〃
Toda gasped and abruptly finished the translation himself。 Astounded； they all sucked in their breath when he mentioned the half a million to a million tons。
Dunross sat back enjoying the tension。 He watched them glance at one another； then at Toda； waiting for him to react。
〃I 。。。 I think we had better study your proposals； tai…pan；〃 Toda said； trying to keep his voice level。 〃Obviously they are far…reaching。 May we get back to you later？〃
〃Yes。 You're ing to the races tomorrow？ Lunch'll be 12：45。〃
〃Thank you； yes； if it's not too much trouble；〃 Toda said with sudden nervousness； 〃but it would be impossible for us to have an answer by that time。〃
〃Of course。 You got your invitations and badges？〃
〃Yes； thank you。 I； er； I hope everything turns out well for you。 Your proposal certainly sounds far…reaching。〃
They left。 For a moment Dunross allowed himself to enjoy the excitement。 I've got them； he thought。 Christ； in a year we can have the biggest fleet in Asia； all totally financed； with no risks to financier； builder； operator or supplier； with oil tankers； huge tankers as its nucleus … if we can weather this typhoon。
All I need's some luck。 Somehow I've got to stave off the crash till Tuesday when we sign with Par…Con。 Par…Con pays for our ships； but what about Orlin and what about Gornt？
〃Mr。 Jacques's on his way up； tai…pan。 Mr。 Phillip's in his office and'll e up whenever you're ready。 Roger Crosse called； your appointment's at 7：00 p。m。 instead of 6：00。 He said Mr。 Sinders's plane was late。 He's informed the governor and everyone connected。〃
〃Thank you； Claudia。〃 He glanced at his list of calls。 He dialed the V and A and asked for Bartlett。 He was out。 〃Miss Tcholok please。〃
〃Hello？〃
〃Hello！ Ian Dunross returning your call and Linc Bartlett's call。 How're things？〃
There was a slight pause。 〃Interesting。 Tai…pan； can I drop by？〃
〃Of course。 How about cocktails at 6：15 at the Mandarin？ That'd give me half an hour…odd before my next appointment。 Eh？〃 A twinge of anxiety went through him at the thought of Crosse； Sinders and AMG's admonition about never giving up the files。
〃Is it possible for me to e by the office？ I could leave now and be there in half to three quarters of an hour？ I have something to talk over with you。 I'll make it as short as possible。〃
〃All right。 I may have to keep you waiting a moment or two but e on over。〃 He put the phone down； frowning。 What's up there？
The door opened。 Jacques deVille came in。 He looked careworn and tired。 〃You wanted me； tai…pan？〃
〃Yes； sit down； Jacques。 I