The Onedin Line now owns £27,484/10/4 in
assets. But that's not cash in hand and James Onedin needs
£1500 to pay off the
Pampero. Robert Onedin and Sarah are,
however, overjoyed with the £200 dividend they get from
their 15% stake (for which they originally invested £15).
James Onedin has no intentions of letting Albert Frazer
build the Golden Nugget - that was clearly just a story to
get out of a difficult situation. Albert Frazer is in
financial trouble now, but Elizabeth sweet-talks his father
to take him back into his business and consequently arranges
a dinner party designed to get them and James to talk
Albert Frazer explains the economics of a steam ship.
Sailing ships have reached their limit in size, but steam
ships can be made much larger. A big one would cost £40,000,
the price of four clippers, and £1000 in coal for a round
trip to Quebec, Canada, but it would carry the same cargo as
two clippers (2500 tonnes) and do the round trip in 28 days
instead of 52.
James Onedin orders a 4000-tonne ship, for which he floats a
public company with £100,000 worth of shares (£60,000 for
building the ship and £40,000 for operating costs). Albert
Frazer gets 15%, but James Onedin is to own the ship.
£50,000 will be on call, so with an investment of £20,000 he
will control the company because shareholders always
disagree (or so he is told). But Mr. Callon buys a majority
through different nominees (so James won't know what's
happening) and manages to sway the other shareholders into
electing him as director. Mr. Callon now 'owns'
The Onedin Line.
On top of that,
Baines, a captain now and on his first
command, sinks the Pampero while rounding the notoriously
dangerous Cape Horn. James Onedin is in a fit, but Anne
reminds him he still has the