Chapter 1169: Chapter 1075: Jumping into the Pit
Bolton waved the buyer out, his face as dark as the chimney of a steam engine.
This was already the fourth buyer to return from France, all empty-handed—even offering thirty tis the price made no difference.
“Damn Frenchn,” Bolton snapped the expensive gold-embellished quill on his desk in half, “they’re simply mad!”
Until now, he was utterly convinced of Frank’s words, “Why wouldn’t they make money if they could?” Hence, he could only describe the French company’s decisions as madness.
A knock on the door from his assistant interrupted his bout of anger, “Mr. General Manager, you have a hearing with the Fund Managent Committee this afternoon. Less than an hour remains.”
Bolton imdiately felt a headache but had no choice but to rise and start changing clothes.
After his company received that £800,000 investnt, the governnt investnt fund beca the largest shareholder with a 38% stake, as well as the primary creditor holding £370,000 worth of company debt.
Though the investnt fund didn’t interfere with operations, they had the right to inquire about any company affairs. With such a significant issue arising, naturally, they couldn’t remain indifferent.
Two in the afternoon.
In the London City Hall, Sir Malik, chairman of the Investnt Fund Managent Committee, looked icily at Bolton, saying, “So, before the company started production of pressure gauges, there isn’t any channel to obtain these components?”
Bolton nodded helplessly.
Another mber of the managent committee imdiately asked, “How long will it take you to make the pressure gauges?”
“This,” Bolton said with his head lowered, “about, a bit over three months.”
In fact, from what he understood from Watt, it was utterly impossible to complete the developnt of the pressure gauge in three months—
In Sandler’s design, the pressure gauge was linked with the relief valve, automatically releasing steam once the pressure threshold was surpassed, thereby greatly improving boiler safety.
However, this also ant the existing pressure gauges couldn’t be directly used after pressure enhancent, as that would render the relief valve ineffective.
The pressure gauge and relief valve were the two core components of the boiler, and replacing them ant almost redesigning the entire boiler structure.
How could such a task be completed in three months? Even half a year wasn’t enough. Plus, Watt also had to concurrently develop the 180-horsepower model, and the modification of old models was indefinitely delayed.
Malik frowned deeply, “So the company can’t deliver steam engines for at least two months?”
“Yes, it is so.”
Malik flipped through the internal docunts of Bolton-Watt Company, pointing to several lines and saying solemnly, “86% of your products are sold through pre-sale; according to the sales agreent, a breach would incur compensation ten tis the goods’ value?”
Cold sweat poured down Bolton’s back, but he could only nod, “Indeed, that’s the case.”
“God!” Malik looked up at the ceiling. The transaction volu over these two months was 24 high-pressure steam engines, valued at £14,000; if all defaulted, the compensation would be an astronomical £140,000!
He could already imagine the extent of the impact this news would have on Bolton-Watt Company’s stock prices.
In the past half a month, due to the plumting stock prices, the investnt fund’s holdings had already shrunk by £190,000. If the decline continued, it would be the end of the world…
Two hours later, Bolton left the managent committee office with a pale face.
Once his figure disappeared beyond the door, Malik imdiately instructed the official beside him, “Brian, please draft a report to Congress imdiately; we need to withdraw investnt from Bolton-Watt.”
Malik clearly understood that with the investnt fund’s £4 million scale, a £190,000 loss could easily be blad on so subordinates; however, if the amount were larger, he would most likely be dismissed.
Ten Downing Street.
Sea War Minister Admiral Jervis glanced at the investnt fund’s report on the table and said to Lord Grenville, “Your Excellency the Pri Minister, you know, steam battleships are our key to regaining control of the diterranean Sea.
“anwhile, the third-level steam battleships currently in design will give the Royal Navy an unparalleled significant advantage at sea.
“And all these ships depend on steam engines produced by Bolton-Watt Company.
“You must prevent the investnt fund’s withdrawal motion, as that would lead to this company’s imdiate bankruptcy.”
Chief Accountant of the Navy Board, Sir Middleton, imdiately added, “Chat Han Shipyard’s steam paddle ships have hundreds of orders annually, and steam engines are needed in mines and textile mills nationwide.
“If we don’t want to rely on importing steam engines from France in the future, we must save Bolton-Watt Company.”
The Pri Minister of England looked at the glaring “already lost £190,000” in Malik’s report and the words “difficult to stop the decline in the short term,” shaking his head slightly, “You’re right, but Congress will most likely pass this motion.”
He knew that more than half of the congressn had subscribed to the governnt investnt fund, and they would not sit by idly while their investnts continued to shrink.
Admiral Jervis suddenly beca anxious and exclaid, “Doing this will doom the future of the Royal Navy!”
He and Middleton indeed had the interests of the British Navy in mind, but the enormous funding for building steam warships was also a significant avenue for themselves and their subordinate officers to make money, and it could never be terminated due to the bankruptcy of the steam engine company.
Grenville said helplessly, “I will talk to Sir Malik.”
“No, it’s safest for you to call on the MPs to vote against the motion.”
“I cannot interfere in the operation of Congress.”
That would be going against the money bags of the MPs. Grenville certainly didn’t want to engage in such offensive acts.
As the two sides were at a stalemate, William Pitt Junior suddenly said, “Based on current stock prices, the investnt fund’s shares in Bolton-Watt Company are worth only about £22,000.
“Considering the company’s ample cash reserves, an investnt of less than £50,000 could stabilize the company’s situation.
“Therefore, I suggest that the governnt can fully take over Bolton-Watt Company by providing the funding.”
“God!” Finance Minister Henry Petty imdiately objected, “Right now, the governnt finances simply cannot spare £50,000, Mr. Pitt.”
William Pitt Junior spoke solemnly, “Once we lose our naval advantage, we could lose £5 million, or even £50 million.
“Moreover, we must not fall behind in the technological competition of steam engines, which concerns the developnt of many other industries.
“In fact, as soon as Bolton-Watt Company resus production, especially once the 180-horsepower steam engine is launched, this money can quickly beco profitable.”
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