“We’ve heard you had conditions,” Christian said, “and that you and he hadn’t yet shaken on the deal.”

Roscoe nodded. “I had two conditions Randall had to meet before I was prepared to do more than talk. The first is an obvious one-I wanted to see the books from each of the hells. I’m sure that wouldn’t have been a problem. The other condition was one peculiar to the situation.” Roscoe met Christian’s eyes. “As I’m sure you’ve discovered, Randall was the active partner of the three. Because of that…” Roscoe paused as if considering, then continued. “…and because of another piece of information which I suspect I was one of the few privy to, I asked Randall to provide a signed written statement from each of his partners to the effect that they were willing to sell their shares at this time.”

Trowbridge’s written statement. “Why insist on that,” Christian asked, “and what was the piece of information?”

Roscoe tapped a finger on his blotter. “I insisted primarily because I don’t have partners. I don’t have time for them-having any sort of partner would slow me down and generally get in my way. Although the Orient Trading Company is structured so it’s supposedly all or none for any sale to proceed, there’s ways around that, namely for the buyer-me-to take on one of their partners as my partner in a new company. That wasn’t going to happen. I made it clear I was only interested in acquiring the Orient Trading Company if I could buy it outright.”

“So it was all the shares in one deal, or no deal?” Dalziel asked.

“Just so.” Roscoe paused, then went on, “Obviously I would have asked Randall for those declarations anyway, but the reason I haven’t bothered to make any appointment with my bankers regarding the deal is because…well, frankly, I had serious doubts it would proceed.”

Justin’s eyes had narrowed. “You thought one of the other two wouldn’t sell?”

Roscoe nodded. “I made my offer for the company primarily to ensure it wasn’t sold to anyone else.” He paused, then went on, “That piece of information I mentioned came to me in a roundabout way. I was approached about an investment-it sounded an excellent prospect, but instinct reared its head and at the last I didn’t buy in. Naturally I kept an eye on what happened. The investment was a swindle, a very sophisticated one but a swindle just the same. Everyone who’d invested lost every penny they’d put in.”

“Swithin,” Christian guessed.

Roscoe met his gaze. “He was mentioned as one of the principal investors. The gentlemen behind the scheme specifically targeted the knowledgeable investors-they courted us, pandered to our vanity. That was what made me suspicious, but in Swithin’s case it apparently played into his hubris. His reputation went to his head, and he risked…a very great deal.”

“So, he’s what?” Justin asked. “Ruined?”

“No, but my sources suggest he’s very close to it, and he’s taking extreme care to hide the fact. He knows money, how to move it around, how to practice sleight of hand with it to conceal his state. But he’s already liquidated most of his other investments, and even his new wife’s portion is gone. He still owns two houses, one in London and one in Surrey, but when it comes to cash, he’d be lucky to lay his hands on two pennies to rub together.”

“But,” Dalziel said, “if he needs money so desperately, wouldn’t that make him more likely to sell, rather than less?”

Roscoe shook his head. “You’re forgetting what the Orient Trading Company is-it’s a cash-generating machine. Swithin has liquidated all the assets he can that don’t show. He desperately needs more cash, but he can’t sell his houses without people knowing-and if it becomes common knowledge that he-the canny, wily investor-was ruined by some smooth-talking swindlers, his reputation as a man to go to for investment deals will evaporate. His standing in the ton will be gone.”

Glancing at their faces, Roscoe went on, “My guess is that Swithin is counting on-banking on, if you will-the steady income from the Orient Trading Company to keep him afloat. If the company is sold and he gets his third share, it won’t be enough to cover his debts and generate any future income. But the company has always been a gold mine, and with that steady income behind him, he can go to a bank and take out a loan to cover his shortfall-the bank will look at the company’s income and happily agree.”

Roscoe leaned back in his chair. “What I suspect, gentlemen, is that Swithin is down to his last penny and was preparing make that trip to the bank when Randall proposed selling the company. My understanding is that the three partners weren’t close, so Randall’s tack might well have come as a complete shock to Swithin, and given Randall was sitting in my office discussing the sale, it seemed Swithin hadn’t shared his situation with his partners. My request for a written statement from Trowbridge and Swithin would, I reasoned, force Swithin to tell Randall and Trowbridge of his difficulties, and that would be the last we’d hear of any sale, at least in the short term.”

He met Christian’s eyes. “All that said, I have no idea if Swithin killed Randall. I honestly can’t see why he would have-Randall and Trowbridge couldn’t have forced him to sell. However, I know he had a very good reason for not wanting to sell his share of the Orient Trading Company.”

Christian exchanged a glance with Dalziel and Justin, then looked back at Roscoe. “You’ve been a great help.”

They all got to their feet. Christian held out a hand. After a fractional hesitation-one induced by surprise-Roscoe gripped it.

Dalziel’s lips quirked; he nodded to Roscoe. Justin opted to shake the man’s hand.

Roscoe remained standing behind his desk while they walked to the door. As they reached it, he said, “Dearne, Vaux-you will remember our agreement. When all this is over, I’ll still want to buy.” His lips lifted slightly. “And I daresay the lady will want to sell.”

Justin nodded. Christian raised a hand in salute and followed Dalziel out of the door.

In South Audley Street, Letitia tried to keep her mind occupied, without much success. Hermione had been invited to a morning tea at Lady Hamilton’s town house, to meet with her ladyship’s daughters; Agnes had gone with her, leaving the house unhelpfully quiet.

Too restless to sit, Letitia drifted about her front parlor, repositioning ornaments, straightening curtains.

When Mellon entered to announce that Swithin had called to see her, she all but fell on his neck. “Yes-please show him in here, Mellon.”

She walked to one of the sofas and stood before it. When Swithin entered, she smiled. “Mr. Swithin.”

He came forward, politely grave. Taking the hand she offered, he bowed. “Lady Randall. I hope I see you well and that this time is convenient. Albeit belatedly, I wanted to pay my respects and convey my most sincere condolences on poor Randall’s death.”

“Thank you, Mr. Swithin.” With a wave, Letitia invited him to sit on the opposing sofa, and sank onto its mate. “Will you take tea?”

Swithin assented. Letitia rose, tugged the bellpull, then returned to the sofa. Mellon appeared almost instantly; while they waited for him to return with the tea tray, Swithin and she exchanged idle comments on the weather.

Once Mellon had reappeared with the tray and Letitia had poured and handed Swithin his cup, she raised her own, sipped, then said, “If you will, I would appreciate hearing any memories of my late husband you feel able to share. It seems I didn’t know him well.” Quite aside from being a distraction, it was possible Swithin might let fall some clue.

He nodded, set his cup gently on its saucer. “He, Trowbridge, and I were all born in Hexham. We grew up there, but we didn’t know each other until we met at the grammar school. Once we had…”

She listened while he gave her what was plainly a heavily edited account of Randall’s life, with more personal color than he’d imparted before, yet still carefully avoiding any mention of their lowly origins.

Eventually he came to the present. “I quite understand, of course, why Randall wanted to sell. Now that the company has served its purpose for all of us, there’s really no point retaining our interest, especially given the concomitant risk of exposure.”

Letitia nodded. “Indeed.”

Swithin looked slightly conscious. “Not, of course, that I wish to pressure you to sell. I agreed with Randall, and I believe Trowbridge did, too, but perhaps you have reasons to want to hold onto the company.”

It wasn’t quite a question; she didn’t need to answer, yet if he agreed, and Trowbridge did, too…“On the contrary.” Letitia set aside her empty cup. “I’m absolutely determined to dissociate myself from the company with all possible speed.” She glanced at Swithin, realized she couldn’t read his expression at all well. Remembered he was known as a canny investor; presumably a poker face was something he’d cultivated. “As we all three agree that we want to sell, I’m hoping the matter can be arranged without delay.”

“Yes, indeed.” Swithin looked down, then leaned forward to hand her his empty cup. “In pursuit of that aim, I wonder if I might ask if I may take a look in Randall’s desk. In your presence, of course. When he suggested selling, I worked up some summaries of the latest profits. They will be useful to have when we’re deciding on a price-that’s why I gave them to him.”

Letitia frowned. “I can’t recall seeing any such papers.” She’d watched Barton’s search with an eagle eye.

“It might not be instantly obvious what they are.” Swithin stood.

Letitia rose, too. “Of course I wasn’t aware of the company at that time, so it’s possible I overlooked them.”

She led the way from the room, then diagonally down the hall to the study. She went straight to the desk. As her fingers brushed the edge, she heard the click of the door lock. Surprised, she glanced back.