Chapter 1169: 1075: Jumping into the Pit

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 times the price made no difference.

“Damn Frenchmen,” 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 Management Committee this afternoon. Less than an hour remains.”

Bolton immediately felt a headache but had no choice but to rise and start changing clothes.

After his company received that £800,000 investment, the government investment fund became the largest shareholder with a 38% stake, as well as the primary creditor holding £370,000 worth of company debt.

Though the investment 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 Investment Fund Management 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 member of the management committee immediately 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 development 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 meant the existing pressure gauges couldn’t be directly used after pressure enhancement, 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 meant 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 documents of Bolton-Watt Company, pointing to several lines and saying solemnly, “86% of your products are sold through pre-sale; according to the sales agreement, a breach would incur compensation ten times 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 volume 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 plummeting stock prices, the investment 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 management committee office with a pale face.

Once his figure disappeared beyond the door, Malik immediately instructed the official beside him, “Brian, please draft a report to Congress immediately; we need to withdraw investment from Bolton-Watt.”

Malik clearly understood that with the investment fund’s £4 million scale, a £190,000 loss could easily be blamed on some subordinates; however, if the amount were larger, he would most likely be dismissed.

Ten Downing Street.

Sea War Minister Admiral Jervis glanced at the investment fund’s report on the table and said to Lord Grenville, “Your Excellency the Prime Minister, you know, steam battleships are our key to regaining control of the Mediterranean Sea.

“Meanwhile, 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 investment fund’s withdrawal motion, as that would lead to this company’s immediate bankruptcy.”

Chief Accountant of the Navy Board, Sir Middleton, immediately 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 Prime 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 congressmen had subscribed to the government investment fund, and they would not sit by idly while their investments continued to shrink.

Admiral Jervis suddenly became anxious and exclaimed, “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 investment fund’s shares in Bolton-Watt Company are worth only about £22,000.

“Considering the company’s ample cash reserves, an investment of less than £50,000 could stabilize the company’s situation.

“Therefore, I suggest that the government can fully take over Bolton-Watt Company by providing the funding.”

“God!” Finance Minister Henry Petty immediately objected, “Right now, the government 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 development of many other industries.

“In fact, as soon as Bolton-Watt Company resumes production, especially once the 180-horsepower steam engine is launched, this money can quickly become profitable.”