‘I’m sure I’ve not suggested that you have done anything wrong,’ said Lord Vetinari. ‘However, I shall make a note of what you tell me.’

He pulled a sheet of paper towards him and wrote, in a careful copperplate hand, ‘Code of Conduct’. The shifting of the paper exposed a file marked ‘Embezzlement’. The title was of course upside down to the rest of the group and, since presumably it was not intended to be read by them, they read it. Horsefry even twisted his head for a better view.

‘However,’ Vetinari went on, ‘since the question of wrongdoing has been raised by Mr Horsefry,’ and he gave the young man a brief smile, ‘I am sure you are aware of talk suggesting a conspiracy amongst yourselves to keep rates high and competition non-existent.’ The sentence came out fast and smooth, like a snake’s tongue, and the swift flick on the end of it was: ‘And, indeed, some rumours about the death of young Mr Dearheart last month.’

A stir among the semicircle of men said that the shoe had been dropped. It wasn’t a welcome shoe, but it was a shoe they had been expecting and it had just gone thud.

‘An actionable falsehood,’ said Slant.

‘On the contrary, Mr Slant,’ said Vetinari, ‘merely mentioning to you the existence of a rumour is not actionable, as I am sure you are aware.’

‘There is no proof that we had anything to do with the boy’s murder,’ snapped Horsefry.

‘Ah, so you too have heard people saying he was murdered?’ said Vetinari, his eyes on Reacher Gilt’s face. ‘These rumours just fly around, don’t they… ’

‘My lord, people talk,’ said Slant wearily. ‘But the facts are that Mr Dearheart was alone in the tower. No one else went up or down. His safety line was apparently not clipped to anything. It was an accident, such as happens often. Yes, we know people say his fingers were broken, but with a fall of that distance, hitting the tower on the way, can that really be surprising? Alas, the Grand Trunk Company is not popular at the moment and so these scurrilous and baseless accusations are made. As Mr Horsefry pointed out, there is no evidence whatsoever that what happened was anything more than a tragic accident. And, if I may speak frankly, what exactly is the purpose of calling us here? My clients are busy men.’

Vetinari leaned back and placed his fingers together.

‘Let us consider a situation in which some keen and highly inventive men devise a remarkable system of communication,’ he said. ‘What they have is a kind of passionate ingenuity, in large amounts. What they don’t have is money. They are not used to money. So they meet some… people, who introduce them to other people, friendly people, who for, oh, a forty per cent stake in the enterprise give them the much-needed cash and, very important, much fatherly advice and an introduction to a really good firm of accountants. And so they proceed, and soon money is coming in and money is going out but somehow, they learn, they’re not quite as financially stable as they think and really do need more money. Well, this is all fine because it’s clear to all that the basic enterprise is going to be a money tree one day, and does it matter if they sign over another fifteen per cent? It’s just money. It’s not important in the way that shutter mechanisms are, is it? And then they find out that yes , it is. It is everything . Suddenly the world’s turned upside down, suddenly those nice people aren’t so friendly any more, suddenly it turns out that those bits of paper they signed in a hurry, were advised to sign by people who smiled all the time, mean that they don’t actually own anything at all, not patents, not property, nothing. Not even the contents of their own heads, indeed. Even any ideas they have now don’t belong to them, apparently. And somehow they’re still in trouble about money. Well, some run and some hide and some try to fight, which is foolish in the extreme, because it turns out that everything is legal, it really is. Some accept low-level jobs in the enterprise, because one has to live and in any case the enterprise even owns their dreams at night. And yet actual illegality, it would appear, has not taken place. Business is business.’

Lord Vetinari opened his eyes. The men around the table were staring at him.

‘Just thinking aloud,’ he said. ‘I am sure you will point out that this is not the business of the government. I know Mr Gilt will. However, since you acquired the Grand Trunk at a fraction of its value, I note that breakdowns are increasing, the speed of messages has slowed down and the cost to customers has risen. Last week the Grand Trunk was closed for almost three days. We could not even talk to Sto Lat! Hardly “As Fast as Light”, gentlemen.’

‘That was for essential maintenance—’ Mr Slant began.

‘No, it was for repairs,’ snapped Vetinari. ‘Under the previous management the system shut down for an hour every day. That was for maintenance. Now the towers run until they break down. What do you think you are doing, gentlemen?’

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