Chapter 555: Hope's Revenge
"Actually, this fish and salted meat aren't too bad," the Duke of Leeds remarked as he carefully sliced the meat on his plate. "Back when I served in the Navy, I endured two straight months of salted meat—certainly not of this quality. That stuff had to be soaked in water for two hours and then hammered just to be chewable."
He gestured with his fork. "Perhaps you're not accustomed to such fare, but once you reach St. Petersburg, things will improve. The Russian court employs only French chefs."
Grenville chuckled. "Honestly, as much as I detest the French, nobody can refuse their chefs."
"Especially the Russians," Leeds added, taking a sip of wine. "It's a court rule that the head chef must be French. The Tsar trusts his stomach to them without question.
"But I must say, your journey will likely be far from relaxing."
"I'm prepared for that," Grenville replied, nodding. "After all, the Tsar's granddaughter is still in Paris."
He exhaled and then smiled again. "Speaking of challenges, your mission isn't without its difficulties either."
The Duke of Leeds finished his last piece of bread and wiped his mouth with a napkin. "These old bones of mine are just there to set the stage. My old friends in Vienna may help grease the wheels, but the success of any agreement will ultimately depend on bright young talents like yourself."
He paused, his tone shifting to a hint of complaint. "Do you and Mr. Pitt truly trust that Dutchman?
"I lost £300,000 in North Africa, and Parliament hounded me like mad dogs. Now he expects us to invest nearly £500,000 here."
Leaning closer, he whispered, "Have you considered the possibility that he may have struck a deal with the Viennese merchants?"
"That's possible," Grenville admitted, "but the potential gains outweigh the risks. Besides, £170,000 of that sum comes as a loan from Hope's bank—and I've heard his interest rates are remarkably low."
"A pitiful soul blinded by hatred," Leeds muttered, before adding, "Another concern: the Viennese merchants may be reluctant to tarnish their reputation for a mere sum of money."
"It's not a mere sum," Grenville corrected. "Even split among fifty merchants, each would earn more than two to three years' typical profits.
"More importantly, you might underestimate the Austrian merchants' hostility toward France. That will make them quite eager to see the French suffer."
"Oh? But if I recall, wasn't Austria one of the initiators of the Rhine-Seine Treaty?"
"That wonderful agreement is precisely the source of their resentment," Grenville replied with a smile as he rose and gestured toward the door. "Care to join me on the deck for some fresh air?"
"Excellent idea. Good sunshine is a rarity in London."
As they ascended the winding stairs to the deck, Grenville continued, "When Austria signed that treaty, they expected France's low tariffs to significantly boost their trade revenue.
"And, indeed, Austrian exports to France increased by 35% last year. But in the same period, France's exports to Austria nearly doubled.
"Worse, France's trade volume with southern German states in the treaty area—such as Baden and Württemberg—grew even more. Baden saw a 120% increase, while Württemberg experienced a 105% rise.
"These regions were traditionally Austrian markets. So, while Austria earned more from France, France earned far more from Austria and its neighboring territories.
"There's now considerable support in Vienna for withdrawing from the Rhine-Seine Treaty or renegotiating it to exclude France."
Leeds chuckled. "And where would they find a new 'Seine' to replace France?"
"Who knows—perhaps Switzerland," Grenville quipped with a grin. "In any case, rest assured that you'll find many allies in Vienna. Just remember to maintain discretion."
"The head of the Vienna Chamber of Commerce is an old friend of mine. You needn't worry about that," Leeds assured him. "One last question: do you truly believe the Dutchman's predictions will come to pass?"
"I can only say there's a strong likelihood," Grenville nodded. "Frankly, Hope has a keen understanding of France, and his timing is impeccable.
"France just reformed its tax system, meaning their Finance Minister no longer receives the hefty sums from tax farming. Their finances are now extremely fragile, and their newly appointed government tax officials lack the experience to ensure efficient collection.
"In January alone, France's tax revenue met only 83% of its target. Poor Mr. Hartley worked tirelessly on the renegotiated Eden Treaty, only to lose his position. A true injustice."
The two senior British officials strolled past saluting sailors on the deck and made their way to the ship's prow.
"Meanwhile," Grenville added, "Hope pointed out one critical vulnerability: France's reliance on its Industrial Development Fund."
Leeds gazed at the calm sea in the distance, puzzled. "Isn't that just a government agency for industrial investment?"
"It is," Grenville affirmed. "But it also serves another vital role—as the main creditor for France's nobility.
"The French used this fund to restructure their banking system, transferring massive debts into industrial investments."
Leeds grasped the implication. "So if this fund collapses, the Versailles nobility will go mad?"
"Exactly. Hope mentioned that while the fund has significant capital, most of it is tied up in textiles, steel, and coal industries, leaving very little cash on hand.
"If your efforts succeed, many French factories will face severe cash flow problems, and the fund won't have the liquidity to bail them out. Factory bankruptcies will result, leading to massive losses for the fund.
"This will buy us crucial time during the preparatory phase of our strategic plan. It's a perfect opening gambit."
Leeds tapped the railing. "Very well. I'll encourage the Austrian merchants to place as many orders as possible."
A day later, HMS Polyphemus docked at a Mecklenburg port, where Leeds disembarked to travel by carriage to Vienna. Grenville continued onward to Riga, where he secured an audience with Catherine the Great a few days later.
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