Casanova's Chinese Restaurant - Anthony Powell [53]
‘The opposite process to entertaining angels unawares?’
‘I don’t quite know what you mean,’ said Widmerpool. ‘But tell me about yourself, your married life, Nicholas. Where are you living? I dined with your brother-in-law, George Tolland, not long ago. I am never sure that it is a wise thing for soldiers to go into business. If fellows enter the army, let them stay in the army. That is true of most professions. However, he gave me some acceptable advice regarding raising money for my Territorials. The mess fund balance always seems low.’
Widmerpool rarely showed great interest in other people’s affairs, but his good humour that day was such that he listened with more attention than usual when subjects unconnected with himself were ventilated. I wondered if some business deal had put him in such a genial mood. Conversation drifted to such matters.
‘Things are looking up a little in the City,’ he said, when luncheon was over. ‘I foresee that the rhythm of the trade circle is moving towards improvement. I have been doing some small calculations on my own account to verify how matters stand. It will interest you to hear my findings. As you know, the general level of dividends is the major determinant of general stock values and market prices over a long period of time. Over shorter periods stock prices fluctuate more widely than dividends. That is obvious, of course. I worked out, for example, that since the Slump, stock prices have risen between 217* per cent and 218½ per cent. So far as I could ascertain, dividends have not exceeded 62¾ per cent to 64* per cent. Those are my own figures. I do not put them forward as conclusive. You follow me?’
‘Perfectly.’
‘Setting aside a European war,’ said Widmerpool, ‘which I do not consider a strong probability in spite of certain disturbing features, I favour a reasoned optimism. I hold views, as it happens, on the interplay of motions and emotions of the Stock Exchange, which, in my opinion, are far more amenable to appraisement than may be supposed by the tyro. My method could not be simpler. I periodically divide the market price of stocks – as expressed by some reliable index – by the dividend paid on the index. What could be easier than that. You agree?’
‘Of course.’
‘But lest I should seem to pontificate upon my own subject, to be over-occupied with the sordid details of commerce, let me tell you, Nicholas, that I have been allowing myself certain relaxations.’
‘You have?’
‘As you know, my mother has always urged me to spend more time seeking amusement. She thinks I work too hard.’
‘I remember your telling me.’
I did not know what he was aiming at. There was no doubt he was pleased about something. He seemed uncertain whether or not to reveal the reason for that. Then, suddenly, his gratification was explained.
‘I have been moving in rather exalted circles lately,’ he said, giving a very satisfied smile.
‘Indeed?’
‘Not exactly royal – that is hardly the word yet … You understand me …?’
‘I think so.’
‘It was an interesting experience.’
‘Have you actually met …’
Widmerpool bowed his head, suggesting by this movement the knowledge of enviable secrets. At the same time he would allow no admission that might be thought compromising either to himself or those in high places whose reputation must rightly be shielded. I tried to extort more from him without any success.
‘When did this happen?’
‘Please do not press me for details.’
He was now on his dignity. There was a moment of silence. Widmerpool took a deep breath, as if drawing into his lungs all the health-giving breezes of the open sea of an elevated social life.
‘I think we are going to see some great changes, Nicholas,’ he said, ‘and welcome ones. There is much – as I have often said before – to be swept away. I feel sure the things I speak of will be swept away. A new broom will soon get to work. I venture to hope that I may even myself participate in this healthier society to which we may look forward.’
‘And you think we shall avoid war?’
‘Certainly, I do. But I was speaking for once of society in its narrower sense