'None,' he replied without further comment.

William kissed his mother on the cheek; he had no idea how much she was going to miss him. He marched off down the path, in his first pair of long trousers, his hair cut very short, carrying a small suitcase towards Roberts, the chauffeur. He climbed into the back of the Rolls - Royce and it drove him away. He didn't look back. His mother waved and waved, and later cried. William wanted to cry too, but he knew his father would not have approved.

The first thing that struck William Kane as strange about his new prep school was that the other boys did not care who he was. The looks of admiration, the silent acknowledgment of his presence were no longer there. One older boy actually asked his name, and what was worse, when told, was not manifestly impressed. Some even called him Bill which he soon corrected with the explanation that no one had ever referred to his father as Dick.

William's new domain was a small room with wooden book - shelves, two tables, two chairs, two beds and a comfortably shabby leather settee. The other chair, table and bed were occupied by a boy from New York called Matthew Lester, whose father was also in banking.

William soon becaine used to the school routine. Up at seven thirty, wash, breakfast in the main dining room, with the whole school - two hundred and twenty boys munching their way through eggs, bacon and porridge. After breakfast, chapel, three fifty - minute classes before lunch and two after it, followed by a music lesson which William detested because he could not sing a note in tune and he had even less desire to learn to play any musical instrument. Football in the autumn, hockey and squash in the winter, and rowing and tennis in the spring left him with very little free time. As a mathematics scholar, William had special tutorials in the subject three times a week from his housernaster, G. Raglan, Esquire, known to the boys as Grumpy.

During his first year, William proved to be well worthy of his scholarship, among the top few boys in almost every subject, and in a class of his own in mathematics. Only his new friend, Matthew Lester, was any real competition for him, and that was almost certainly because they shared the same room. While establishing himself academically William also acquired a reputation as a financier. Although his first investment in the market had proved disastrous, he did not abandon his belief that to make a significant amount of money, sizeable capital gains on the stock market were essential. He kept a wary eye on the Wall Street Journal, company reports and, at the age of twelve, started to experiment with a ghost portfolio of investments. He recorded every one of his ghost purchases and sales, the good and the notso - good in a newly acquired, different coloured ledger book, and compared his performance at the end of each month against the rest of the market. He did not bother with any of the leading listed stocks, concentrating instead on the more obscure companies, some of which traded only over the counter, so that it was impossible to buy more than a few shares in them at any one time. William expected four things from his investments: a low multiple of earnings, a high growth rate, strong asset backing and a favourable trading outlook. He found few shares which fulfilled all these rigorous criteria, but when he did, they almost invariably showed him a profit.

The moment he found that he was regularly beating the Dow - Jones Index with his ghost investment programme, William knew he was ready to invest his own money once again. He started with one hundred dollars and never stopped refining his method. He would always follow profits and cut losses. Once a stock had doubled, he would sell half his holding but keep the remaining half intact, trading the stock he still held as a bonus.

Some of his early finds, such as Eastman Kodak and I.B.M., went on to become national leaders. He also backed the first mail order company, convinced it was a trend that would catch on.

By the end of his first year he was advising half the school staff and some of the parents. William Kane was happy at school.

Anne Kane had been unhappy and lonely at home with William away at St.

Paul's and a family circle consisting only of the two grandmothers, now approaching old age. She was miserably conscious that she was past thirty, and that her smooth and youthful prettiness had disappeared without leaving much in its place. She started picking up the threads, severed by Richard's death, with some of her. old friends. John and Milly Preston, William's godmother, whom she had known all her life, began inviting her to dinners and the theatre, always including an extra man, trying to make a match for Anne. The Preston's choice& were almost always atrocious, and Anne used privately to laugh at Milly's attempts at match - making until one day.in January 1919, just after William had returned to school for the winter term, Anne was invited to yet another dinner for four. Milly confessed she had never met her other guest, Henry Osborne, but that they thought he had been at Harvard at the same time as John.