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'Now, in the case of the interest from the family trust, that is a different matter. If you decide to withdraw five hundred thousand dollars to invest in Henry's firm, then the bank will have to inspect Henry's books, because the money would be considered as another investment for William's portfolio. Richard did not give the trustees the authority to make loans, only to invest on William's behalf. I have already explained this situation to Henry, and if we were to go ahead and make this investment, the trustees would have to decide what percentage of Henrys company would be an appropriate exchange for the five hundred thousand.

William, of course, is always aware what we are doing with Ids trust income, because we saw no reason not to comply with his request that he receive a quarterly investment programme statement from the bank in the same way as all the trustees do. I have no doubt in my own mind that he will have his own ideas on the subject which he will be fully aware of after he receives the next quarterly report.

'It may amuse you to know, that since William's sixteenth birthday he has been - sending me bark his own opinions on every investment we make. To begin with I looked on them with the passing interest of a benevolent guardian. Of late, I have been studying them with considerable respect.

When William takes his place on the board of Kane and Cabot, this bank may well turn out to be too small for him.

'I've never been asked for advice on William's trust before,' said Anne forlornly.

'Well, my dear, you do see the reports that the bank sends you on the first day of every quarter, and it has always been in your power as a trustee to query any of the investments we make on William's behalf.'

Alan Lloyd took a slip of paper from his pocket, and remained silent until the sommelier had finished pouring the Nuits Saint Georges. Once he was out of earshot, Alan continued.

'William has over twenty - one million invested in the bank at four and a half per cent until his twenty - first birthday. We reinvest the interest for him each quarter in stocks and shares. We have never in the past invested in a private company. It may surprise you to hear, Anne, that we now carry out this reinvestment on a fifty - fifty basis: fifty per cent following the bank's advice and fifty per cent following the suggestions put forward by William At the moment we are a little ahead of him, much to the satisfaction of Tony Simmons, our investment director, whom William has promised a Rolls - Royce in any year that he can beat the boy by over ten per cent!

'But where would William get hold of the ten thousand dollars for a Rolls - Royce if he lost the bet - when he's not allowed to touch the money in his trust until he is twentyone?'

'I do not know the answer to that, Anne. What I do know is he would be far too proud to come to us direct and I am certain he would not have made the wager V he could not honour it. Have you by any chance seen his famous ledger book lately?'

vMe one given to him by his grandmothersT Alan Lloyd nodded.

'No, I haven't seen it since he went away to school. I didn't know it still existed!

'It still exists and I would,' said the banker, 'give a montys wages to know what the credit column in that ledger book now stands at. I suppose you are aware that he banks that money with Lester's in New York, and not with us? They don't take on private accounts at under ten thousand dollars. I'm also fairly certain they wouldn't make an exception, even for the son of Richard Kane.'

'The son of Richard Kane.' said Anne.

'I'm sorry, I didn't mean to sound rude, Anne!

'No, no, there is no doubt he is the son of Richard Kane. Do YOU know he has never asked me for a penny since his twelfth birthday?' She paused. 'I think I should wam you, Alan, that he won't take kindly to being told he has to invest five hundred thousand dollars of his trust money in Henry's company!

'They don't get on well?' enquired Alan, his eyebrows rising.

'I'm afraid not,' said Anne.

'I'm sorry to hear that. It certainly would make the tz - ansaction more complicated if William really stood out against the whole scheme. Although he has no authority over the trust until he is twenty - one, we have already discovered through sources of our own that he is not, beyond going to an independent lawyer to find out his legal position: ~Good God,' said Anne, ',you can't be serious.'

'Oh, yes, quite serious, but there's nothing for you to worry about. To be frank, we at the bank were all rather impressed and once we realised where the enquiry was coming from, we released information we would normally have kept very much to ourselves. For some private reason he obviously didn't want to approach us directly!