"Now I ask you, Hawksworth, what's the purpose of the East India Company? Well, 'tis to trade wool for pepper and spice, simple as that. To find a market for English commodity, mainly wool. And to ship home with cheap pepper. Now we can buy all the pepper we like down in Java and Sumatra, but they'll not take wool in trade. And if we keep on buying there with gold, there'll never be a farthing's profit in our voyages to the Indies. By the same token, we're sure these Moghuls in North India will take wool. They already buy it from the damned Portugals. But they don't grow pepper." Spencer leaned forward and his look darkened slightly. "The hard fact is the East India Company's not done nearly as well as our subscribers hoped. But now the idea's come along--I hate to admit 'twas George Elkington first thought of it--that we try swappin' wool for the cotton goods they produce in North India, then ship these south and trade for pepper and spice. Indian traders have sold their cotton calicoes in the Spice Islands for years. Do you follow the strategy?" Spencer had scrutinized Hawksworth for a moment, puzzling at his flash of anger when Elkington's name was mentioned, then pressed forward. "Overall not a bad idea, considerin' it came from Elkington." Then Spencer dropped his voice to just above a whisper. "But what he doesn't understand is if we're goin' to start tradin' in India, we'll need a real treaty, like the Hollanders have down in some of the islands. Because once you've got a treaty, you can settle a permanent trading station, what we call a 'factory,' and bargain year round. Buy when prices are best." Hawksworth sensed the interview would not be short, and he settled uneasily into the chair. Maggie still stood erect and formal, affecting a dignity more studied than natural. As Spencer warmed to his subject he seemed to have forgotten her. "Now, sir, once we have a factory we can start sending in a few cannon-- to 'protect our merchants,' like the Hollanders do in the islands--and soon enough we've got the locals edgy. Handle it right and pretty soon they'll sign over exclusive trade. No more competition." Spencer smiled again in private satisfaction. "Are you startin' to follow my thinkin'?" "What you've described is the very arrangement the Portugals have in India now." Hawksworth tried to appear attentive, but he couldn't keep his eyes off Maggie, who stood behind Spencer wearing a triumphant smile. "And they've got plenty of cannon and sail to make sure their trade's exclusive."