‘Have you indeed?’ said Dent with a quizzical smile. ‘Well, you have certainly been busy, Wetmore! And what does your letter say?’

‘In essence, Mr Dent, it seeks to assure the High Commissioner that we are willing to accede to his terms, but with certain reservations.’

‘Does it now?’ said Dent, smiling thinly. ‘So are we to understand, Mr Wetmore, that you and your little friend Charlie have taken it upon yourselves to write a letter on our behalf but without consulting us? A letter that pledges to end a trade that has existed since before any of us were born? A trade that has conferred enormous wealth upon yourself and your friends, not least Mr Jardine?’

The reference to Jardine seemed to rattle Mr Wetmore, and his voice grew a little shaky. ‘Well,’ he said, ‘our letter explains, of course, that there was, in the past, some ambiguity in regard to the Chinese government’s position on the opium trade. At one time it was widely believed that the government might even legalize the trade. But whatever doubts may have existed in the past have certainly been removed by the Commissioner’s deeds and words. There is no reason now to hesitate in providing the pledge that he demands.’

‘Oh really?’ said Dent with silky smoothness. ‘And what of the ships that are already anchored around Hong Kong and the other outer harbours? Are we to meekly empty their holds and send the contents to the Commissioner?’

‘Not at all,’ said Wetmore. ‘Our letter explains that while the ships might belong to us, their cargoes do not. They are in effect the property of our investors, in Bombay, Calcutta and London. To surrender the cargoes is impossible: what we will do instead is send the ships back to India.’

For Bahram, this was the prospect most to be feared. ‘Send our cargoes back to India?’ he cried in alarm. ‘But you know, no Mr Wetmore, the price of opium has fallen to the floor in Bombay? And production has increased like anything. Where will our cargoes go? Who will buy? To send them to India will bring ruin.’

Bahram looked around the table and it seemed to him that many eyes had narrowed at the sound of the last word: if there was one thing he knew about the English language it was that nothing was more harmful to a merchant’s credit than the word ‘ruin’. He hastened to undo the damage. ‘I don’t mean any of us here, of course. We are all amply supplied with capital and will manage to get by. But what about small investors? We have to think of them, no? Many have put in whole life-savings. What of them?’

‘Exactly!’ cried Slade. ‘It seems to me from the sentimental tenor of what I have heard here that the vision of the Hongists’ blood spilt on the ground has blinded some of us from contemplating the consequences of surrendering our cargoes. Mr King and Mr Wetmore are so considerate of the sufferings of the Chinese that they are willing to drag down all those engaged in the opium traffic. But what of the ruination and destitution of those who have invested their savings in our shipments? What of their fall in station and society, leading perhaps to debtor’s prison, to workhouse alms and probably death by starvation?’