shadow of britain

Chapter 898 Capitol Hill Stock God (×) Whitehall Street Stock God ()
The Economist, August 22, 1837
Belgium's four-line telegraph plan finalized; Imperial Publishing's stock price surges for three days.

This publication is pleased to learn that the Belgian government has recently formally approved the application of the Electromagnetic Telegraph England (EME) company, authorizing it to construct and operate telegraph lines within the country for a ninety-year franchise. It is understood that EEM not only possesses a strong financial backing, but its scientific advisors include leading experts in electromagnetism, such as Charles Wheatstone, Professor of Experimental Physics at the University of London. The company's expertise in telegraph principles and device manufacturing has already been demonstrated in numerous projects in London, Liverpool, and other locations.

According to sources in Brussels, the project is based on the existing Belgian railway network. The eastern line starts from Mechelen, passing through Leuven, Liège, and Verviers, and finally reaches the Prussian border. The western line runs west from Mechelen, passing through Ghent and Bruges, ending in the port city of Ostend to connect with Channel Freighters and improve the efficiency of mail exchange between Britain and Belgium. The northern line leads to the Cherte River and finally reaches Antwerp, Belgium's largest port. The southern line passes through Sogines and Mons, connecting to the French border, laying the groundwork for future connections with the French telegraph system.

The Belgian telegraph industry, with its grand scale and far-sighted layout, is a model of modern telegraph technology. Its four-pronged approach, encompassing both domestic and international markets, combined practical value with symbolic progress, representing a perfect blend of industry and national will. Its preference for the English Electromagnetic Telegraph Company was a comprehensive endorsement of the spirit of free enterprise, transparent regulatory systems, and support for emerging technologies.

Compared to France's telegraph companies, which were still in the experimental stage, and Prussia's railway signaling system, which was yet to take shape, Belgium's move to "support Britain" will reshape the power structure of the telegraph industry landscape in the coming decades.

Furthermore, it is worth noting that the construction plan was announced just before King Leopold I of Belgium embarked on his visit to Britain.

The announcement of this Belgian telegraph construction plan is both an acknowledgment of Britain's telegraph technological prowess and a wise strategic move by Belgium based on its own strategic vision. British telegraph companies, scientists, capitalists, and railway engineers will all benefit from it.

If the telegraph project proceeds smoothly and all lines and equipment are laid and deployed within a few years, it is easy to imagine that Belgium will become the first country in continental Europe to achieve nationwide telegraph coverage, leaping to the position of leader in the telegraph industry, rather than a follower outside the British Isles. Since its independence in 1830, Belgium has made considerable progress in the fields of politics, finance, industry, and diplomacy, and now it has taken the lead in the telegraph industry competition. Its enterprising spirit is a model for the old powers of continental Europe.

Meanwhile, with the 90-year monopoly on Belgian telegraph lines finalized, the English Electromagnetic Telegraph Company, which had secured a million-franc order, was immediately regarded by the City of London as the most promising subsidiary of the Imperial Publishing Company.

According to a draft financial forecast submitted to the stock exchange this month by Imperial Publishing, once the Belgian project is fully operational, its four main lines will total over 400 miles, with an expected return on initial investment within the next seven years and stable profits from the eighth year onwards. Based on this conservative estimate, the project will account for 32% of its total assets, becoming a pillar business for the company.

As soon as the news broke, Imperial Publishing's shares on the London Stock Exchange surged, jumping 41% in three days, the largest increase in nearly a year. The most dramatic rise occurred between August 18 and 19, with trading volume nearly doubling.

Since last summer, there has been much discussion about the telegraph industry in the City of London, but most people remain cautious and wait-and-see. This is partly due to rumors that continental European countries are skeptical of British telegraph equipment, and partly due to the recovery of railway bonds in early summer, which has drawn away some speculative funds.

However, Belgium acted swiftly and with a clear stance, especially in its cabinet meeting minutes, which explicitly stated that "only the English Electromagnetic Telegraph Company has sufficient capital and technical capabilities," which undoubtedly gave a strong boost to supporters of the telegraph industry.

This positive news not only improved the City's overall assessment of the telegraph industry, but also had a positive ripple effect on the stable image of Imperial Publishing Company, which wholly owned the English Electromagnetic Telegraph Company, in the capital market.

Imperial Publishing Company was known for its "main business of printing, with secondary businesses of investment and telegraph". Although its telegraph business started as an extension of the physics laboratory of the University of London, it received successive capital increases from Rothschild Bank, Barings Bank and many industrial giants in Birmingham, Sheffield and Manchester from the second half of 1836, gradually establishing its cross-industry complex structure.

At the same time, as a rare conglomerate that combines publishing and telegraph operations, Imperial Publishing may take this opportunity to sign a long-term cooperation agreement with the Belgian government on news publishing and printing business in Belgium, which will undoubtedly further consolidate its leading position in the industry in news dissemination and publication printing.

……

Sunlight streamed through the windows of Fleet Street, casting a slanting glow on the desk in the third-floor office of The Englishman magazine.

Arthur, with a pipe dangling from his lips, leaned back on the ebony-edged leather sofa, holding the freshly printed copy of The Economist from that morning.

As for the editor-in-chief of The Economist, the esteemed Mr. James Longworth, he was sitting in the chair opposite Arthur, leisurely sipping his tea. It was clear that he was very confident in today's article, as a smile played on his lips as he drank his tea.

“James,” Arthur put down the newspaper and praised, “your editorial is so well-written and impartial that it’s a true benchmark of journalistic neutrality. The reason I brought you from The Times to The Economist as editor-in-chief was because of this potential. The board didn’t pay such a high price just to have you as their propaganda minister.”

Longworth, who was placing a teacup on the mantelpiece, chuckled upon hearing this, "Really? I thought you were going to criticize me for writing too slickly."

"Slick? How could that be?" Arthur took a drag of his cigarette, crossed his legs, and said, "Every reporter under our Imperial Publishing Company writes with absolute honesty and impartiality. Even when it comes to the Chairman of the Board, you should criticize him as much as you want. After all, we have always advocated for freedom of the press, and this is not just empty talk. Especially this part, the high praise for Belgium's investment in the telegraph industry, is truly insightful."

“Sir, it is an honor to have your trust. After all, independence is the foundation of Imperial Publishing.” Longworth said half-jokingly, “Even if independence happens to have increased our stock price by forty percent, it is only because we are pragmatic, impartial and just happen to be so.”

“Of course.” Arthur picked up the saucer and took a sip of tea. “Hard work pays off, and the free market won’t let honest people suffer.”

“However…” Arthur slowly put down his teacup: “Even honest men sometimes need opportunities. With Leopold visiting England, it would be best to strike while the iron is hot.”

Longworth immediately understood, and the editor of The Economist did not hesitate for a moment: "You mean, publish a few more articles?"

“No, no, no, James, don’t misunderstand.” Arthur waved his hands repeatedly, “How could I interfere with the independence of The Economist? I just think that the public has the right to know about the broad prospects of the telegraph industry and the importance of improving the speed of information transmission. Moreover, Belgium has been a friendly country to Great Britain for a long time, and the progress of friendly nations is certainly welcomed by ordinary people, the Ministry of Foreign Affairs, and even Her Majesty the Queen herself.”

“Of course.” Longworth nodded, his tone perfectly natural. “I was just thinking the same thing as you. In fact, The Economist is already preparing a series of telegraph features, an analysis of the economic benefits of telegraph technology, and an interview with Professor Charles Wheatstone.”

Even Sir Arthur Hastings, a man who rarely smiled in front of his subordinates, couldn't help but smile with satisfaction upon hearing this news.

The patient, who had miraculously recovered yesterday afternoon, stood up and patted the other person on the shoulder: "James, you really are one of the few conscientious media people on Fleet Street."

“It’s our duty, Sir,” Longworth said, refilling his teacup. “Besides, we report these things simply out of a love of the truth.”

Upon hearing this, Arthur finally couldn't help but speak up: "By the way, besides chatting, I have some good news to tell you today."

Langworth raised an eyebrow knowingly: "Sir, I rarely hear bad news when I come to you."

Arthur stopped Langworth from pouring tea, instead going to the office wine cabinet to retrieve a bottle of fine Bordeaux. He personally poured a glass for this key figure at Imperial Publishing: "This year's salary adjustment plan will be released soon, and before its official publication, I'd like to solicit your opinion. James, the board believes that a 25% raise is appropriate for the company's middle managers..."

As soon as Langworth picked up his glass of Bordeaux, he heard "25% raise," and he felt as if he had been struck by lightning; his fingertips trembled as he held the glass.

Although he tried his best to maintain a calm smile, his ears were actually flushed with an inappropriate blush.

"Sir, you...you are too...this news is even more surprising than my first editorial published on the front page of The Times..."

Langworth was speechless for a moment, and even the word "moved" stuck in his throat.

To everyone's surprise, Arthur waved his hand and sat back down on the sofa.

"However..." he suddenly changed the subject, slowly saying, "Personally... I am actually against it."

Langworth's glass wobbled slightly, almost spilling a few drops.

He instinctively straightened his back, his lips twitching slightly. "You... think the amplitude is too high?" "Not too high," Arthur shook his head, his tone righteous and stern. "It's too low!"

Langworth paused for a moment, not even having time to put the glass back on the coffee table.

“You said, James,” Arthur continued, “that living in a place like London where every inch of land is so expensive, what good is a 25% raise for an editor? They still have to drink cheap tea every day and can’t even afford a few servants and grooms. Let alone an editor, even I sometimes feel like I’m struggling to make ends meet.”

Longworth's lips twitched slightly. He really couldn't understand what this Fleet Street millionaire, whose fortune exceeded £100,000, meant by suddenly pleading poverty to him.

“So at the board meeting, I slammed my fist on the table,” Arthur said, tapping the coffee table in front of him. “I said, a raise alone isn’t enough. A truly trustworthy company should provide more for its employees.”

“Therefore!” Arthur opened the drawer and placed the salary adjustment plan on the table: “At the end of this year, in addition to the overall salary adjustment, the board of directors will also allocate a special annuity subsidy, which will be distributed to all core middle managers, including you. As for the specific amount…”

Arthur paused thoughtfully for a moment, then said, "I can't disclose the exact amount, but I think you should be able to go and look at houses in Notting Hill this afternoon."

Langworth finally realized what was happening, and he nodded excitedly, "Sir, you are so... I... to be honest, I never thought... I could..."

Upon hearing this, Arthur burst into laughter, his hearty laughter echoing throughout the spacious office.

He patted Longworth on the shoulder: "James, remember to keep this momentum, do things steadily, and uphold the good traditions that The Economist has maintained over the years. Don't worry, as long as nothing goes wrong and you uphold press freedom, this pension is just the beginning."

Langworth's face was flushed with excitement, his cheeks burning red, as if he had drunk a barrel of rum.

He nodded repeatedly and said, "Sir, rest assured! As long as I am still on Fleet Street, The Economist's columns will never slide into the abyss of sensationalism."

“Of course, I believe in your abilities and competence.” Arthur leaned back on the sofa, seemingly preparing to end the conversation, but then, as if suddenly remembering something, he smiled at Langworth: “However, don’t put all your time into work. You should also pay attention to your personal life. I heard you’re getting married soon? Your fiancée is the daughter of a manager at Barings Bank?”

Langworth chuckled and replied, "Yes, Elena is Mr. Black's daughter from Barings Bank. We plan to hold our wedding next spring, and we would be honored to have you there."

“Oh, so it’s Mr. Black.” Arthur nodded with a smile. “Sir Francis Baring mentioned him to me. He’s a learned and skilled gentleman, a highly respected old gentleman in the City of London. Although I’ve never met Elena, I can only imagine that Mr. Black’s daughter must be a dignified and elegant young lady.”

Then, Arthur casually asked, "So what do you guys usually like to do? Does she like music?"

“She loves it! She has a large collection of recordings by famous pianists, including Chopin, you, Mendelssohn, and Mochelis, but her biggest idol is Liszt.” Langworth, in high spirits, was almost completely unguarded in front of Arthur: “She had always wanted to go to Paris to hear Liszt perform. We originally planned to go during our honeymoon next year, but we didn’t expect Liszt to come to London this time and perform at Buckingham Palace. She was so excited the other night that she couldn’t sleep at all.”

"Is that so?" Arthur smiled very gently. "I remember Liszt was also planning to give a few public recitals in London, wasn't he?"

“That’s right. As soon as I heard about it, I immediately asked someone to buy tickets. We chose the Covent Garden Theatre performance, and it took me a lot of effort to get two tickets.” Longworth shook his head with a smile, his face beaming with satisfaction at fulfilling his promise to his fiancée: “Elena said it’s like an engagement gift from heaven.”

Arthur didn't answer immediately. Instead, he slowly took a sip of his Bordeaux, remained silent for a moment, and then asked thoughtfully, "What do you think of... Lister?"

Langworth almost blurted out: "A genius among geniuses. His stage presence is unique, his tone is unrestrained, it's like... like creating dreams with the piano."

“Dreaming?” Arthur repeated the word with a half-smile: “Hmm, you’re quite good at dreaming.”

He put down his wine glass and leaned back in his armchair: "I just found a book at a friend's place the other day, written by the Frenchman Balzac, called 'Beateles.' Have you heard of it?"

“Beateles?” Langworth recalled for a moment: “I don’t think we published this novel among the Balzac works we represent.”

“No, not yet, but it will be soon.” Arthur replied casually, “Mr. Carter went to Paris to talk to Balzac himself a while ago and even finalized the payment. The terms are not low. I heard he wants to pay by paragraph, which shows how confident he is in his writing and story.”

Langworth laughed: "Balzac, I heard Mr. Dumas mention him before, he was indeed an arrogant fellow."

“That’s true.” Arthur’s smile didn’t fade. “But who Balzac was isn’t important. I’m more interested in the characters he created. I heard that before Balzac published Beatrice, his friend George Sand suggested that he name the book ‘The Convict, or Forced Love.’”

Upon hearing this, Langworth immediately became interested: "Really? This story sounds interesting. What's it about? A convict? Like The Count of Monte Cristo?"

Arthur smiled and waved his hand: "It's not as grand as The Count of Monte Cristo. Like most French novels, it's about nobles, musicians, love triangles, and adultery."

Upon hearing this, Langworth laughed and replied, "It sounds like this book will sell well in London, after all, London readers love this kind of thing."

“Of course, that’s what I think too.” Arthur raised his glass and clinked it with Langworth’s. “Especially considering that this book contains allusions to Liszt’s private life.”

Longworth nearly choked on his drink: "Insinuation... Sir, you mean... he himself knew about this?"

"Who?" Arthur raised an eyebrow, feigning confusion. "Balzac? Or Liszt?"

"Liszt".

Arthur shrugged. "Maybe he knows, maybe he doesn't, or maybe he doesn't care even if he does. Think about it, a pianist who spends his days immersed in sheet music and luxurious perfumes, would he really read a novel that describes his chaotic private life? And would he even read the original French text, understand the metaphors, and analyze the structure? He doesn't have that kind of time."

“That’s true…” Longworth smiled, not taking it to heart: “He probably only reads reviews, especially those about his charisma.”

“That’s precisely why,” Arthur said slowly, taking a puff of his pipe, his gaze flickering behind the smoke, “we have a responsibility to provide the public with a more…neutral, rational, and structured interpretation.”

Upon hearing this, Langworth's smile faltered slightly.

"for example?"

“For example, in the next issue of *The Englishman*, do a short column about the upcoming publication of *Beateles*.” Arthur’s tone was light, as if he were talking about something happy. “And while we’re at it, extract a few lines, get some critics to add their own analyses, like ‘revealing an artist’s passion and cowardice,’ ‘a noblewoman’s arrogance and self-destruction,’ and have them written into a work by Paris’s most prestigious novelist, and then analyzed as a cultural phenomenon by London’s most tasteful literary magazine. That would be more prestigious and accomplished than performing at Buckingham Palace. Tell me, which musician has received the same treatment as Liszt? James, what do you think?”

(End of this chapter)