I'm the Dauphin in France

Chapter 1076 Jumping into the Pit
Bolton waved for the purchasing agent to leave, his face as black as a steam engine chimney.

This is the fourth buyer to return from France, and they have all come back empty-handed—even when someone offered 30 times the price.

“Damn Frenchmen,” Bolton grabbed the expensive gold-plated quill pen on the table and snapped it in two, “they’re all lunatics!”

To this day, he still firmly believes in Frank's statement, "Why don't they make money if they have it?" Therefore, he can only explain the French company's decision as "madness."

His assistant's knocking interrupted his outburst. "Mr. General Manager, you have to go to the Fund Management Committee for questioning this afternoon. You only have less than an hour left."

Bolton was immediately overwhelmed, but had no choice but to get up and start changing his clothes.

After his company received the £80 investment, the government investment fund became the largest shareholder with a 38% stake, and also became the first creditor holding £37 of the company's debt.

Although investment funds don't interfere in the company's operations, they have the right to inquire about any of the company's affairs. Given the magnitude of this incident, they naturally couldn't remain indifferent.

2 p.m.

In London City Hall, Sir Malik, Chairman of the Investment Fund Management Committee, looked at Bolton with an icy expression and asked, "So, there's no way to obtain this component before the company starts producing pressure gauges?"

Bolton nodded helplessly.

Another member of the management committee immediately followed up, "How long will it take you to manufacture the pressure gauge?"

“This…” Bolton said, bowing his head, “About three months.”

In fact, based on what he learned from Watt, it was simply impossible to complete the development of the pressure gauge in three months.

In Sandel's design, the pressure gauge is linked to the pressure relief valve, which automatically releases steam once the pressure threshold is exceeded, thus greatly improving the boiler's safety.

However, this also means that the company's existing pressure gauges cannot be directly used after being upgraded, because that would cause the pressure relief valve to malfunction.

The pressure gauge and pressure relief valve are the two most critical components of a boiler. For Watt to replace them both was almost equivalent to redesigning the entire boiler structure.

This is not a task that can be completed in three months; it would take more than half a year. Moreover, Watt also has to take care of the development of the 180-horsepower model at the same time, and who knows when the modifications to the old model will be delayed.

Malik frowned immediately: "So, the company won't be able to deliver steam engines for at least two months?"

"Yes, that's right."

Malik opened Bolton-Watt's internal documents, pointed to a few lines, and said in a deep voice, "86% of your products are sold through pre-sales. According to the sales agreement, if there is a breach of contract, you have to pay ten times the purchase price in compensation?"

Bolton was sweating profusely, but he could only nod: "That's true."

“God!” Malik looked up at the ceiling. The transactions over the past two months involved 24 high-pressure steam engines, worth £14,000. If they all defaulted, the payout would be a staggering £140,000!
He could already imagine the devastating impact this news would have on Bolton-Watt's stock price.

In the past two weeks, the investment fund has lost £19 on its holdings due to the stock price crash. If it continues to fall, it will be the end of the world…

Two hours later, Bolton left the management committee office, his face pale.

Once his figure disappeared outside the door, Malik immediately said to the official beside him, "Brian, please draft a report to be submitted to Parliament immediately. We want to withdraw our investment from Bolton-Watt." Malik knew very well that with an investment fund of £400 million, a loss of £19 could be easily shifted to a few subordinates to take the blame, but if the amount were larger, he would most likely be dismissed.

10 Downing Street.

Admiral Jervis, the Minister of Naval Affairs, glanced at the investment fund report on the table and said to Lord Grenville, “Your Excellency, as you know, steam warships are key to our regaining control of the Mediterranean.”

"At the same time, the three classes of steam battleships currently under design will give the Royal Navy an unprecedented and enormous advantage at sea."

"And these ships all depended on steam engines produced by the Bolton-Watt Company."

"You must stop the investment fund's proposal to withdraw its investment; it will cause the company to go bankrupt immediately!"

Sir Middleton, the Chief Comptroller of the Naval Council, immediately added: “Chatterham Shipyard has orders for hundreds of steam paddle steamers every year, and mines and textile mills across the country also need steam engines.”

“If we don’t want to be able to import steam engines from France in the future, we must save the Bolton-Watt company.”

The British Prime Minister looked at the glaring words "a loss of £19" and "difficult to stop the decline in the short term" on Malik's report and shook his head slightly: "You are right, but Parliament will most likely pass this bill."

He knew that more than half of the members of Congress had subscribed to the government investment fund, and they would never stand idly by and watch their investments continue to shrink.

Admiral Jervis became anxious and shouted, "Doing this will ruin the future of the Royal Navy!"

While he and Middleton were indeed acting in the best interests of the British Navy, the enormous sums required for building steam warships were also a crucial source of income for them and their officers, and they could not allow the collapse of the steam engine company to end that.

Grenville said helplessly, "I will speak with Sir Malik."

"No, it would be safest for you to call on the lawmakers to reject the bill."

"I cannot interfere with the operation of parliament."

This would directly impact the legislators' finances. Glenville, of course, didn't want to do something so offensive.

Just as the two sides were arguing, Pete Jr. suddenly said, "Gentlemen, at the current share price, the investment fund's shares in Bolton-Watt are only worth about £22."

"Given that their company has a lot of cash, it is equivalent to investing less than £50 to stabilize the company's situation."

"Therefore, I suggest that the government should fund the takeover of Bolton-Watt."

“Good heavens!” Chancellor of the Exchequer Henry Petty immediately objected. “The government simply cannot afford £50 right now, Mr. Petty.”

Pete Jr. said in a deep voice, "Once we lose our naval advantage, we will lose £5 million, or even £5 million."

"Moreover, we must never lose the technological competition in the steam engine field, as that would affect the development of many other industries."

“In fact, once Bolton-Watt resumes production, especially after the 180-horsepower steam engine goes into operation, this money will soon be profitable.”

(End of this chapter)