It was impossible. Nobody, in this time of depression, could find an order for a single ship…—let alone a flock of them. There was the staff. … He could probably get them together again at a twenty per cent rise in salary—if they were any good. But how was he to judge of that? The whole thing was impossible, sheer madness to attempt. He must be sensible, and put it from his mind. It would be damn good fun…Three weeks later, acting through a solicitor to conceal his identity, Mr. Henry Warren, merchant banker of the City, became the owner of Barlows' Yard, purchasing it outright for the sum of £5500. Thus begins one of the most entertaining, realistic, and heartwarming tales of entrepreneurship (or perhaps “rentrepreneurship”) I have ever read. The fact that the author was himself founder and director of an aircraft manufacturing company during the depression, and well aware of the need to make payroll every week, get orders to keep the doors open even if they didn't make much business sense, and do whatever it takes so that the business can survive and meet its obligations to its customers, investors, employees, suppliers, and creditors, contributes to the authenticity of the tale. (See his autobiography, Slide Rule [July 2011], for details of his career.) Back in his office at the bank, there is the matter of the oil deal in Laevatia. After defaulting on their last loan, the Balkan country is viewed as a laughingstock and pariah in the City, but Warren has an idea. If they are to develop oil in the country, they will need to ship it, and how better to ship it than in their own ships, built in Britain on advantageous terms? Before long, he's off to the Balkans to do a deal in the Balkan manner (involving bejewelled umbrellas, cases of Worcestershire sauce, losing to the Treasury minister in the local card game at a dive in the capital, and working out a deal where the dividends on the joint stock oil company will be secured by profits from the national railway. And, there's the matter of the ships, which will be contracted for by Warren's bank. Then it's back to London to pitch the deal. Warren's reputation counts for a great deal in the City, and the preference shares are placed. That done, the Hawside Ship and Engineering Company Ltd. is registered with cut-out directors, and the process of awarding the contract for the tankers to it is undertaken. As Warren explains to Miss McMahon, who he has begun to see more frequently, once the order is in hand, it can be used to float shares in the company to fund the equipment and staff to build the ships. At least if the prospectus is sufficiently optimistic—perhaps too optimistic…. Order in hand, life begins to return to Sharples. First a few workers, then dozens, then hundreds. The welcome sound of riveting and welding begins to issue from the yard. A few boarded-up shops re-open, and then more. Then another order for a ship came in, thanks to arm-twisting by one of the yard's directors. With talk of Britain re-arming, there was the prospect of Admiralty business. There was still only one newspaper a week in Sharples, brought in from Newcastle and sold to readers interested in the football news. On one of his more frequent visits to the town, yard, and Miss McMahon, Warren sees the headline: “Revolution in Laevatia”. “This is a very bad one,” Warren says. “I don't know what this is going to mean.” But, one suspects, he did. As anybody who has been in the senior management of a publicly-traded company is well aware, what happens next is well-scripted: the shareholder suit by a small investor, the press pile-on, the back-turning by the financial community, the securities investigation, the indictment, and, eventually, the slammer. Warren understands this, and works diligently to ensure the Yard survives. There is a deep mine of wisdom here for anybody facing a bad patch.
“You must make this first year's accounts as bad as they ever can be,” he said. “You've got a marvellous opportunity to do so now, one that you'll never have again. You must examine every contract that you've got, with Jennings, and Grierson must tell the auditors that every contract will be carried out at a loss. He'll probably be right, of course—but he must pile it on. You've got to make reserves this year against every possible contingency, probable or improbable.” … “Pile everything into this year's loss, including a lot that really ought not to be there. If you do that, next year you'll be bound to show a profit, and the year after, if you've done it properly this year. Then as soon as you're showing profits and a decent show of orders in hand, get rid of this year's losses by writing down your capital, pay a dividend, and make another issue to replace the capital.”Sage advice—I've been there. We had cash in the till, so we were able to do a stock buy-back at the bottom, but the principle is the same. Having been brought back to life by almost dying in small town hospital, Warren is rejuvenated by his time in gaol. In November 1937, he is released and returns to Sharples where, amidst evidence of prosperity everywhere he approaches the Yard, to see a plaque on the wall with his face in profile: “HENRY WARREN — 1934 — HE GAVE US WORK”. Then he was off to see Miss McMahon. The only print edition currently available new is a very expensive hardcover. Used paperbacks are readily available: check under both Kindling and the original British title, Ruined City. I have linked to the Kindle edition above.
When I began this Reading List in January 2001, it was just that: a list of every book I'd read, updated as I finished books, without any commentary other than, perhaps, availability information and sources for out-of-print works or those from publishers not available through Amazon.com. As the 2000s progressed, I began to add remarks about many of the books, originally limited to one paragraph, but eventually as the years wore on, expanding to full-blown reviews, some sprawling to four thousand words or more and using the book as the starting point for an extended discussion on topics related to its content.
This is, sadly, to employ a term I usually despise, no longer sustainable. My time has become so entirely consumed by system administration tasks on two Web sites, especially one in which I made the disastrous blunder of basing upon WordPress, the most incompetently and irresponsible piece of…software I have ever encountered in more than fifty years of programming; shuffling papers, filling out forms, and other largely government-mandated bullshit (Can I say that here? It's my site! You bet I can.); and creating content for and participating in discussions on the premier anti-social network on the Web for intelligent people around the globe with wide-ranging interests, I simply no longer have the time to sit down, compose. edit, and publish lengthy reviews (in three locations: here, on Fourmilog, and at Ratburger.org) of every book I read.
But that hasn't kept me from reading books, which is my major recreation and escape from the grinding banality which occupies most of my time. As a consequence, I have accumulated, as of the present time, a total of no fewer than twenty-four books I've finished which are on the waiting list to be reviewed and posted here, and that doesn't count a few more I've set aside before finishing the last chapter and end material so as not to make the situation even worse and compound the feeling of guilt.
So, starting with this superb book, which despite having loved everything by Nevil Shute I've read, I'd never gotten around to reading, this list will return to its roots: a reading list with, at most, brief comments. I have marked a number of books (nine, as of now) as candidates for posts in my monthly Saturday Night Science column at Ratburger.org and, as I write reviews and remarks about them for that feature, I will integrate them back into this list.
To avoid overwhelming readers, I'll clear out the backlog by posting at most a book a day until I've caught up. Happy page-turning!