By listening to the surrounding crowd, Adrian gradually pieced together what had happened. It seemed that Count Manchuni's textile works had suffered major operational failures, causing heavy losses for shareholders.
Master and servant were both stunned.
"A count can lose money in business?"
They squeezed into the exchange building and saw numerous blackboards mounted on the walls, each filled with information. Dozens of brokers wearing badges moved briskly about, holding ledgers to record buy and sell orders. From time to time, they shouted prices on behalf of clients, their voices hoarse from the constant bargaining. The hall was a frenzy of activity.
Under Adrian's guidance, Chavatu focused on the blackboards. Each one displayed the current share prices of listed companies. The most prominent among them was the West Sea Fur Company.
In recent years, the company had established partnerships with nearly every tribe in Greenland, exporting a steady stream of furs, whale oil, and whalebone to Britannia. Its annual profits exceeded 1,800 pounds, and its total market value surpassed 26,000 pounds.
Next came the Canary Sugar Company, the Harley Wool Trading House, and others. When his gaze shifted to the rightmost board, Chavatu even spotted the Iris Trading Company, run by his son-in-law Hosa.
Learning How the Market Works
In one corner of the exchange stood shelves filled with pamphlets. Adrian picked up the top one—it was a promotional booklet written by Hosa about his own company and the Gray Pigeon Islands, detailing:
the company's profit model
dividend distribution ratios
future development prospects
After Adrian explained the contents of the pamphlets, Chavatu sighed in amazement.
"So this is the most profitable business in the kingdom?"
Adrian shook his head.
"No. The royal industries don't issue shares—things like iron mines, breweries, shipyards, and paper mills. Some wealthy merchants once tried to buy stakes, but they were refused. The king doesn't lack capital, and he doesn't want to be constrained by shareholders."
Panic in the Market
Suddenly, the noise in the hall intensified.
Adrian noticed that the share price of Count Manchuni's textile works was still falling. An enraged merchant climbed onto the counter, his face flushed red, and delivered a fiery speech.
Moments later, he led a crowd toward the western district of the city, marching straight to the count's luxurious townhouse.
Most of the time, Leonard stayed in his fief at Manchuni, leaving this residence largely vacant. One agitated merchant climbed over the wall into the courtyard and opened the gate from the inside.
"Recover our losses!"
To Adrian's shock, the mob stormed into the mansion, beat the two servants on duty, and began looting:
silver tableware
expensive carpets
fine clothing
furniture
Within minutes, the house was stripped nearly bare.
Soon afterward, whistles sounded throughout nearby streets—sharp signals from the city watch.
Realizing the situation had turned dangerous, Adrian quickly dragged the baron away from the chaos. At the intersection, they were stopped by city guards.
"My lord is a baron under the Count of the Canary Islands. Here are his credentials!"
Invoking the baron's status allowed Adrian and Chavatu to avoid involvement. Others were not so fortunate.
Royal Intervention
Once events escalated into an open assault on a noble's residence, Vig personally intervened. He ordered the arrest of those responsible and scheduled formal trials.
After handling the matter, he stretched lazily and headed to the dining hall.
During dinner, Frode showed keen interest in the afternoon's turmoil, repeatedly asking for details.
Vig speared a piece of shellfish with his fork.
"You think something's suspicious? You're right. According to intelligence reports, Leonard's textile works had serious problems. He deliberately released good news to drive up the share price—then secretly sold his own shares for profit. Ha. I didn't expect him to be so creative."
Upon hearing the full story, Frode calculated silently and realized the count had earned at least 500 pounds.
"That profit is enormous. No wonder he broke the rules. Others will surely imitate him. How do you plan to deal with it?"
New Regulations
Vig set down his silver fork and explained his plan in detail.
In the future:
A Securities Oversight Commission would be established
Companies would undergo regular audits
Entry requirements for the exchange would be raised
Only merchants or gentry with sufficient assets would be allowed to trade
These measures would reduce the risk of widespread social unrest.
As for the current incident:
The ringleaders who stormed the mansion would be exiled
The remaining participants would pay fines
The false accounting scandal at the textile works would be investigated immediately
Vig had already ordered Count Om, the Minister of Justice, to travel to Manchuni and conduct the inquiry.
"Om?"
Time had passed, and Frode had heard that the count's temperament had grown increasingly stern—almost unrecognizable compared to his earlier years.
"With him personally handling the case, Leonard is in serious trouble."
Vig replied calmly:
"Not necessarily. Officially, the textile works belong to Leonard's steward. If Leonard compensates the losses, the matter ends there. No charges against him personally. But if he fails to recognize the situation and crosses my tolerance, then things will become difficult."
After a long discussion, Vig noticed his eldest son's strong interest in the case and decided to let him accompany Om temporarily.
A Mother's Concern
At that moment, Helgifa glanced at father and son, then lowered her head and continued peeling shrimp for the younger child.
Frode immediately understood her worry.
"You're concerned that Count Manchuni might harm me? I don't think so. For ordinary people, this case is serious. But great nobles are different. Even serious offenses rarely cost them their titles. At worst, they're summoned, reprimanded, and fined."
Vig picked up another piece of shellfish.
"The Fourth Infantry Regiment is currently constructing a permanent barracks near Manchuni. I'll also assign a detachment of the Royal Guard for protection. That will be more than enough."
Journey to Manchuni
The next day, Frode requested twenty days of leave from the Army School. After packing his belongings, he selected a gentle gray mare from the stables and met Count Om at the northern gate at eight in the morning.
From appearances alone, Om was an imposing figure—taller and bulkier than the rest of the hunting party, like a walking brown bear.
Unfortunately, his rigid personality meant his command ability lagged behind leaders like Ivar, Vig, and Gunnar. He had rarely commanded troops independently and possessed few notable battlefield achievements, leaving his reputation modest.
Yet as Minister of Justice, that same rigidity was a valuable strength. From Frode's observations, his father was highly satisfied with Om's work. Barring unexpected events, he would likely hold that office for many years.
The journey from Londonium to Manchuni covered roughly 200 miles. The old Roman road connecting the two had mostly been repaired. Traveling on horseback, the party expected to arrive in about five days.
A Glimpse of the Future
During the trip, Frode noticed a carriage drawn by two horses, bearing the sign of a transport company.
While resting, he questioned the driver and learned:
As the Londonium–Manchuni road neared completion, the company planned to launch a regular passenger route between the two cities. The current journey was merely a trial run, expected to take about ten days.
After the conversation, Frode felt slightly disappointed.
The ticket price was too high—affordable only for:
gentry
merchants
nobles
Suddenly, he thought of the rail-guided wagons already operating in Londonium.
If wooden rails were laid between the two cities, transport capacity would increase dramatically and travel time would drop significantly.
But the upfront investment would be enormous.
He suspected his father would never approve such an expensive project—at least not yet.
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