Episode 3 - The Day I Go to Meet the Debtor
She unfolded the list of creditors again. Overnight, Martha had read the five pages of the contract three times each. She even processed them in her head while sleeping. When she woke up in the morning, the order was sorted out. It was a method she had used her entire life. If she put the problem in her head before falling asleep, the answer would be there when she woke up. This method worked even better as she aged. The mind moving faster than the body was the only privilege of an old person. 'That privilege is valid in this body, too,' Martha thought to herself with a sense of pride.
The first place to visit was the Bernhard Trading Company. It had the highest interest rate among the five. At 3.5 percent a month, the principal borrowed by the Valois family was 20,000 gold, and the interest had already exceeded half of the principal. If left unchecked, the interest would surpass the principal within two years. And Martha knew Ernst Bernhard, the owner of the Bernhard Trading Company. It was more than just knowing him.
Martha witnessed this man secretly stealing the jewels of a noblewoman from the imperial palace when he was twenty-two. At the time, the head lady-in-waiting was Martha's mentor, and she was present at the scene. The incident was covered up. Because the victim, the lady, wanted to handle it quietly out of shame. Ernst Bernhard would not know that the person who knew the truth was still alive. 'I'm not suggesting we write this.' Martha drew a line to herself.
Threatening someone with a weakness was a despicable tactic. Martha had never worked that way in her life. However, entering a situation knowing what kind of person someone is was a different matter than entering one without knowing. A person with a weakness instinctively remains cautious even against someone who is unaware of it. Martha knew this.
“Princess.”
Lucy cautiously knocked on the door. When Martha told her to come in, the door opened. Lucy was standing there holding a dress. It was a light ivory dress for an outing.
"I prepared this because you said you were going out today."
Martha looked at the dress. It was beautiful. It was an ivory dress with silver embroidery on the cuffs and waist—the kind a Princess would wear for an unofficial outing. It must have been quite expensive. It was one of the items on the list of luxury purchases Serena had splurged on.
Was she going to meet a creditor wearing this? Martha thought for a moment, then decided to just wear it. She was going to negotiate a debt. Her counterpart was a loan shark who dealt with the nobility. If she looked shabby in a setting like this, the negotiation itself would be at a disadvantage. This was the only moment Serena's extravagance would be useful.
Lucy began to style Martha's hair. As she brushed it, Lucy asked cautiously.
"Lady, where are you going today?"
"Bernhard Trading Company."
Lucy's hand stopped.
"...Do you know where that is?"
"Uh, how do I know? I've only heard the name, too."
“Have you heard of it?"
"I heard Mr. Maxim sigh sometimes while mentioning that name. Saying that they charge way too much interest."
"That's right. That's why I'm going there first."
Martha nodded while looking in the mirror. Lucy started brushing again. A moment later, she asked again.
"Are you going alone, Princess?"
"I'm going to take Butler Maxim with me."
“Then what about me?”
Martha saw Lucy in the mirror. Lucy's eyes were sparkling. It was a look on her face that said she wanted to follow. Martha thought to herself. Having a lady-in-waiting present at the debt negotiation was a different matter altogether. If a lady-in-waiting was present, it gave the impression that the Princess had come prepared. That, in turn, affected the negotiation.
“Follow me.”
Lucy's face brightened.
“Instead.”
"Yes"
"Keep your mouth shut until I speak."
Lucy nodded.
"All right."
Martha looked in the mirror again. In the mirror was Serena's face, with her hair styled by Lucy. Her golden hair was tied up halfway. Her forehead and ears were exposed. Her neckline looked long. Let's make good use of this face.
The Bernhard Trading Company was located on the aristocratic street south of the Imperial Palace. The building was imposing. The first floor was decorated like an ordinary trading company, while the actual usury office stood from the second floor upwards. Martha knew of three or four buildings with this kind of structure in the Imperial Palace.
She stepped out of the carriage. Maxim got out first and held out his hand. Martha took it while scanning the front of the building. A man who appeared to be an employee was standing in front of the entrance; upon seeing the carriage, he hurriedly went inside. He had gone to inform the owner. Martha walked slowly. There was no need to walk fast. She could keep him waiting. It was the custom for a debtor to wait for a creditor.
As she stepped into the front door, a staff member came out and guided her to the second floor. It was the drawing room on the second floor. There was a leather sofa and a wooden table. A painting hung on the wall, but it was a cheap painting pretending to be expensive. Marta glanced at the painting once and averted her gaze.
"Please wait a moment."
A staff member entered. Martha did not sit on the sofa. She stood by the window and looked out. Lucy stood a little behind, remaining quiet. Maxim stood a step behind Martha to her left. Both were perceptive. Five minutes passed. The door opened, and Ernst Bernhard entered. He was a well-built man in his early sixties. His white beard was neatly trimmed, and he was impeccably dressed in a suit. On the surface, he looked like a successful merchant. Martha looked at his face.
It was difficult to recognize a face seen forty years ago. However, Martha tended to remember people's eyes. The shape of those eyes, the slight asymmetry, the slight drooping corner of the right eye. She was right. Ernst Bernhard smiled at Martha. It was a skillful smile. A smile he must have worn hundreds of times in a situation like this.
"Princess Valois has graced us with her presence. It is an honor."
“Let’s sit down.”
Martha turned around and sat on the sofa. Bernhard sat opposite her. A staff member brought the tea. Martha took a sip. It tasted ordinary. Judging a person by the way they served tea was a method she had learned at the Imperial Palace. Serving tea of this caliber meant that while they valued her, they also looked down on her at the same time. They served better tea to truly important guests. 'They see me as a young lady,' Martha said as she set down her teacup.
"I have already reviewed the contract details."
Bernhard maintained a smile.
“I see.”
"I would like to renegotiate the interest rate to 1% per month."
For a moment, Bernhard's smile stiffened for just a brief instant before relaxing. He was a skilled person. He quickly returned to his original expression.
"Haha, Princess, there is an interest rate specified in the contract, so changing it arbitrarily is..."
"There is a clause in the contract regarding interest rate renegotiation."
Bernhard stopped.
"It is Article 6, Paragraph 3. 'If the debtor repays twenty percent or more of the principal in a lump sum, the interest rate may be renegotiated.' I intend to repay 5,000 gold out of the 20,000 gold principal in a lump sum today."
Bernhard gently rested his fingertips on the table. His smile had changed slightly. It was still a smile, but it was a bit more genuine than before.
"You're saying you'll repay 5,000 gold in a lump sum?"
"Yes"
“In cash?”
"By promissory note. It is a promissory note in the name of the Duke of Valois. It is guaranteed by the Imperial Bank."
Martha signaled to Maxim. Maxim stepped forward, and the documents lay on the table. Bernhard picked them up and scanned them. His expression changed. If a promissory note issued in the name of the Dukedom of Valois were backed by a guarantee from the Imperial Bank, it was practically equivalent to cash. It was a certificate with no possibility of default.
Martha had wrestled with Maxim for two hours last night to create this note. She had verified whether the Valois family had sufficient funds to issue the note and looked into the procedures for obtaining a guarantee from the Imperial Bank. At first, Maxim looked as if to say, 'Is that even possible?', but as Martha explained the process step by step, it was finally done. Bernhard put the documents down.
"You must have conditions."
"Lower the interest rate to one percent. And extend the maturity of the remaining principal of fifteen thousand gold by two years."
"One percent is too much. It is a condition our company cannot handle."
"Then I will collect this promissory note today and sound out another trading company tomorrow."
Bernhard looked at Martha. Martha took another sip of tea while meeting his gaze. She was expressionless. There was no hint of regret. Even if there were, there was no reason to show it. In negotiations like this, the one who wavered first was bound to lose. Martha had learned this twenty years ago. Silence fell as they renewed contracts with suppliers at the Imperial Palace every year. Bernhard was the first to speak.
"How about 1,5 percent?"
“1,5 percent.”
“Princess.”
"I plan to visit two more creditors today. I was hoping Bernhard & Co. would offer the best terms, but if that doesn't seem to be the case, I'll have to change the order."
Bernhard looked at Martha for a moment. Something flashed in his eyes. It was a look of recalculation. Martha waited for that.
"1,5 percent, extend the maturity by two years. However, let's add a condition that you repay an additional 5,000 gold of the principal within six months."
Martha thought for a moment. She had to assess whether the additional 5,000 gold repayment within six months was feasible. It was possible if she fixed the leakage in the estate's income. If she dealt with the estate manager, Felix Holm, quickly.
"Great."
Bernhard extended his hand. Martha took it. They shook hands. As Bernhard shook hands, he looked at Martha. There was something different in her eyes compared to before. Earlier, it was the look of someone addressing a young princess, but now it was different.
"I didn't know the Princess was this kind of person."
"If you had known I were this kind of person, the first tea leaves and the teacup would have been different, wouldn't they?"
Bernhard looked visibly flustered. Martha simply nodded in greeting and stood up, signaling to Maxim. Maxim took the promissory note. He handled the matter while the formal contract amendment procedure was being carried out. Martha went to the window and waited, looking out. Lucy crept up beside her. Although she had been told not to speak, Lucy pressed herself close to Martha and whispered in a very low voice.
“Princess.”
Martha spoke softly while looking out the window.
"I told you not to say anything."
"I was so nervous."
"I wasn't nervous."
"How can I not be nervous!"
"As you live life, you won't get nervous."
Lucy paused for a moment and whispered again.
"You looked so cool just now, Princess."
Martha looked out the window and made a tsk tsk sound.
"It’s not cool. This is just how it’s supposed to be."
Lucy stopped again and spoke.
"You keep saying that this is just how it's supposed to be, Princess, and that's the coolest thing about it."
Martha did not reply. Maxim returned after finishing the task.
“Done.”
“Let’s go next.”
The second creditor was Kruger Finance. The interest rate was lower than Bernhard's, but the collateral conditions were the problem. The west annex of the Valois estate was pledged as collateral. The maturity date was three months away.
As soon as Martha saw Otto Kruger, the representative of Kruger Finance, she knew how this negotiation would turn out. Unlike Bernhard, this man was the type who valued saving face more than numbers. His office was excessively lavishly decorated. A portrait of himself hung on his desk. Confronting such a person with numbers would backfire. She had to use a different approach.
"Mr. Kruger, I heard that your son is preparing to join the Imperial Guard these days."
Otto Kruger opened his eyes slightly.
“How do you…”
"The Valois family is the first retainer of the Imperial Family. It’s not that we lack connections with the Royal Guard."
Otto looked at Martha. Martha sipped her tea calmly. This was not a threat. It was the truth. The House of Valois was a family of the Imperial Household's first retainers, and they actually had connections within the Royal Guard. Although Serena had ruined all of that, the weight of the family name itself still remained. The important thing was not that Martha actually intended to use it, but that she was making Otto calculate that possibility. Otto Kruger looked at Martha for a moment and spoke.
"We are willing to discuss the conditions for releasing the collateral."
Martha put down the teacup.
"I’ll listen to your story."
The second negotiation was also concluded. It was decided to release the annex collateral on the condition that thirty percent of the principal be repaid. The interest rate was lowered slightly.
On the way back by carriage, Lucy hurried beside Martha.
"My Lady, the method was different for the second person."
“It was different.”
"Why?"
"It varies from person to person. The first type is driven by numbers, and the second by saving face. You shouldn't treat them the same way."
Lucy thought for a moment and then said.
"How do you know that?"
“I know it when I see their face.”
“Just?”
“You will know as life goes on.”
Martha felt Lucy pause for a moment again at the phrase 'as life goes on.' Lucy seemed to find the remark strange. Martha didn't mind. As they boarded the carriage, Maxim spoke quietly.
"Today, you secured interest rate renegotiations and collateral releases at two locations."
"There are three more places left."
"Yes."
Maxim paused for a moment, then added.
"I never imagined the Princess would do something like this..."
“It went up, right?”
"Yes ."
Martha looked out the window and said.
“Butler Maxim.”
"Yes."
"From now on, bring all family financial documents to me directly. Don't hide them."
Maxim was silent for a moment, then answered.
"...All right."
Martha watched the street passing by outside the window. It was the boundary where the aristocratic district transitioned into a commercial one. She remembered walking this street dozens of times on errands for the Imperial Palace. Back then, she was dressed as a lady-in-waiting, and now she was inside a carriage wearing an ivory dress.
How strange. Martha thought to herself. It was strange, but she didn't dislike it. Fixing things was like an instinct to Martha. The desire to fix things when seeing them broken. Whether it was her household, her debts, or her relationships.
Shops passed by outside the window. Martha’s eyes followed one of the grocery stores. Was pork on the menu? A completely different thought crept in. She hadn’t checked what they were eating for dinner tonight. What Ms. Helena was preparing. It would be nice to boil pork and serve it with a mandarin salad in this season, but oh, oh dear, why is that coming to mind now? Martha shook her head slightly. Lucy saw that.
"My Lady, are you feeling unwell?"
"No."
"Then why are you shaking your head?"
"I'm thinking to myself."
“What are you thinking?”
Martha looked at Lucy. Lucy's eyes sparkled. This child was full of curiosity. She had always been that way. A talkative, tearful, and curious child.
"Find out what we are eating for dinner."
Lucy paused for a moment.
"...What about the dinner menu?"
"Yes."
“Now?”
"How would you know what's inside the kitchen? When we arrive at the mansion."
“Oh, yes.”
Lucy nodded, then her face turned thoughtful. Martha looked out the window again.
“Princess.”
"Why"
"The Princess keeps talking about meals and food."
"So?"
“Why are you doing this?”
Martha answered while looking out the window.
"Because meals are the most important thing for a person."
It seemed like it was taking Lucy some time to accept the answer. She was silent for a moment, then spoke.
"My Lady, I learned a lot today."
"What."
"It's about negotiating. And that everyone has a different way of doing things."
Martha looked at Lucy. Seventeen. It wasn't bad to see and learn something like this at this age. Martha had first seen this when she was twenty-five. She remembered how shocking it had been back then, too.
“I enjoyed it.”
Lucy's face brightened.
"Try doing it instead of me next time."
Lucy's face hardened.
"... Yes?"
"I can't keep doing this forever. As the Princess's closest lady-in-waiting, you should know how to compromise this much."
"Ah, that... that was too sudden..."
“Think about it.”
Lucy looked out the window with a grim expression. Martha turned her gaze back to the window. The mansion was drawing near. When she returned, she had to refine her plan on how to deal with the remaining three creditors. She also had to resolve the estate manager issue within this week. She also needed to meet Young Master Edward properly. More work had arisen.
Oh dear. Martha laughed to herself. This household was just a bit big and complicated, but there was nothing she couldn't do. It was work she had done her whole life.
In the evening, Helena boiled chicken soup in the hearth she had repaired. Martha sat at the table and took a sip. It was fine. It was rich and warm. It had a bit too many herbs, but that was just how the style was. Lucy stood opposite and looked at Martha.
"How is it?"
"Delicious."
Lucy brightened up. Martha spoke as she took another sip of soup.
"Tell Helena thank you."
Lucy nodded and hurried over to the kitchen. Martha remained alone, slowly eating her soup. It had grown dark outside the window. The lights were turned on at Valois Manor. Watching the light, Martha sorted out the day. Dealing with two creditors. Lowering the interest rate. Releasing the collateral—not a bad start.
Oh dear, there is still a long way to go. The soup was warm.
[Lucy's Secret Shock Journal - Episode 3]
Today, I went out with the Young Lady.
Shock No. 1: The Princess didn't tremble at all when meeting the creditor. My legs were shaking.
Shock No. 2: She negotiated with the first person using numbers, and with the second using face. She said that everyone has a different method. I wondered how she knew that at that age, but the Princess said, 'You'll learn as you live.'
As you live.
The Princess keeps saying 'as life goes by,' but that phrase strangely weighs on my mind.
Shock No. 3: Inside the carriage, she told me to try doing it myself next time. I can't.
Do it. I can never do it.
Shock No. 4: Talking about food again today.
However, the Princess was never once scary today. Even at the negotiation table.
Even in the carriage. She seemed like someone who knew everything.
A person who knows everything.
Weird.
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