Page 50 of Count the Cost (The Secrets of Elizabeth Bennet #2)
E lizabeth found long coach journeys exceedingly disagreeable. While she could think and plan, it was impossible to make detailed notes and many of her ideas were perforce either lost or stunted.
By using a pencil rather than pen and ink, she could make some notes, although her writing was only intelligible to her because she had written it.
However, she needed to be in town, and did not wish to wait until after Christmas. Her express to Uncle Gardiner, which was to be passed on to Mr. Reed, had obviously stirred them into some action, and less than a week later, Uncle had again sent his coach for her.
Only three days remained of November and there was little more than three weeks before Elizabeth would return to Longbourn with the Gardiners for Christmas. She smiled to herself. It was as well that she liked to be busy.
She reached for her pencil, glancing at Mrs. Cousens. Her aunt’s companion was such a familiar figure to her now, and Elizabeth smiled.
“I am grateful you do this double journey so often to accompany me to London. And I am in awe of the fact that you can knit so well, despite the jolting.”
“Ah, well, it is a pleasure, Miss Bennet. And I have been knitting since I was a girl. If I drop a stitch, it is easy to pick it up again and carry on.” The woman smiled comfortably, and Elizabeth could relax into her own thoughts.
Mr. Reed had obviously wasted no time, despite his instructions being so different from her usual requests, and she was interested to hear what he had discovered.
But she would know nothing until she had arrived, and so she settled down to a consideration of new items she might offer to the elite clientele she had assiduously courted.
Her pencil began moving over the pages at speed, Elizabeth’s thoughts always moved faster than her fingers, and soon she would know whether her hopes could be fulfilled without too much risk.
Elizabeth hurried across the pavement from the coach and into her uncle’s warehouse through the direct door to his private offices. The coachman touched his hat, and moved off again to take her trunks to the house.
“Good morning, niece! You have made good time,” her uncle greeted her cheerfully. “I expected you to come here directly.” He turned to the clerk.
“Please ask Molly to bring tea to Miss Bennet’s office, Mr. Vesey. Three cups.”
“Mr. Reed is here already?” Elizabeth was pleased. Soon she would know if the figures added up as she might wish.
She refreshed herself quickly in the ladies retiring room which she had arranged and was accessed through her shop area — heaven forbid that a lady restrict her attendance at the shop with an ill-timed need to retire!
Soon she entered her small office situated through a small door from her uncle’s.
She had no secrets from him, and when she was consulting with Mr. Reed as today, Uncle could chaperone her from his own desk and continue with his business.
If he had callers, then Molly had to sit in with her as a chaperone, but Elizabeth didn’t like that, preferring to keep her business as private as possible.
“Well, Mr. Reed, I am even more impressed than usual. My request was not of the usual sort.”
The young man smiled. “Good morning, Miss Bennet. You keep me very well diverted with the variety of searches I need to do.”
“So you have all the information I need?”
“I believe so.” Mr. Reed indicated a stack of papers, and her business ledger.
“Before we begin on the main subject of the day, I have heard from my uncle, you remember, he is steward on the estate where the darker grey doeskin is coming from. They are happy to store the finished skins until we collect them in more appropriately-sized batches for the gentlemen’s gloves.
” He frowned slightly. “I do think, though, that we might need to reconsider this fairly soon. The dark grey is not popular at present, but this may change when your items go on sale. I think we might need to take all that they have, just to keep the exclusivity.” He smiled.
I am going north to see my family at Christmas, so I can call there and see how large a part of the warehouse we might need to allocate for that purpose if you choose it.”
“That is well thought of, Mr. Reed.” Elizabeth’s eyes were on the papers. “We can make notes of it all afterwards, but now I would like to see if the calculations make sense for me to take an estate as I wrote to you.”
“Then I will show you,” he said, holding the chair for her to be seated, before taking his own seat.
“Now, you asked me about the costs and obligations of purchasing a small estate, near enough to town to be able to visit within a day, but distant enough to be quiet, perhaps near a small village, so that you have a proper country life, and can be discreet about who you are and what you do.” He waited for her nod, before continuing.
“You explained that you will take a companion for propriety, and possibly have a friend with you as well, and may have a few guests occasionally, but not a large party. There will also be a carriage and horses, and all the appropriate servants for such an establishment.”
“Exactly.” Elizabeth looked at the papers.
“Very well. Let us look first at ownership of an estate. As the daughter of a gentleman, you know what is required of the mistress of such an estate, but have you ever examined your father’s ledgers, to check they are correct?”
Elizabeth nodded, “I have, although I do believe my father’s indolence means the costs have been minimised and may one day prove that to be an error.”
“I understand. Let us look first at purchasing an estate. Then I might suggest an alternative which I think may be better for you, and then a further adaptation which might be even more suited to your circumstances.” He smiled.
“I know you will wish to see all the figures, and will be able to see in them aspects I may not have considered.”
He drew the first sheet of paper towards him. “I looked at the cost of a modest estate that could meet your needs, within two hours of this part of London.” The sheet of paper was filled with columns of figures and Elizabeth studied it.
“Please explain the options.”
“Of course. Now a modest estate with perhaps an income of about two thousand a year when fully tenanted. This close to London, such a property will not change hands at less than four-and-twenty to thirty years’ income for the purchase.”
“Hmm, so between forty-eight to sixty thousand pounds.” Her brow furrowed. “Is the difference on how good quality the farmland is, or the tenure of the tenants?”
“No, madam. The difference is mainly on the quality of the Manor House and state of repair. If it is a good house, where no extensive rebuilding is required, it will be more expensive. But a cheaper property will require further investment to build a house to your requirements, and the associated stabling and such like. That would add between five and seven thousand pounds. And there is some consideration as to the locality, as well.”
Elizabeth frowned again. “Pray continue.”
“Indeed. The income also involves employing a steward, or doing the work yourself, which may be onerous enough that you would have little time in town.” He frowned at the next sheet of paper; “On paper, you would receive rents from the farms and cottages, a small amount from underwoods and fees—call it one thousand, eight hundred to one thousand, nine hundred pounds in quiet years, maybe up to the two thousand if the tenants are stout, that none fall on hard times, and the coppice falls well. If you work the home acres yourself for privacy—orchard, a few meadows, perhaps a little more of a risky enterprise like hops—you might add two or three hundred pounds net on average; in poor seasons, less.”
“What would the costs be?” Elizabeth could see her uncle standing in the doorway, listening with an amused smile on his face, and she beckoned him in to join them.
“The steward or agent’s fee, insurance and repairs.
Rates and tithes where they fall. The figures are all itemised for you here.
But in sum, if you live there yourself, the land yields — after all prudence, a little above three per cent upon the total purchase and building costs, if any.
If you prefer town and let the house and home acres as well, you may push the return near four per cent in decent years, a little more in a lucky one. ”
Elizabeth frowned over the figures. “So the income, the return on my investment, as well as a place to live? The capital costs would only result in a return of around the four per cents in a good year, which I could get in gilts without risk — in a business unfamiliar to me. And I can realise more than twice that if I use the capital in our business.”
Elizabeth looked over at her uncle. “I cannot see that investing such a huge sum for so little reward — and a great deal of work that I have no experience in — is in any sense a good idea.”
He nodded. “You have the right of it. And yet, I do not believe you should take a small cottage in a village. That will forever ruin you for better things.”
She frowned. “I did not consider everything properly. But I must live somewhere. And I do not wish to be beholden to a husband.”
“If you will permit me, Miss Bennet,” Mr. Reed smiled slightly.
“Sometimes, an estate owner has the opportunity to sell the fields and farms to neighbouring estates. In that instance, he sells just the house and park to someone who wishes to live in the country.” He raised his eyebrows at her.
“But, if you care to listen, there is an alternative which I think may be better yet.”
“Proceed.” Elizabeth was looking disappointedly at the figures. She longed to try this and make the figures fit what she knew she could do. But it wasn’t viable for her. She could only live one life at a time.
Mr. Reed waited quietly until he had her attention, knowing she was deep in thought. Elizabeth shook her head and sighed.
“You have my attention.”
“Leasing. A well-kept house with a small park, say four or five acres, within a morning’s drive of your business here.
Such a house may be had for perhaps three hundred and fifty pounds a year.
A little more if by a fashionable village, or maybe a little less with a smaller park.
But for privacy and quiet I think that sum is a reasonable assumption to make.
” He glanced at her, and she nodded at him to continue.
“You will, of course, have household and stable costs, as you would anywhere, and maybe some slight household repairs, but I believe that you could obtain a steady five to seven year lease on such a property and, with care, have the lease framed as you wish it with proper provisos for surrender, with Mr. Gardiner and myself to advise you, of course. And the outlay would be well within the interest on a mere fraction of the capital you will not have had to tie up with a purchase.”
“Very succinct, Mr. Reed,” Elizabeth commented, and turned.
“Uncle?”
“I think that is a good idea Lizzy. Leasing a place is good, because you are not tied down to a particular area, should you discover it not to your liking, or someone seeks you out.”
She stared at him. “I had not thought of that, merely that purchase is always the better option.” She lowered her head.
“But you are right. And if I am thought less respectable because I am leasing and not the owner, then so be it.” She shook her head.
Independence is equally as important as respectability.
And that means being wise with my fortune.
She turned to Mr. Reed. “Very well. I would like you to make some discreet enquiries in that direction. There is no hurry, after Christmas is time enough. And I would like to see several possibilities if there are such.”
That night, Elizabeth thought about the day.
She was happy enough with the idea of renting a country house, although there was a little disappointment that she would not be able to take up the challenge of attempting to improve the income of an estate that was hers, and make it into a good investment.
But there were not enough hours in the day for that, if she was to continue to manage her business properly.
Even renting, she would have the appearance of independence and respectability; although a small part of her wondered what Mr. Darcy would think of her making such a choice, with his probable pride in ownership.
She pictured his disdainful expression on being informed she was merely a lessee, then muttered in annoyance and rolled over in bed, trying to stop her mind racing.
It was easy to have pride in one’s ownership if one had inherited it, especially such an estate as Pemberley. But she was proud that she had built her fortune for herself. It would give her a good life without having to rely on others or go into debt. That had to mean something.