"If only we could raise the interest rate a little."
Someone sighed.
Lionel shook his head.
"As far as I know, the Austrian Empire's treasury is quite well stocked. That's why they dared to wage two wars at once.
"But the Austrian emperor is vain and eager for glory. He's pouring money into construction at home and throwing it around in Spain. Even if the Austrian Empire has a mountain of gold, it's only a matter of time before it's emptied."
"Then what if the Austrian Empire can't repay us? Can the gold mines in Namibia make up for our losses?"
"Whether Namibia's gold mines can make up for our losses depends on how much we lend them. But I can tell you with confidence that Namibia's gold output is certainly substantial.
"And Namibia is a relatively developed colony. We won't need much money to maintain it.
"Besides, we'll still retain the right to demand further compensation from the Austrian Empire.
"Even if we take a step back and assume they can't repay even the interest, would they still be capable of fighting Britain?"
That dispelled many people's misgivings. After all, Spain was still a power worth trusting.
A badly weakened Austrian Empire would never be able to hold on to its colonies. By then, it might not only lose Namibia; they might even seize California.
Once the pleasant news was out of the way, unsettling tidings arrived again after the gathering broke up: the Austrian Empire had captured Ceuta and Melilla.
Both cities were important ports in North Africa, and Ceuta in particular lay just across the strait from Gibraltar.
Both places belonged to Spain. The Austrian Empire's occupation of them wasn't incomprehensible, but the region was so sensitive that Britain couldn't help suspecting that the Austrian Empire's real