people here are so needy.”
I felt a perfect hypocrite. Was I being horridly selfish in running back to my comfortable life? Of course I did not tell him that my whole life was on the verge of disruption in any case. Miss Thackery intimated something of the sort, however.
“Miss Irving thought she might sell this place and hire a flat, perhaps in Upper Grosvenor Square. You may be sure she would involve herself in charitable works, Mr. Alger.”
Mr. Alger’s eyebrows rose in interest. “Then you are thinking of removing to London! How very nice.” His smile suggested that he was delighted to hear it.
“As soon as the furniture is removed, I plan to have a man in to look the place over, to see it is in good repair.”
“There is no need to do that,” he said. “Whoever buys it will not care if the roof leaks. This is rack-rent territory, Miss Irving. The landlords squeeze the maximum number of people into the minimum of space, charge the poor wretches whatever the traffic will bear, take their money, and run. Not that I mean to traduce your aunt! As she lived here herself, she took more interest. I know the roof does not leak in any case. I drop in on Professor Vivaldi from time to time, and he is snug and dry.”
“Then there is no need to waste your money on having an inspection, Cathy,” Miss Thackery said.
“Yes, you are right. I dislike to think of my poor tenants falling into the hands of a rack-rent, but really—”
Before I could say more, Mr. Alger leapt on my innocent words. “The house is not at all a bad business investment, Miss Irving.” He drew a chair up to mine and began to outline his meaning. Having failed to move me by pretending the neighborhood was interesting, or by guilt, he now pelted headfirst into appealing to my greed.
“You would be extremely fortunate to get five thousand for the place, and if you are in a hurry to sell, you would get more like four. I assume you would invest your capital in Consols?” I nodded. “Very well then, five percent of four thousand—two hundred pounds per annum. Your rents here amount to three hundred.”
“But the house would cost at least fifty pounds a year to maintain. I would not be much further ahead.”
“Au contraire!” he said, lifting his eyebrows in astonishment. “You are forgetting the entire ground floor, the most valuable part of the house. You can either live in it rent-free yourself, or rent it to someone for a hundred pounds a year. If you sell, you would have to hire rooms. In Upper Grosvenor Square, a flat of this size would cost considerably more than a hundred pounds. Rent is money down the drain. If you stay here, your house would be appreciating with inflation, and with the growth of London. Real estate is an excellent investment at this time. From the economical point of view, your best bet is to stay on here.”
“I really cannot see myself and Miss Thackery living here,” I said, “but as an investment, it might not be a bad thing. I shall think about it.”
“The neighborhood is not so bad as you might think,” Alger continued. He was a persuasive talker. “I wager your driver brought you via Long Acre, the worst possible route.”
“Yes, we came via Long Acre.”
“You should have come by the Strand. Why do I not show you the route now? My patron has given me the use of a carriage.”
“Where do you stable it?”
“In your stable. Mrs. Cummings gave me permission. If you are wondering why the hire of the stable is not shown in my rent rate, I can explain.”
“I was not checking up on you, Mr. Alger!”
He shook a shapely finger at me and laughed. “You should have been! If you are to become a business lady, you must keep track of the pennies, Miss Irving. The fact is, Mrs. Cummings liked to do a little barter on the side, to keep her income low for tax purposes. I pay for the stable by allowing her to use my carriage. When she wished to go out, I had it sent back from Whitehall. She
I felt a perfect hypocrite. Was I being horridly selfish in running back to my comfortable life? Of course I did not tell him that my whole life was on the verge of disruption in any case. Miss Thackery intimated something of the sort, however.
“Miss Irving thought she might sell this place and hire a flat, perhaps in Upper Grosvenor Square. You may be sure she would involve herself in charitable works, Mr. Alger.”
Mr. Alger’s eyebrows rose in interest. “Then you are thinking of removing to London! How very nice.” His smile suggested that he was delighted to hear it.
“As soon as the furniture is removed, I plan to have a man in to look the place over, to see it is in good repair.”
“There is no need to do that,” he said. “Whoever buys it will not care if the roof leaks. This is rack-rent territory, Miss Irving. The landlords squeeze the maximum number of people into the minimum of space, charge the poor wretches whatever the traffic will bear, take their money, and run. Not that I mean to traduce your aunt! As she lived here herself, she took more interest. I know the roof does not leak in any case. I drop in on Professor Vivaldi from time to time, and he is snug and dry.”
“Then there is no need to waste your money on having an inspection, Cathy,” Miss Thackery said.
“Yes, you are right. I dislike to think of my poor tenants falling into the hands of a rack-rent, but really—”
Before I could say more, Mr. Alger leapt on my innocent words. “The house is not at all a bad business investment, Miss Irving.” He drew a chair up to mine and began to outline his meaning. Having failed to move me by pretending the neighborhood was interesting, or by guilt, he now pelted headfirst into appealing to my greed.
“You would be extremely fortunate to get five thousand for the place, and if you are in a hurry to sell, you would get more like four. I assume you would invest your capital in Consols?” I nodded. “Very well then, five percent of four thousand—two hundred pounds per annum. Your rents here amount to three hundred.”
“But the house would cost at least fifty pounds a year to maintain. I would not be much further ahead.”
“Au contraire!” he said, lifting his eyebrows in astonishment. “You are forgetting the entire ground floor, the most valuable part of the house. You can either live in it rent-free yourself, or rent it to someone for a hundred pounds a year. If you sell, you would have to hire rooms. In Upper Grosvenor Square, a flat of this size would cost considerably more than a hundred pounds. Rent is money down the drain. If you stay here, your house would be appreciating with inflation, and with the growth of London. Real estate is an excellent investment at this time. From the economical point of view, your best bet is to stay on here.”
“I really cannot see myself and Miss Thackery living here,” I said, “but as an investment, it might not be a bad thing. I shall think about it.”
“The neighborhood is not so bad as you might think,” Alger continued. He was a persuasive talker. “I wager your driver brought you via Long Acre, the worst possible route.”
“Yes, we came via Long Acre.”
“You should have come by the Strand. Why do I not show you the route now? My patron has given me the use of a carriage.”
“Where do you stable it?”
“In your stable. Mrs. Cummings gave me permission. If you are wondering why the hire of the stable is not shown in my rent rate, I can explain.”
“I was not checking up on you, Mr. Alger!”
He shook a shapely finger at me and laughed. “You should have been! If you are to become a business lady, you must keep track of the pennies, Miss Irving. The fact is, Mrs. Cummings liked to do a little barter on the side, to keep her income low for tax purposes. I pay for the stable by allowing her to use my carriage. When she wished to go out, I had it sent back from Whitehall. She
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