Part 3, Chapter 4 Summary

The scandal of the year is the collapse of the Pilaster bank and how the living styles of the partners change. Hugh and Nora live in a small house in suburban London without servants. Hugh watches the situation in Cordova, where Tonio's family joins the side of the President in return for the promise of free elections. Neither side has resources since the collapse of the bank and cannot finance their exports. Micky is lobbying for the British to recognize his father as the new president.

Tonio returns to London and goes to visit Hugh. He says the situation in Cordova depends on who the British government recognizes since that is the group that will be able to obtain credit to rearm and defeat the other side. Tonio is now the official Cordovan Minister since President Garcia has dismissed Micky and...