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‘I know,’ said M. shortly. ‘Just give me the facts as you see them. I’d like to know if your version tallies with mine.’

Bond gazed out of the window for a moment to marshal his thoughts. M. didn’t like haphazard talk. He liked a fully detailed story with no um-ing and er-ing. No afterthoughts or hedging.

‘Well, sir,’ said Bond finally. ‘For one thing the man’s a national hero. The public have taken to him. I suppose he’s in much the same class as Jack Hobbs or Gordon Richards. They’ve got a real feeling for him. They consider he’s one of them, but a glorified version. A sort of superman. He’s not much to look at, with all those scars from his war injuries, and he’s a bit loud-mouthed and ostentatious. But they rather like that. Makes him a sort of Lonsdale figure, but more in their class. They like his friends calling him “Hugger” Drax. It makes him a bit of a card and I expect it gives the women a thrill. And then when you think what he’s doing for the country, out of his own pocket and far beyond what any government seems to be able to do, it’s really extraordinary that they don’t insist on making him Prime Minister.’

Bond saw the cold eyes getting chillier, but he was determined not to let his admiration for Drax’s achievements be dampened by the older man. ‘After all, sir,’ he continued reasonably, ‘it looks as if he’s made this country safe from war for years. And he can’t be much over forty. I feel the same as most people about him. And then there’s all this mystery about his real identity. I’m not surprised people feel rather sorry for him, although he is a multi-millionaire. He seems to be a lonely sort of man in spite of his gay life.’

M. smiled drily. ‘All that sounds rather like a trailer for the Express story. He’s certainly an extrordinary man. But what’s your version of the facts? I don’t expect I know much more than you do. Probably less. Don’t read the papers very carefully, and there are no files on him except at the War Office and they’re not very illuminating. Now then. What’s the gist of the Express story?’

‘Sorry, sir,’ said Bond. ‘But the facts are pretty slim. Well,’ he looked out of the window again and concentrated, ‘in the German break-through in the Arde

‘One of their best coups was to blow up one of the rear liaison H.Q.s between the American and British armies. Reinforcement Holding Units I think they’re called. It was a mixed affair, all kinds of Allied perso

‘But he still says he doesn’t really know who he is,’ interrupted M. ‘He’s a member of Blades. I’ve often played cards with him and talked to him afterwards at di

Bond’s eyes were turned inwards, remembering. ‘He seems to have disappeared for about three years after the war,’ he said. ‘Then the City started to hear about him from all over the world. The Metal Market heard about him first. Seems he’d cornered a very valuable ore called Columbite. Everybody was wanting the stuff. It’s got an extraordinarily high melting point. Jet engines can’t be made without it. There’s very little of it in the world, only a few thousand tons are produced every year, mostly as a by-product of the Nigerian tin mines. Drax must have looked at the Jet Age and somehow put his finger on its main scarcity. He must have got hold of about £10,000 from somewhere because the Express says that in 1946 he’d bought three tons of Columbite, which cost him around £3,000 a ton. He got a £5,000 premium on this lot from an American aircraft firm who wanted it in a hurry. Then he started buying futures in the stuff, six months, nine months, a year forward. In three years he’d made a corner. Anyone who wanted Columbite went to Drax Metals for it. All this time he’d been playing about with futures in other small commodities – Shellac, Sisal, Black Pepper – anything where you could build up a big position on margin. Of course he gambled on a rising commodity market but he had the guts to keep his foot right down on the pedal even when the pace got hot as hell. And whenever he took a profit he ploughed the money back again. For instance, he was one of the first men to buy up used ore-dumps in South Africa. Now they’re being re-mined for their uranium content. Another fortune there.’

M.’s quiet eyes were fixed on Bond. He puffed at his pipe, listening.

‘Of course,’ continued Bond, lost in his story, ‘all this made the City wonder what the hell was going on. The commodity brokers kept on coming across the name of Drax. Whatever they wanted Drax had got it and was holding out for a much higher price than they were prepared to pay. He operated from Tangier – free port, no taxes, no currency restrictions. By 1950 he was a multi-millionaire. Then he came back to England and started spending it. He simply threw it about. Best houses, best cars, best women. Boxes at the Opera, at Goodwood. Prize-wi

‘And then came his astonishing letter to the Queen: “Your Majesty, may I have the temerity … ” and the typical genius of the single ba