Elizabeth tells Beaumont that Frasers has a reputation for honesty. Beaumont replies that the Fogarty yards are building several ships and Beaumont threatens to call in his loans. James bids for a Persian carpet and buys it for 28 guineas showing it to Letty who tries to tell James she is pregnant. William apologises to Elizabeth and says that it is time to find a place of his own, she agrees. James offers to sell Samuel the warehouse he is buying at Murchison Quay for £3000. Samuel plans to sell salmon to hotels and James offers to supply ice for storage as he is going to Norway. James tells Daniel he would be a fool not to buy the Murchison Line as it is part of the South African Conference.