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'Depend above all on Pauncefort', announced King James, 'his loyalty is dependable as steel. He is with us body and soul and to the last penny of his fortune.' So when Pauncefort does indeed face bankruptcy after the collapse of the South Sea Company, the king's supreme confidence now seems rather foolish. And as Pauncefort's thoughts turn to gambling, moneylenders and even marriage to recover his debts, will he be able to remain true to the end? And what part will his friend and confidante, Captain Gaynor, play in his destiny?