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... led look. She had expected reforms, maybe a new tax code or an anti-corruption edict—not... a commercial venture.

"Yes," Lancelot replied without hesitation. "The Royal Trading Company."

Alicia blinked. "You already named it?"

"I’ve been thinking about it since the second hour of those reports," he said, stepping away from his desk and toward the blackboard. He picked up a stick of chalk and began to write quickly, outlining a triangle between Madrid, Manila, and Callao. ...

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