Jake: "Oh dear, Vernold, bad luck. What are you thinking about? Obviously not golf. Is your mind still on business?"
(Jake is using a bad shot by Vernold to steer the conversation delicately toward business.)

Vernold: "Why? Are you fishing for some information?"
(Vernold is still angry about his bad shot, and answers very directly, with a challenge.)

Jake: (Laughs) "Always."
(Jake admits that he is fishing for information, and now gives Vernold the choice of whether to give him something or not.)

Vernold: "H'm. Anything in particular?"
(Vernold is ready to do Jake the favour.)

Jake: "Well, yes, actually. I have this friend, Ivan English - do you know him? - and he's looking to build a portfolio of hot new stocks."
(Jake explains he wants a favour from Vernold as a favour to Ivan. )

Vernold: "English eh? No, I don't know him. Would he be interested in health services?"
(Vernold wants to know if his information on health services is good enough.)

Jake: "I must introduce you one day - you'll like him. I would think so. He's an IT specialist, but he covers the whole market."
(Jake says it is not perfect, but it will do. He also suggests that Ivan may like to repay Vernold's favour directly, instead of through Jake. Notice how the conversation is now about two different topics at the same time - Ivan and hot shares. )

Vernold: "Well, tell him to look at Lowshile. I very much suspect that they're going to sell off their non-healthcare business, and stick to their core competence. I think the market will like that."
(Vernold offers some information he knows is valuable. He uses "suspect" rather than "know" because Ivan can buy shares on someone's opinon, but it is illegal to act on "insider" information. )

Jake: "Lowshile eh? I'll make a note."
(Jake keeps his reply short, hoping for more.)

Vernold: "And if he is interested in IT, I hope he is following Biertech. Word is they are going to be taken over soon.
("Word is" is Vernold's way of saying this time he really is reporting a rumour.)

Jake: "Oh, really? Who's the buyer?"
(Jake is very interested - this time for himself. )

Vernold: "Never you mind. Now, of course, I am bringing Clareton toys to market soon...."
(Vernold has said enough. Information about the buyer is too sensitive for him to give away, and he says this clearly. He also feels he must promote a company he is working with, but his style shows that he knows it is not a very good stock.)

Jake: "Ah yes, Clareton. I'll tell Ivan to check out the stock carefully. Do you have a prospectus I could send him?"
(Jake shows he is not enthusiastic about Calreton either, but he says he will let Ivan decide for himself. He uses the word "carefully" to show that he will not try to deceive Ivan, but he will do Vernon the favour of drawing Ivan's attention to the company.)

Vernold: "I'd be delighted. It's worth a punt, you know."
(Vernold has done his duty both for Jake and for Clareton. It is now up to Jake whether they discuss more business, or get back to golf. )

Summary

Jake and Vernold meet regularly for golf and to exchange information and favours. In this case Jake wants a favour for Ivan, and he also thinks that Ivan and Vernold might be useful for eachother. Vernold offers some useful information, but nothing major. He tries to get Jake interested in one of his own companies, because he thinks he should, but he knows Jake and Ivan will not be really interested in Calreton. Jake and Vernold are friendly, but not friends. Each of them is useful to the other, and the golf gives them an excuse to exchange information, as well as being something they enjoy.