Chapter 1132: The Great Banker

"A thousand taels only earns sixty taels of interest, and it doesn't even start accruing until the fifteenth year of Hongxing — this stock probably won't sell at all, will it?"

"Right, and the land in this New Continent isn't worth much either, is it? Didn't they say you can just show up empty-handed and get a plot of land?"

"Chief Executive, Prime Minister, why don't we all submit a memorial to His Majesty together and get it revised?"

"Yes, yes, revise it — either grant more land, or pay more interest."

Inside the assembly hall of the United States of New Continent, after hearing Zheng Cai lay out the terms for the new share issue, the assemblymen began voicing their differing opinions.

Of course, they couldn't just speak at will — they had to raise their hands to speak, just like primary school students in class. Emperor Zhu wasn't familiar with parliamentary procedure, so he'd set up a "primary school assembly": to speak, first raise your hand, and only when your name is called may you stand and talk.

And these "big shareholders" really were kind-hearted, actually speaking up for the interests of the small shareholders. Emperor Zhu, listening in from a side room, didn't know whether to laugh or cry. So the big shareholders of early-stage capitalism were themselves still in the early stage — there was plenty of room for improvement!

At that thought, Zhu Cilang shot a look at Huang Xiaobao, who was in the side room with him, signaling him to go out and announce "His Majesty arrives."

Zhu Cilang's "side-room attendance" was learned from the Ottoman Empire — their Sultan played it that way. After Emperor Zhu heard about it, he thought it was excellent, so he brought it to the assembly sessions. His Majesty was a great sovereign of his generation — what tremendous deterrent power! If he sat on the throne, the aura of majesty over all within the seas would be so overwhelming that who would dare speak freely?

So he simply set up a small side room, where he could listen to governance while drinking tea and eating fruit, and sometimes even read a memorial or two.

"His Imperial Majesty arrives — all officials, greet him!"

The moment Huang Xiaobao called out, the "kind-hearted big shareholders" all fell silent and rose to bow with clasped hands — still a clasped-hand bow, not a kowtow. Because Zhu Cilang had the assembly hall arranged like a classroom, with rows of desks below. Kowtowing would be very inconvenient — no one knew whether to stand on the desk to kowtow or crawl under it. And the rows of desks and chairs were rather cramped; kneeling to kowtow, one might easily bump into something.

"Your subjects respectfully inquire after His Majesty's well-being!"

Some one hundred seventy or eighty assemblymen (full membership was 200, but there were always people on leave) and a dozen or so officials of the Executive Government together bowed to Emperor Zhu and asked after his health.

Zhu Cilang strode up to the throne platform, then sat down squarely, looked out at the assemblymen below, raised his hand, and smiled: "Rise. Be seated — all of you, be seated."

"We thank Your Majesty!"

Everyone expressed their thanks, then one by one sat down obediently like primary school students. Emperor Zhu, smiling, looked at those wealthy assemblymen in red robes — this was the advantage of establishing the capital in Nanjing: the emperor himself could go directly to these rich men and raise money!

There were plenty of ways to raise money, but the precondition was finding people who had money! Otherwise, you could talk yourself hoarse and it would be useless.

"Your questions, gentlemen, We have all heard," Zhu Cilang said with a smile. "We will not answer them yet. Instead, We want to ask you a few questions. First question: do you know the standard by which the United States grants land to marquises?"

Immediately someone raised a hand. Zhu Cilang signaled Huang Xiaobao with a look, and Huang Xiaobao at once called on Cao Wenbao, Cao Huachun's adopted son.

Cao Huachun had now passed away, leaving behind a marquisate at the end.

This Cao Wenbao was now the Marquis of Kenan Wuqing, but he had not entered the United States assembly as a member of the nobility holding "special shares with unpaid capital"; rather, he had paid one hundred thousand taels of silver to subscribe to one special share.

The reason for this was that after Cao Huachun arrived in Jiangnan, he had withdrawn from politics and gone into business with his sons and nephews. The old man still had some skill — at seventy or eighty, he had actually succeeded in starting businesses, founding the Cao Silk House, Cao Tea House, Cao Grain House, and Cao Sauce Garden — not "high-tech" industries, but he ran them impressively, leaving Cao Wenbao a vast family fortune.

And although Cao Wenbao was ennobled as a marquis, because he was Cao Huachun's son, he always lacked confidence, so he had "bought his way into" the United States assembly — and he attended every session without fail, rain or shine, never passing up any chance to show his face before the emperor.

"Your Majesty, the standard for granting land to marquises of the United States is the same as in the Great Ming: 2,500 mu."

Zhu Cilang kept a fairly tight grip on the scale of land grants to the nobility. A Commandery Prince's household could only receive 5,000 mu of granted land, and beyond the land grant, the only other benefit a Commandery Prince received was a princely residence — nothing else.

In other words, if such a Commandery Prince held no official post and was merely a prince by title, he could only guard his princely residence and live off the rent. Zhu Cilang's fifth younger brother, Zhu Cihuan, Commandery Prince of Chongqing, was now just such an empty-titled Commandery Prince — his whole large family held 5,000 mu of land and collected rent, living quite frugally.

Zhu Cilang nodded and said: "A marquis gets only 2,500 mu of land — is that not a little too little? The United States is not like the Great Ming; the land is vast and the people few, and land cannot be rented out at a good price. Can a mere 2,500 mu support a marquis's household? I fear it is not enough. Cao Wenbao, what do you say?"

"Not enough, absolutely not enough," Cao Wenbao shook his head repeatedly. "It would take at least twenty or thirty thousand mu. And it would have to be properly managed — using grass-field crop rotation, raising more livestock, and building irrigation works."

Zhu Cilang nodded: "Your family is only a baron, is it not? How much land does a baron get? There is a large gap between that and twenty or thirty thousand mu, is there not? How do you plan to make it up?"

"Subscribe to ordinary shares," Cao Wenbao immediately grasped Zhu Cilang's meaning. "Subscribe to a full twenty shares!"

Zhu Cilang smiled: "Only 29,980 shares left to fill the offering. Gentlemen, you must act quickly! If you miss this opportunity, there will be no more land this cheap!"

Someone below raised a hand again. Zhu Cilang glanced at the man and said with a smile: "It is Yun Shangqian. What would you like to ask?"

The one raising his hand was Yun Shangqian, general manager of the Salt Merchants' Bank. Originally a steward for a major Yangzhou salt merchant, he had been among the first to come over when Zhu Cilang reorganized the salt administration, and had served in the Salt Merchants' Bank ever since — diligent and conscientious for over a decade, until he had now risen to general manager of the Salt Merchants' Bank, and naturally had accumulated a fair amount of savings.

But to be wealthy without rank — that always left a man uneasy at heart!

"Your Majesty," Yun Shangqian asked, "do you mean that these United States shares with a face value of 1,000 taels will still rise in price?"

Zhu Cilang smiled and countered: "Shangqian, you are general manager of the Salt Merchants' Bank — do you not know?"

"This subject — this subject is dull-witted."

Zhu Cilang said: "One tael of silver per mu of land! How could that lose money? And besides — are you really going to leave that son of yours with just a United States barony and a few hundred mu of land? Do you not think that is a little too little? You already bought a special share at one hundred thousand taels a share — why are you unwilling to shell out another few tens of thousands to buy special shares and convert them into land? Can the general manager of the Salt Merchants' Bank not do arithmetic?"

Right!

The nobles and wealthy men present all felt Emperor Zhu's words made sense!

You've already spent the big money — can you not buy a bit more land for your profligate sons to fall back on?

Emperor Zhu continued: "Furthermore, this thousand-mu land is not something only those of you seated here can buy. Any official or commoner of the Great Ming may buy it. What is the price of farmland in Jiangnan now? A thousand taels of silver buys only a few dozen mu. How many shares can a few dozen mu of family property be divided into? Better to sell it and exchange it for United States of New Continent stock. Here in the Great Ming you can earn sixty taels of interest, and once the New Continent opens up, you will have 1,000 mu of land — enough to divide among ten sons and grandsons! Is that not so?"

Right!

Right now, among the wealthy farmers of Jiangnan who own a few dozen mu of land, quite a few have a whole brood of sons and grandsons — is the land enough to divide? Should they not sell it and exchange it for vast tracts of land in the New Continent?

Zhu Cilang said with a smile: "How many shares are being issued this time? A mere thirty thousand shares — you people here will probably swallow up half of them. What use is the remaining fifteen thousand? Are there not fifteen thousand people in the Great Ming who want to buy land in America for their sons and grandsons? So these ordinary shares of the United States are certain to rise!"

What he did not say out loud was the rest: if they do not rise for a while, We will speculate them up Ourselves — guaranteed to soar to the heavens! Once they have risen, We will issue new shares at a high price... and raise another fifty million taels. That should about do it!

(End of Chapter)