Chapter 1799 - Big Vision in Business
Gao Ju understood that this meant he would have to "enter the ring" with the Australians to negotiate terms. He cursed inwardly—they certainly found it easy to just flap their lips. Speaking of the merchants' worries, he shared them. No one was born with such elevated consciousness as to willingly exchange gleaming white silver for paper money.
However, Gao Ju was acutely aware that the Senate's determination regarding this currency reform was immense. From several conversations with Liu Xiang and Zheng Shangjie, he knew there was no room for maneuver. If the Money Industry Guild attempted to execute it at a discount, the Australians would absolutely not accept that.
Gao Ju couldn't quite grasp why the Senate insisted on implementing new currency reform. In the past, when the Australians introduced circulation notes on Hainan Island, he had estimated it was because they lacked silver, and Guangdong was a place short on copper coins—so they had compensated through this method. But now their situation was entirely different. Setting aside everything else, simply the fact that the Senate had defeated Zheng Zhilong, forced Liu Xiang to surrender, and exterminated or subdued various pirate leaders in Fujian and Guangdong meant that most Eastern and Western Ocean trade was now in their hands. Merchants in Guangzhou estimated this item alone brought in three or four million taels of silver annually. Logically, they shouldn't lack silver at all.
Speaking of the Australians' own expenses, they were frugal to an absurd degree. Even those most fiercely opposed to the "short-hairs" had to admit the Australians "lived in humble palaces and ate poor food." Except for their fondness for female companionship, there was nothing to criticize in their lifestyle.
After much thought, Gao Ju couldn't fathom what the Australians needed vast amounts of silver for, to devise this scheme of silver dollar circulation notes.
Using silver dollars was naturally excellent, but using precious notes—this was ominous. Gao Ju was a merchant and knew that every time the imperial court made economic moves, speculators would inevitably swarm like flies to a stench, manipulating things to make fortunes. The resulting fluctuations...
He understood Guangzhou too well. Though the merchants sitting in this meeting were the top magnates of the commercial world, the wealth they could mobilize probably didn't amount to even one-tenth of the silver in this city. In the dark masses of thousands of citizens' homes, inside rockery caves, in stone chambers of houses, under courtyard stone slabs, in bedroom and study chests, a massive amount of wealth slumbered. If this silver were utilized by someone, it would instantly become a destructive force. Don't be fooled by the Australians' strong ships and sharp cannons—if they lost the battle in the economic arena, they equally couldn't stand firm in Guangzhou.
Thinking of this, Gao Ju couldn't help but feel vaguely worried for the Australians.
Worries aside, the work Zheng Shangjie had arranged still had to be done. Once new currency was issued, it had to circulate in the market without hindrance.
He deliberated carefully, then spoke. "Gao has understood everyone's meaning. However, the Senate views this issuance extremely seriously. At the Chamber of Commerce and Industry meeting that day, all those present to support were there—was there any room for sentiment? I see very little room for maneuver."
"Doesn't this rely on Master Gao coming forward? You're an old acquaintance of the Australians," Boss Zhu said. "Even if there are some expenses, everyone is willing to contribute. We definitely won't let Master Gao suffer a loss."
The words carried strange intonations. Gao Ju, possessing excellent self-control, merely smiled slightly. "The Senate acts differently from the Fake Ming. They have always been open and aboveboard. Such methods cannot be used."
Because this matter had enormous implications for the money industry, seeing Gao Ju reluctant to take the lead, Liang Chenlong asked again. "Is there truly no room at all in this matter?"
"Although Gao is an outsider," Gao Ju replied, "I have settled in this Five Rams City of Guangzhou Prefecture for over thirty years. My entire family and fortune are here. Guangzhou's safety and market quality are all closely bound to my interests."
He stated his position first, indicating he would absolutely not "sell out everyone's interests to curry favor with the Australians." Of course, this couldn't be said explicitly—just hinted at. Naturally, everyone might not believe it, but that didn't matter. With an attitude present, his words would be more persuasive.
"...It's just that the Senate views this matter as top priority. I've heard they've already sent a Minister of Finance to Guangzhou to supervise. Even Chiefs Wen and Liu may not be able to interject in this matter."
Once these words were spoken, dismay spread through the room. Typical disappointment appeared on every face. Everyone knew Gao Ju's biggest backer was "Minister Wen." If even Chief Wen couldn't speak on it, didn't that mean none of them stood a chance? Regardless of whether this was true or false, Gao Ju's unwillingness to take the lead sufficiently demonstrated the Australians' determination.
"I wonder how many circulation notes they will issue? It's said that 'those willing to exchange circulation notes for silver money will be treated the same as silver dollars,' but if there are too many notes and insufficient ready silver, then..." Liang Chenlong shook his head without finishing.
This worry was universally shared. Now that he stated it explicitly, worries and dissatisfaction surged out like water from a broken dike, and Jufeng Bank's hall became noisy.
Boss Zhu spoke sarcastically. "I predict these circulation notes will definitely become worthless."
Gao Ju felt his words too arbitrary. Credit had to be maintained by everyone. If these silver dollar circulation notes were not indiscriminately issued, if regulations were properly set and market use was convenient, with support from all trades and industries, the circulation notes should maintain stable value. Otherwise, the abuses would be unimaginable. If the market was disrupted, even if some could pull chestnuts from the fire to make fortunes, the majority would suffer.
If the Great Ming were issuing circulation notes today rather than the Australians, then he, Gao Ju, would certainly avoid them like the plague and even use all resources to sabotage the effort—because the Ming court had given merchants enough lessons on treasure notes and many other things: the government's words couldn't be trusted. But the Australians were different. Circulation notes had been used in Hainan for years without anything inappropriate; the Australians also maintained a good reputation for always keeping promises. Gao Ju still trusted them.
He remained silent, waiting for the turbulent discussion to ease. Only after each family had expressed opinions without reaching any conclusion did he speak:
"Gao has a view, stated for your consideration. These Australian new circulation notes have just been issued. Although we don't yet know if they're good or bad, we must always think toward the good, not the bad. Banknotes being issued naturally means everyone must use them, but those with closest stakes are we merchants. If circulation notes have poor credit, the first to suffer will be merchants. So we must help the circulation notes build credit. If circulation notes stand firm, our business becomes easier. Otherwise, if the market is chaotic and prices change three times daily, how can anyone do business?"
Compared to the "seeking advantages and avoiding disadvantages" rhetoric filling the hall moments ago, this gave people a refreshing feeling. Everyone immediately quieted down.
"Oho!" Boss Mi said. "I didn't realize Master Gao could speak such grand principles!"
Gao Ju ignored his vague sarcasm. "Everyone, please consider. These circulation notes have been used in Qiongzhou Prefecture for four or five years, and we haven't heard of anything inappropriate. The Australians have always been most trustworthy. They would absolutely not be so short-sighted as to kill the hen for its eggs."
These words were well-founded, and no one could refute them—many present had been to Hainan or even Lingao. Facts spoke louder than eloquence.
Gao Ju continued. "How shrewd one is in business, calculating income and expenses on a thirteen-column abacus without missing a fraction—that is small cleverness. What's important is vision. The bigger the business, the farther the vision must reach. Everyone here does big business; your vision must see the big picture."
As he spoke, he lit a cigar and slowly exhaled smoke rings. "Nowadays, the Ming Kingdom faces internal troubles and external aggression, swaying in the midst of a storm. 'The Qin has lost its deer, and the heroes of the world chase it together.' Gentlemen, please consider: among these heroes of the world, who has the strongest power? Who has the greatest ability?"
The Great Ming was about to fall, and the Senate intended to contend for the world—this was something everyone knew. But no one had stated it so clearly. Everyone shivered upon hearing this, feeling a sense of sudden realization.
"...Our purpose in doing business is to help the Senate win the war!"
"Master Gao," a merchant frowned slightly, his voice mumbling, "I still don't quite understand your meaning."
"Then I'll explain more clearly." Gao Ju replied. "As long as it's business that can help the Senate win battles, I'll do it, even if I lose money. This isn't losing money—it's putting down capital. When the Senate wins the war and times are peaceful, what business won't be good? By then, you will have contributed, and the Senate will naturally repay you, making business convenient everywhere. Think about it—is there any business more profitable than this?"
"Those words are true," agreed Shopkeeper Ding of the grain bank. "Even if they don't give us any benefits, as long as the roads are calm and the people harmonious, this business can be done."
Seeing someone agree, Gao Ju struck while the iron was hot. "Not speaking of future matters, just the present: ever since the Senate purged the pirates off the coast of Fujian and Guangdong, now sugar, tea, porcelain, and various mountain goods from Fujian don't need to detour through Jiangxi and go down the Five Ridges. They come directly to Guangdong by sea, and prices have dropped by more than half—everyone, think about it. Isn't this the logic?"
Though these words did not completely convince the merchants, resistance was no longer as strong. With Gao Ju employing both soft and hard tactics, the heads of various trade guilds finally agreed to cooperate with the new currency issuance and fully use silver dollars and paper notes.
Liang Chenlong returned home in his sedan chair. Despite Gao Ju's words, unease still gnawed at him. Liang Chenlong's Maokang Money Shop was only a minor peer in the industry, modest in scale, but he was a clansman of the Liang family. Relying on this connection, he often handled unspeakable silver and money transactions for the gentry, cultivating deep relationships among them and becoming head of the Silver and Money Industry Guild.
The Australians' entry into Guangzhou had struck Maokang's business hardest. His family had maintained close dealings with silver and money industries in both the Northern and Southern Capitals. With Guangzhou changing flags, city gentry had either fled or gone into hiding, and communication between north and south had been cut off. Maokang's remittance and lending businesses with the two capitals were almost completely interrupted. Currently, they were merely doing local business to survive.
He arrived at his outer study where he worked and lived, hurriedly wiped his face, and without even pausing to drink the tea the maid served, spread out paper, ground ink, and began writing a letter.
End of Chapter