Chongzhen Daming: Starting from Coal Mountain

Chapter 327 Chamber of Commerce Temasek Model

The accumulation process from small workshops to large-scale operations is also called primitive accumulation.

Under normal circumstances, the evolution from a small family-style workshop to a large-scale factory requires the continuous efforts of several or even a dozen generations of workshop owners to accumulate capital bit by bit, annex other small workshops one by one, and let other small workshop owners become their own. As a worker in a factory, this process is really very long.

This is true for small workshops, and it is also true at the national level.

But this process can be accelerated by violent means.

For example, the enclosure movement, the black slave trade, and the plundering of colonies can all accelerate the primitive accumulation of capital, and the primitive accumulation of several old western industrial powers almost all depends on this.

In addition to plundering, sacrificing the well-being of several generations and saving food and clothing can also complete primitive accumulation. Prussia and Bangzi Country completed primitive accumulation in this way.

In fact, in this regard, Daming really has a unique advantage.

Because by the end of the Ming Dynasty, land annexation had become extremely serious. This was actually a larger-scale land enclosure movement, so now Daming has enough available hired workers. As long as the household registration restrictions are relaxed, a large number of landless farmers will flood into the city. To become a worker, you don't have to worry about not having employees.

Then there is capital. Western countries have to accumulate by plundering colonies and black slave trade, but Ming Dynasty has already accumulated a huge amount of capital by relying on the irreplaceable silk, tea and porcelain trade.

The silver principal of more than [-] million taels was deposited in the folks of Ming Dynasty.

In the past, it was almost impossible for Daming to mobilize the [-] million taels of silver.

But now, this problem has also been solved by the Daming Royal Bank.

After the Daming Royal Bank experienced a turmoil, the deposits in its account continued to increase steadily, and now it has recovered to more than [-] million taels, which is enough to support the initial industrial development.

That is to say, from the national level, Daming has actually completed primitive accumulation.

The only unfavorable factor hindering the development of Daming industry now is the financial aspect.

To put it more bluntly, the gentry landlords and sea merchants and salt merchants have accumulated a lot of silver, but they would rather hide the silver in the cellar to collect ashes than lend it to small workshop owners at low interest rates to expand the scale of industrial production.

As for small workshop owners, even if they beg their grandparents to sue their grandma, they cannot borrow low-interest money to expand their production scale.

There are a lot of usury loans that have to be returned out of nine out of ten in a few months, but this kind of loan is a disaster for the industry.

So now, what Chongzhen has to do is to open up the middle link, borrow the money from the landlords, sea merchants and salt merchants, and then lend it to small workshop owners to help them expand the scale of production and operation and improve product technology.

Regarding this, Chongzhen had already ordered Kang Xi to fully support the small workshop owner.

At that moment, Chongzhen turned his gaze to Kang Xi: "Crown Princess, didn't I ask you to support the small workshop owner?"

"Daughter-in-law has support." Kang Xi hurriedly stood up and said, "According to the emperor's wishes, daughter-in-law has prepared a full thirty million taels of colored silver to support various industries, but no one came to borrow it."

"Why is this?" Chongzhen asked Xu Guodao again, "Xu Weng, the Royal Bank has silver and is willing to lend it. Why don't you borrow money from the Royal Bank?"

"Uh, this..." Xu Guo hesitated.

Chongzhen said sincerely: "Xu Weng, please speak directly."

Xu Guo's brain became hot, and he said: "Because I borrowed money from the Royal Bank, I have to take Xiao Lao's workshop as collateral. If the money is not paid by the due date, the workshop will belong to the royal family. This is..."

Kang Xi said: "It's fine if you don't use the workshop as a mortgage, but you need someone to guarantee it."

Chongzhen asked Xu Guo again: "Xu Weng, can you find someone to protect you?"

Xu Guo sighed and said, "My lord, I can't find a surety, and the bank's interest rate is too high."

This is what Xu Guo is most worried about. He has repeatedly calculated that he borrowed money to expand the scale, and the extra profit he earned was only enough to pay the interest of the Royal Bank. Earn more, and give it to the Royal Bank for nothing, so he has no intention of borrowing money from the Royal Bank.

Even if the business is done well, you can't make more money.

In case of poor management, even the workshop will be paid directly.

Because of this, Xu Guo didn't want to borrow money from the bank at all.

To put it bluntly, this is the limitation of the petty bourgeoisie. Although they know that large-scale operations can improve production efficiency and make more profits, their vision only stops there.

The concept of debt management is too advanced for them.

But this kind of trivial matter can't help a soul that has traveled through time.

Five words quickly appeared in Chongzhen's mind - the Temasek model.

Although Chongzhen looked down on the Booger Country, he still admired the Temasek model.

The so-called Temasek model is actually holding various industries in the form of a state (investment company) and injecting funds, thereby promoting the rapid development of these industries.

At that moment, Chongzhen asked Xu Guodao: "Xu Weng, if you have such a sum of money, you don't need to take the workshop as a mortgage, you don't need a guarantor as a guarantee, and you don't even need to pay interest, it can be handed over to you directly. The only condition is You have to occupy a certain amount of shares in Xu's Workshop according to the amount of money, are you willing?"

Xu Guo asked very vigilantly: "Who will determine the amount of shares? It won't be determined by the government?"

"Of course it is impossible for the government to decide." Chongzhen thought for a while, and then said, "Don't the merchants in your provinces all have local guild halls in Nanjing? The president of the chamber of commerce, and then the presidents of the provinces form the general chamber of commerce.”

Hearing this, Kang Wanwan and other big merchants' eyes lit up.

To be honest, they actually thought about starting a chamber of commerce a long time ago.

I was only worried about opposition from the imperial court, so I never dared to establish a chamber of commerce.

But it never occurred to him that the Holy Majesty actually proposed it today.

This is an unprecedented event for the entire merchant group.

After a pause, Chongzhen said again: "The amount of this share will be determined by the General Chamber of Commerce. Of course, if you think the amount is too high, you can refuse. Xu's workshop is still yours alone."

"That's fine." Xu Guo nodded and said, "I still have a question."

"Xu Yuanwai?!" Kang Wanwan was already a little unhappy, and said to Xu Guo, don't go too far.

But Chongzhen waved his hand and said, "Hey, since it's a conversation, you have to be open and honest, and don't let anyone say anything. Uncle Guo, you are too domineering."

"Your Majesty, I don't mean that." Kang Wanwan stood up in fright.

Although he is already a relative of the emperor, Kang Wanwan is not proud of his favor.

"Sit down." Chongzhen signaled Kang Wanwan to take a seat, and then said to Xu Guo in harmony, "Mr. Xu, go on."

Xu Guo made up his mind and asked: "What I want to ask is, after taking this money, who has the final say on the Xu family's papermaking workshop and book printing workshop? Is it the little old man, or the shareholders who bought the shares? "

"Of course you are Xu Yuanwai." Chongzhen said without thinking.

Having said this, Chongzhen went on to say: "Speaking of which, let me just say it straight. I plan to open another bank besides the Daming Royal Bank, and the name will be temporarily named Industrial and Commercial Bank."

"Industrial Bank?" Kang Wanwan, Fang Wenzhen and other merchants couldn't help but look expectant.

The Daming Royal Bank is unique to the royal family, and the Daming Household Bank Bank is the court's bank. These merchants have no way to participate even if they have money, but they don't know if this industrial and commercial bank can participate in a share?
"Yes, Industrial and Commercial Bank." Chongzhen nodded, and then continued, "The share capital of this Industrial and Commercial Bank is tentatively set at [-] million taels. Daming Royal Bank intends to contribute [-] million, and the remaining [-] million shares The principal is raised from merchants all over the Ming Dynasty. All interested merchants can subscribe for the share capital. When the subscription of [-] million yuan is completed and when is the deadline, if the subscribed amount is insufficient, the insufficient part will be made up by the Royal Bank. "

Hearing this, a small workshop owner like Xu Guo didn't have any special reaction.

However, big businessmen like Kang Wanwan, Fang Wenzhen, and Weng Zhiyi couldn't help but feel excited. If they can occupy a certain share in this industrial and commercial bank, not only will they definitely be able to make a lot of money, but more importantly, their family will be like the royal family. Become a business partner, this title cannot be bought with money.

At present, these giant businessmen are already thinking about how much money they want to invest in the shares.

Chongzhen went on to say: "In principle, industrial and commercial banks do not engage in private small-amount lending business, but only do one business, which is to inject capital into workshops such as Xu Yuanwai's papermaking workshop and printing workshop. If they lose money, then Naturally, it is a loss, and if a profit is made, the profit will be drawn according to the number of shares invested."

"The profits handed over by these workshops, mines, and factories are the profits of industrial and commercial banks."

"Except for a certain amount of dividends every year, the rest of these profits are included in the share capital of Industrial and Commercial Bank, and continue to expand the scope and scale of business."

This is actually the Temasek model.

The advantage of doing this is that not only can it effectively support the rapid development of industry and commerce, but also can achieve strong control over all walks of life through industrial and commercial banks.

To put it bluntly, it is actually the realization of a state monopoly.

The advantage of a monopoly is that it has bargaining power over the upstream and pricing power over the downstream.

To give the simplest example, a piece of silk, through the monopoly of the entire industrial chain, can squeeze mulberry farmers upwards indefinitely, and can squeeze the wool of end consumers indefinitely downwards.

Of course, this is just an example.

At least when Chongzhen was still alive, he would never oppress internally.

But for the outside world, wool must be squeezed out, and silk must rise sharply.

But it cannot be done now, even the three major weaving bureaus have not formed an industrial monopoly.

Therefore, the industrial and commercial bank has a bright future, and it will definitely expand into a giant capital beast in the future, and it is entirely possible to call the wind and rain in the world.

Originally, Chongzhen also thought about monopolizing benefits.

Why share such a business that is destined to make a lot of money with others?

But as the old saying goes, a flower blooming alone is not spring, but a hundred flowers blooming together makes the garden full of spring.

If the royal family only wants to take advantage of all the benefits, then the final result can only be backstabbed.

Only by distributing the benefits to as many relevant parties as possible, and then forming a huge interest group, can the foundation of royal rule be stabilized, and it will not be overthrown because of interests.

In the future, even the Royal Bank will have to release shares for people to invest.

The future Daming country will be politically a dual system of the emperor and the cabinet; economically, it will be monopolized by a huge vested interest group with the royal family as the core created by the Daming Royal Bank and the Industrial and Commercial Bank; and militaryly, it will be based on The independent military general system based on Guozijian and Shiziying, and finally the de facto Ming constitution and emperor's ancestors' precepts.

In this structure, the emperor is politically bound by the constitution and must not interfere in the government affairs of the cabinet. Economically, he must win the support of a majority of shareholders to mobilize the royal reserve fund. Militaryly, he must also obtain the support of the cabinet to directly mobilize from the towns of the provinces. Town soldiers, in this way, the emperor's power is locked in a tight cage.

Only when the emperor, the cabinet, and the consortium agree, can the national war machine be truly used.

Even if the emperor is like this, let alone the cabinet, military generals or chaebols, there is no possibility of usurping power at all.

Of course, this is the future structure, at least it will not be like this in Chongzhen's lifetime. When Chongzhen is still alive, the consortium must obey his orders unconditionally, and the cabinet can only have nominally independent administrative power.

But before he dies, the imperial power will be locked in a cage in the form of a constitution.

Unless the emperor after him can far surpass him in martial arts and martial arts, it may be difficult to break through the power cage he designed and become a new generation of emperor.

However, these are long-term plans.

At present, it is better to establish an industrial and commercial bank first.

The big shopkeeper of this industrial and commercial bank can no longer hire the shopkeeper of the company.

Because the shopkeepers or shopkeepers of the firm have limited courage, it is difficult to fully support the industry and commerce. Only the Qin Wang Shizi of the Shiziying can fully understand his intentions.

And it must be the son of a merchant family.

After going through the familiar scholars, Chongzhen soon found a suitable candidate.

"Ban Gao." Chongzhen turned his head and ordered Gao Qiqian to say, "Go to Chaoku Street and call Zheng Zunqian back to me."

Gao Qiqian took the imperial decree and went straight to Chaoku Street, and soon brought Zheng Zunqian back.

"My lord." Zheng Zunqian bowed to Chongzhen.

"Zheng Zunqian." Chongzhen asked, "I remember that your family is a brewer, right?"

"Return to the Holy Lord." Zheng Zunqian said, "The student's family is brewing rice wine, and they can brew hundreds of rice wine every year."

Chongzhen said again: "Your Zheng family has been brewing wine for several generations, and the craftsmanship is considered good, but why is the rice wine brewed every year still only a few hundred stones? Why didn't you expand the scale of brewing?"

Zheng Zunqian said: "Expanding the scale requires a lot of capital, and the students' families can't afford so much money."

Hearing this, Chongzhen knew that he had found the right person, and immediately said: "Zheng Zunqian, I plan to raise money to set up a Daming industrial and commercial bank, are you willing to be the big shopkeeper?"

[Kneeling for a monthly pass]

(End of this chapter)