The civil and military generals and the Qin princes and nobles had already dispersed in a wise manner. Even if they wanted to report on their work, they would have to wait until tomorrow, because the Crown Prince and the Crown Princess must have many things to report to the Holy One today.
In fact, Zhu Cihong and Kang Xi did report important matters.
"Tell me about it." Chongzhen straightened his legs comfortably and asked, "How is the business of Royal Silver?"
"Back to my father, the business of Royal Bank is not only good, it's so good that it's scary." Zhu Cixiang said with a hint of bitterness on his face, "It makes people feel panicked."
"There is no future." Chongzhen said angrily, "Business is good, so why worry?"
Kang Xi said: "Although the bank's business is good, it does not make money. Instead, it loses money."
Chongzhen said: "You are saying that there is a lot of money saved and a small amount borrowed, and the exchange is not profitable, so the profits earned are not enough to cover the expenses, right?"
"That's right." Kang Xi said, "My daughter-in-law has reduced the interest rate for depositing money to the minimum, but there are still more and more people coming to Royal Bank to deposit money, and I can't stop them."
"Is there such a thing?" Chongzhen was a little surprised.
Kang Xi said: "The main reason is that bond trading on the stock exchange is becoming more and more popular. If you want to trade on the stock exchange, you must open an account at the Royal Bank and deposit money. This leads to people coming to the Royal Bank to deposit money.
The number of people making money is increasing. Yesterday when my daughter-in-law went to inspect the branch in Xuzhou, the branch in Xuzhou had just received a notice from the main account. As of the Lantern Festival, the total number of accounts in the main account and the three branches had exceeded 100,000.
!”
"What, this is more than one hundred thousand?" Chongzhen was even more surprised.
In his impression, the development of Shanxi business bank accounts in another time and space seemed to be quite difficult.
But in this time and space, the Ming Dynasty Royal Bank's business is developing at the speed of light.
Royal Bank really started its business in early August last year. It has only taken five months, less than half a year, to expand its business to Hangzhou, Suzhou and Xuzhou, and has more than 100,000 depositors.
, I wonder how much the total savings has reached?
At that moment, Chongzhen asked: "How much money is there in the total number plus the semi-colon?"
It was Kang Xi who answered: "It has exceeded 250 million taels of silver, and the total continues to skyrocket. It is likely to exceed 300 million taels next month!"
"Ah this?!" Chongzhen was no longer surprised, but surprised.
Has Royal Bank’s bank balance actually exceeded 250 million taels?
Although this is just a deposit of silver, it still essentially belongs to the depositor who deposited the silver.
But even according to the highest standard of 60% reserve, it also means that Chongzhen can mobilize at least 100 million taels of silver, which was simply unimaginable a year ago.
Just a year ago, Chongzhen could not even raise 200,000 taels of salary.
But after careful analysis, Chongzhen understood what was going on?
The reason why Royal Bank's storage business is so popular is not because the Royal Bank of Ming Dynasty is really so attractive, but entirely because the exchange has forcibly tied bond trading to Royal Bank.
If the bond transactions were not tied up, I am afraid that only Kang's millions of related households would occasionally come to take care of the Royal Bank's business. Other gentry merchants would rather hide their money in the cellar to gather dust than deposit it in the Royal Bank.
The reason is also very simple. Chinese people have always been very particular about keeping their wealth secret, especially not letting the emperor's family know. If you deposit your family's wealth into the royal bank account, are you expecting the emperor to confiscate your family and exterminate your family?
However, the forced binding of the exchange changed the logic of this behavior. First, salt merchants, Hui merchants, Zhejiang merchants, Fujian merchants and Guangdong merchants deposited large amounts of money in the Royal Bank in order to get a head start on bond trading.
Foot color silver.
Then the actions of these giant businessmen produced a demonstration effect, inducing wealthy families to follow suit.
Wealthy nobles like the Xu family of the Duke of Wei, the Zhu family of the Baoguo family, and the Kong family of Chengyibo were still a little worried at first, but when they saw those wealthy businessmen frequently depositing millions of taels into the royal bank account, they couldn't sit still.
Yes, because even a blind person can see the benefits of bond trading, and businessmen cannot take advantage of them!
As a result, these wealthy nobles also followed suit.
The enthusiastic participation of wealthy businessmen and nobles,
It also had a demonstration effect on middle-class gentry and merchants with a net worth of tens of thousands taels.
When the middle-level Jin gentry merchants follow suit one after another, and the ordinary Jin gentry merchants with a net worth of several thousand taels develop a herd mentality, these Jin gentry merchants will think in their hearts that even these giant merchants with a net worth of millions of taels, and wealthy families with a net worth of hundreds of thousands taels
We are not afraid of nobles and nobles or wealthy gentry with tens of thousands of taels, so what should we be afraid of?
I don’t believe that the emperor dared to steal everyone’s money!
What's more, the current Holy One doesn't seem to be a person without credibility.
Otherwise, he would not have returned to everyone the tax money recovered from Yangzhou and Nanjing, which totaled more than 10 million, so there is really nothing to worry about.
…
Chongzhen quickly sorted out the logic.
It must be because of the bonds that so many gentry merchants followed.
Financial speculation has always been sought after by the world, and it is no exception in ancient and modern times, both at home and abroad.
Tulips, Ponzi schemes... and the real estate boom of the early days, the list is endless.
But even with these painful lessons, the world is still flocking to financial speculation. For no other reason than the ability of financial speculation to create wealth is so impressive.
People who clearly know the dangers of financial speculation still want to rush into the flames.
What's more, these gentry merchants in the Ming Dynasty who were exposed to financial speculation for the first time? They couldn't bear it.
At that moment, Chongzhen asked Kang Xi again: "Are the bond transactions on the stock exchange very popular? How many times has the bond price increased?"
"Back to my father, bond trading is really hot, it's crazy." Kang Xi said, "The first time trading started, the market was closed for eleven consecutive days. Although the price fell back later, it quickly rose back up, and
The overall trend is upward. The news I just received yesterday is that the first one-year, three-year and five-year bonds have all increased five times. The ten-year bond has increased even more because of the support of Xuzhou Guantian.
It’s a full ten times higher! The second tranche of bonds has also generally risen more than three times.”
This chapter is not over yet, please click on the next page to continue reading! Chongzhen made a rough calculation in his mind. The first tranche of bonds was 20 million, which has generally increased five to ten times. The current total market value is almost 125 million.
The futures bonds are 40 million, which has more than tripled to more than 120 million. The two together are almost exactly the total amount of silver deposited by Royal Bank.
Because Chongzhen did not launch financial products, there was no virtual economy.
So what is the total market value of bonds, which means how much money there is.
If the total market value of bonds wants to continue to expand, more money must come in to fill the hole.
Once there is no more money coming in to fill the hole, it means that the liquidity of the entire financial market has dried up, then this game of passing flowers by drumming will not be able to continue, and then the entire bond market will suddenly collapse.
Of course, the sudden collapse of the bond market does not mean that the money in the market will also disappear.
The 250 million silver that was previously attracted into the bond market will not disappear out of thin air, but will just be transferred from the account of Jin Shen A to the account of Merchant B. This is the essential difference between the physical bond market and the virtual economy. The "
"Assets" will really disappear out of thin air, but the physical trading market will not.
Chongzhen couldn't help but think it was a bit funny. In fact, he even thought of hyping up the negative news about the slaves going south, destroying confidence in the bond market, artificially inducing a bond crisis, causing bond prices to plummet, and taking the opportunity to repurchase high-interest first-period bonds.
But now it seems that there is no need to speculate on the negative effects of Jianu's move south. The entire bond market will collapse in advance because the liquidity is about to be exhausted and there will be no new leeks to come in to take over.
Because according to estimates, the private silver deposited in Jiangnan is less than 300 million taels at most.
Of these 300 million taels of silver deposits, it is impossible for at least 100 million taels to flow into the bond trading market. Some of them will be used for normal commercial and trade activities such as maritime trade, some will be used for industrial operations, some will be used for circulation, and a considerable part will be used.
Will be buried underground forever by the stingy and cowardly rich man.
Therefore, Chongzhen’s previously estimated total market value was only 200 million.
Now there are 250 million, probably because money from Fujian, Jiangxi and even Guangdong and Guangxi has flowed into the exchange, but the amount of this part of the money must be limited, and the maximum is 50 million taels.
This means that the bond market has reached its highest point.
Next, the overall downward trend is the inevitable result.
In this era, a downturn in the bond market will definitely cause a stampede and lead to tragedy!
At that time, I don’t know how many small gentry and small merchants will go bankrupt, and it is estimated that many people will die in the Qinhuai River.
Fortunately, Chongzhen has set up a firewall with a net worth of 500 taels for the bond market, so the common people who are the cornerstone of Shengdou will not be affected. The wealthy gentry and merchants will probably be able to make a profit, and those who will be cut off will never be affected.
They are all petty bourgeoisie or middle class people with a small fortune.
As the ruling class, Chongzhen only needs to win over the top dignitaries and feed the bottom. As for the petty bourgeoisie and the middle class in the middle, it can't care so much. Anyway, even if this small group of people rebels, it will not become a climate. When the economy improves, this
Classes will soon spring up again and again.
The reality is so cruel, and it is no different at all times and in all countries.
So now, Royal Silver must make preparations in advance.
This is because, except for the 60 million taels of the Royal Bank's money from the Ministry of Internal Affairs, the rest are basically the positions held by stockholders on the stock exchange. The actual silver deposited in the Royal Bank may only be a few million taels.
Thinking of this, Chongzhen asked Kang Xi again: "How much is the total amount of money loaned out?"
"Not much." Kang Xi said with some shame, "The total loan amount was less than five million taels of silver."
"That's good." Chongzhen breathed a sigh of relief and added, "Hurry up and ask the Nanjing headquarters and the branch offices in Hangzhou, Suzhou and Xuzhou to prepare enough money. If nothing happens, the run will come soon."
After the avalanche of the bond market, the gentry merchants who made money will definitely withdraw their money.
"A run?" Kang Xi said in shock, "There shouldn't be a run on the money, right? After all, the bond trading on the exchange is so hot now, who would be willing to take the money away?"
Chongzhen said: "The bond market is about to collapse."
"No way?" Even Zhu Cixi didn't believe it at this time and said, "Father, if you go back to Nanjing and take a look, you won't think so. After nearly three months of continuous rise, with the change from the stock exchange
More and more Jin gentry merchants are making money, and the enthusiasm of Jin gentry merchants throughout Jiangnan has been completely aroused."
"Now not only the eight prefectures and states in the south of the Yangtze River, but also the gentry and merchants from Jiangxi, Fujian, Guangdong and even Huguang are coming here with their wealth and actively participating in bond transactions."
After saying this, Zhu Cihong added: "So, the bond market will only become more and more popular."
"Xun'er and Xi'er, you all remember it." Chongzhen's expression became serious, "Any bond market, when everyone in the market can make money, is not far from collapse.
The bond industry is currently in such a turbulent stage, and almost all the gentry and merchants who entered the market have made money from it, but the money in our Ming Dynasty is limited, and it is impossible to always have so much money for everyone to earn."
To put it bluntly, this is the economic principle of liquidity.
Zhu Cixiang was confused after hearing this, but Kang Xi immediately revealed that this little girl's business talent was really outstanding. With such a princess in the Ming Dynasty, she would probably not be short of money in the next few decades.
Kang Xi said: "My daughter-in-law understands, and will prepare money later."
"What do you understand?" Zhu Cixiang looked at his wife in astonishment.
"I'll explain to you later." Kang Xi smiled and said to Chongzhen, "Father, let's leave first."
"Well, you guys can go back." Chongzhen nodded lightly, and then ordered Wang Chengen, "Big companion, immediately send an express delivery to the Ministry of Internal Affairs and prepare to buy back the first tranche of bonds."
"Yes." Wang Chengen.
…
Except for Chongzhen, no one realized that the bond market was in flames and a disaster was about to come. Even Kang Wanwan and the other major shareholders of the exchange did not realize it.
Just when Chongzhen issued the warning, Kang Wanwan and others were taking stock of the year's general ledger at the stock exchange.
There is the largest and most luxurious box on the third floor of the Exchange. It is usually used to entertain distinguished guests like Wei Guogong Xu Hongji. When it comes to taking stock of accounts, it becomes the meeting room of the Exchange.
Kang Baiwan asked the clerk to distribute the accounts to every shareholder attending the meeting.
"This meeting should have been held a long time ago. It just happened to coincide with the second expansion of the stock exchange two years ago. There were too many things, so it was postponed until now. Let's take a look first. This is the profit earned last year."
Fang Wenzhen and a dozen other major shareholders opened the accounts one after another, only to see the total profit written on the first page.
Let me add that Arabic numerals have been officially promoted in the Royal Bank and the Stock Exchange. Big merchants such as Fang Wenzhen have accepted Arabic numerals and horizontal accounting from left to right.
"Profit 18 million?!" a shareholder exclaimed.
Let me tell you, this profit figure is really unexpected.
