An economist once said that clearly defined property rights are the prerequisite for market transactions.
This is the purpose of establishing the board of directors.
Zhang Yue said to several shareholders: "Mencius once said, 'Those who have permanent property have perseverance, and those who do not have perseverance have no perseverance. If you don't have perseverance, you will do anything to ward off evil and extravagance.' I set up a stock dividend exchange for this purpose. It’s here.”
"Actually, Mencius said that nature is good, and Xunzi said that nature is evil. I think there are only a few people who are both good and evil. All living beings in the world can be judged as good or evil. The difference is only a small difference, but there is a world of difference between wisdom and stupidity."
"Therefore, it is my original intention to establish a good system so that fools cannot be deceived and wise men cannot do evil."
Zhang Yue's words also hit everyone here. Shen's uncle, nephew, and Cai Jing all took Zhang Yue's words personally and personally.
Zhang Yue paused and said: "As for the intention of the board of directors, Wei Zheng's Ten Essays on Taizong said that although Dong punished him severely, he used power and anger. Qu Yuan crossed the river and said, "I will take Dong Dao without hesitation." He will fall into a coma for the rest of his life."
"The director is a supervisor, a manager, and an upright person. The meaning of the director is the meaning of all matters big and small in the director's office."
Shen Chen asked: "Dare I ask Bachelor, what does this board of directors do on a daily basis?"
Zhang Yue said: "Everything is in charge. The government's ideas must be approved by the board of directors. The chairman has the right to veto in the board of directors!"
"The chief treasurer and second treasurer of the Exchange must be appointed by the board of directors before they can take office. At the same time, the chief treasurer must be a member of the board of directors."
After hearing this, everyone felt that it was so. In this way, apart from the appointment of the chairman of the board, the Salt and Iron Company usually did not care about the affairs of the Exchange.
Cai Jing asked: "Can the chairman also serve as the shopkeeper?"
Zhang Yue said: "This is not allowed, but you can follow the authority."
Everyone speculated for a while, and then Shen said: "What Zhang Xueshi means, the chairman is elected by the directors, and the general manager is appointed by the board of directors, but the chairman can veto the selection of the general manager."
Zhang Yue said: "That's right. The short term for the position of the three divisions can be a few months, and the long term can only be two or three years. I will not always serve as the salt and iron magistrate. This board of directors is also preparing for rainy days. Do you have any objections?"
Everyone said in unison: "I understand."
Then Zhang Yue announced the standards for directors. Those who hold more than 5,000 shares can attend the board of directors. Cai Jing recorded these one by one.
So the first board meeting of the Exchange was held like this.
Zhang Yue is the one who founded the Exchange. Even if there is a board of directors, he still has the final say.
A board of directors suddenly emerged, so how will the profits of power be distributed below? Everyone sat down immediately and listened carefully to Zhang Yue's speech. Seeing everyone so serious, it was like sitting in a queue to eat fruit, which made Zhang Yue experience the joy of power.
Zhang Yue continued: "The directors are elected by the shareholders. After Shen Jiaxian's uncle and nephew joined the company, a preliminary count of the total salt banknotes quoted today is more than 265,000 seats, and there are 586,000 coins."
As soon as everyone heard about it, they knew that after the Shen family's uncle and nephew joined the stock, the exchange's book capital more than doubled in one fell swoop.
This salt banknote is of course very valuable, but it is very difficult to realize it. It is like a stock. The market value is fictitious, and cash is the basis of everything.
Based on the current daily transaction volume of 3,000 to 5,000 salt notes on the Exchange, if the Exchange sells all the salt banknotes, no one knows to what extent the price of the banknotes will plummet.
Xue Xiang gave Zhang Yue 100,000 salt banknotes to buy shares. When the banknote price was 20 guan, Zhang Yue only used 5 guans and one salt banknote to exchange for his shares. Xue Xiang had no objection.
This is just a preliminary statistics, because there were no accounting firms in this era, and Zhang Yue did not have professional financial personnel around him, so he calculated such an account hastily. The details can only be resolved after the board of directors.
Again, clearly defined property rights are the prerequisite for market transactions.
Zhang Yue asked Shen Chen, and Shen Yan's uncle and nephew said: "Since the Shen family has joined our Jiao Yin Office, the previous Jiao Yin Shop in Jieshen will be closed down. What do the good uncle and nephew think?"
Shen Yan said: "Even if the bachelor didn't say it, we father and son have this plan."
Seeing Shen Yan being so decisive, Cai Jing couldn't help but look at him. If he had hesitated just a moment, it would have affected his evaluation in Zhang Yue's heart.
It is true that those who understand current affairs are heroes!
Zhang Yue nodded and said: "Very good, then today the board of directors will first elect the chairman. The chairman will be elected among the directors. You can nominate each other! As for the Salt and Iron Company, it does not nominate, but it has the right to veto the chairman recommended by the board of directors. !”
After everyone pushed for a while, Zhang Yue said to Cai Jing: "The Yuan chief here is the youngest, you nominate first!"
Cai Jing composed himself and said: "I recommend Mr. Shen first! He is mature and prudent, and he has been in business for many years..."
…
Then everyone discussed for a while and elected Shen Chen as chairman.
After Shen Chen took office, he clasped his fists in all directions. Then Zhang Yue stood up and gave up his position and said, "Sir, please sit here!"
Shen Chen kept saying that he didn't dare, but Zhang Yue invited him again and again, and Shen Chen took the seat of honor. After that, Shen Chen reciprocated by recommending Cai Jing as the second shopkeeper, and Luo Supervisor immediately decided on the priority as the chief shopkeeper.
Zhang Yue continued: "There are two urgent matters. One is to increase capital. I plan to raise another 20,000 shares at 50 yuan per share, which means another one million yuan."
Everyone was shocked when they heard Zhang Yue's words. What did Zhang Yue want so much money for?
At the same time, some people thought that when Sansi bought a stake in the Salt and Iron Company, it was 230,000 yuan, or 25,000 shares, which was almost less than 10 yuan per share.
When I arrived at the Shen family, it was almost fifteen or six per share.
Now the 20,000 shares are worth fifty cents each, which means...the prices of the shares in their hands have increased, but the dividends have also been reduced.
Everyone was wondering.
"One more thing is to split the exchange into three!"
"The first one is the Exchange, which is only responsible for the daily trading of the Exchange. In the future, it will also be responsible for the trading of tea."
"The first is the money bank, which is in charge of the salt banknotes and money in the exchange, and stabilizes the price of salt banknotes. The gold and silver that will be collected in the future will also be cast and smelted together."
After hearing this, everyone understood that Zhang Yue's move was equivalent to dividing the original business of the Exchange into two. The Exchange was responsible for salt trading and later expanded to tea.
At the same time, the money bank uses money and salt banknotes to control the price of banknotes and make profits.
"Three are the solutions to the problem!"
Unblock the database?
When everyone heard this, they were stunned at first, then felt ecstatic in their hearts, and then thought it was impossible.
The first two are all. As for unwinding the warehouse, there was a saying at the time: "Unleashing the warehouse, the trough house, the oil grinding mill, the brocade box, the pearl debate, the rice surplus warehouse".
It's the business of unpacking libraries.
In fact, Jie Ku is also called Qi Ku. Historically, when Wang Anshi implemented the Market Change Law, he inspected and issued loans, the Market Yi credit loan, the Pawn Office and the Qi Ku. They were the officially operated ‘Jie Ku’ and ‘Qi Ku’.
For example, temples are also engaged in lending business and are called "eternal life treasury".
However, before Wang Anshi's reform, Zhang Yue proposed the concept of removing government treasuries from government camps, which was unprecedented.
Cai Jing asked: "Bachelor, as the saying goes, 'the rich and the poor complement each other, and the officials do not care', this reference has already attracted criticism from all the public, not to mention this solution to the treasury?"
Supervisor Luo said: "Yes, the imperial court does not allow officials to lend money and make profits. How can Jieku dare to be the first to violate the imperial decree?"
Zhang Yue said: "You two are right, I agree, but the most important thing about loans is the word interest. What is interest? It means that money can make money. For example, in the speculation of salt banknotes, money-madness, interest
, it is obtained without doing productive labor. Isn’t it a pity that the court does not take care of this matter?”
"Private lending is four points. For example, if you borrow one hundred guan, the interest in one year will be 40 guan. If the interest is compounded, the interest will be doubled in two years."
"When I was studying, I met a couple who borrowed money from a dignitary and then lent it out. They got 20%, and the dignitary got 20%. Later, the creditor ran away. The two sold the house and gave the money to the dignitary!"
Having said this, Zhang Yue paused and said, "But the solution I mentioned does not need to be done openly."
"First of all, it's a loan. Whether it's salt or tea, if someone doesn't want to sell it and wants to mortgage it, we can lend it to him at five percent interest."
"There are also gold, silver, money, and silk. Businessmen who have difficulty traveling far can exchange the same amount for salt banknotes here. As for the next step, we will set up branch exchanges on all roads in the world to deposit gold and silver.
Exchange the salt banknotes in the hands of merchants and receive five percent interest from them!"
After listening to this, everyone felt that they could no longer follow Zhang Yue's ideas.
To put it bluntly, this solution library and quality library is the method of Jiaozi.
Because Sichuan and Sichuan use iron money, iron money is heavy. A thousand large coins weigh twenty-five kilograms. In the past, merchants going to Sichuan and Shu to buy a piece of silk would have spent ninety to hundreds of kilograms of iron money.
You can imagine the scene of carrying tens of thousands of kilograms of money to buy cloth along the way in Sichuan and Shu, where the road to Sichuan is difficult and difficult to reach the sky.
So Jiaozi was first born in Sichuan.
The depositor gives the money to Jiaozi Pu, and the shop owner gives the depositor a piece of paper with the amount written on it, so this piece of paper is Jiaozi.
Then these private shops gathered together and grew bigger and bigger, and set up branches of Jiaozi Shop in various places to facilitate the exchange of Jiaozi.
Jiaozi was also called Qianyin at first. Jiaozi came first, and then various salt and tea Jiaoyin came into existence. Therefore, Jiaozi is said to be Jiaoyin’s father.
However, both Jiaozi and Yanqian came to an end because the merchants in Jiaozipu realized that printing more Jiaozi did not affect daily payment, so some merchants printed large amounts of Jiaozi to cash out.
During this period, the famous official Zhang Yong governed Shu and became Jiaoziwu. He limited sixteen wealthy households to be qualified to issue Jiaozi merchants and became Jiaozi merchants. Jiaozi merchants used a capital of 360,000 guan as a reserve fund and issued official Jiaozi merchants.
1.26 million yuan, with a reserve ratio of 28%.
However, after Zhang Yong's rectification, Jiaozi was only slightly better for a while. Later, Jiaozi was unable to control its printing practices, resulting in a large depreciation of Jiaozi's value. Now it is only available in Sichuan and Sichuan.
And then the merchants turned to using salt as a reserve, which was a relatively more reliable salt banknote!
Everyone took a breath of cold air when they heard Zhang Yue's plan. This plan was too grand!
Cai Jing asked: "Jiaozi only charges three percent interest. Is five percent too high?"
Zhang Yue smiled disapprovingly and said: "How can Jiaozi's reputation be compared to salt banknotes?"
Shen Chen wiped his sweat and said: "If we open branch exchanges all over the world, I'm afraid one million yuan won't be enough!"
Zhang Yue said: "It doesn't matter if one million yuan is not enough. First, we must open a branch office in Luoyang Prefecture in Xijing, Yingtian Prefecture in Nanjing, Daming Prefecture in Beijing, and most importantly, we must open a branch on Shaanxi Road!"
