In the 29th year of Tianfa, due to the mismanagement of Songjiang Prefecture, a civil uprising was triggered, and a large number of textile workers revolted again. This incident later led to the death of Li Xuanye, the crown prince of Shun Dynasty, which had a great impact at the time.
Because Susong Province, especially Songjiang Prefecture, can be said to be the cotton textile industry center of Dashun. After a large number of textile workers revolted, they destroyed an amazing number of textile machines, cutting off the supply of cotton cloth in the lower reaches of the Yangtze River, and cotton prices suddenly rose. Three or four times as much.
As a result, the cotton factories in Suizhou, Xiangyang, and Wuchang, as well as the booming cotton plantations in Northern Xinjiang, were all involved in the crazy speculation boom in the cotton industry. As expected, the Weavers' Rebellion in Songjiang Prefecture was After the peace, the price of cotton fell, and all the merchants involved in the cotton trade and the planters in the Western Regions were in dire straits.
What's more, all the banknotes endorsed by the imperial court, and even the banknotes directly operated by the government, also collectively participated in exchange speculation. Those commercial banks that absorbed a large amount of cotton needed both abundant cash and money order transactions, which made The daily transaction volume of the money order market in Jinling alone has reached one million silver dollars.
Therefore, the market interest rate is hovering between 20 cents and 30 cents. The terrifying profits have attracted countless gentry and businessmen to invest in it.
Many large businessmen who originally ran shops, farms, workshops, and maritime trade sold their assets, invested in cotton speculation, and transformed into ticket operators.
By the time the Weavers' Rebellion was put down, both cotton industry and exchange speculation collapsed at the same time. The most serious thing was Kaifeng, the financial center of Shun Dynasty and even Asia at that time. A large number of banknotes collectively closed down, and the state-run banknotes run by the household government also suffered losses of nearly 10%. As much as 20 million silver dollars, all the ministers of the household government at that time, two ministers, four chief ministers, and an admonishment official were all killed.
At the same time, the first financial wave in the history of the Shun Dynasty occurred in Jinling and Suzhou. Many old trading houses closed down. In terms of banks, half of them closed due to debt. To make matters worse, due to the success of the reclamation and immigration activities in the Guandong and Western Regions, There is also great news about the discovery of Jinshan in Qingqiu Prefecture. After being hit hard, most of the Jiangnan capital began to move outside the customs and overseas. The Jiangnan area was originally booming and the extremely prosperous industry and commerce suffered an unprecedented depression. The big gentry and merchants repeatedly Bankruptcy, even ordinary citizens suffered huge losses due to their participation in cotton investments.
After this battle, both Jiangnan merchants and the Dashun court decided to avoid similar speculative businesses. They neither participated in nor encouraged such activities through policy.
In order to rectify the excessive financial speculation business, the imperial court finally made up its mind and introduced a series of regulatory policies. The household government also took the lead in selecting treasurers from large bank accounts to organize the Banking Regulatory Bureau in Jinling, Suzhou, Guangzhou, and Tianjin. , offices in Dunhuang and other places to control the excessive development of exchange speculation.
Under the influence of this major crisis, ticket office operators in various places have greatly increased their emphasis on Di Bao and various commercial information newspapers developed from Di Bao.
Shopkeepers have begun to learn to integrate information from newspapers and to predict market risks, and a brand new information market is taking shape.
The next year, the imperial court opened restrictions on private shipping on the Bohai Sea and gave up the Maritime Investment Promotion Bureau's monopoly on trade and transportation in the Kanto region.
This is mainly because the Northeastern region, especially Liaoning Province, has fully recovered its population size and economic production decades after its recovery, and has achieved prosperity and development that far exceeds that of the Wanli period.
The Maritime Investment Promotion Bureau, which had a certain state-owned nature, was no longer able to completely capture the maritime transportation business in the Bohai Sea, Yellow Sea and East China Sea. The imperial court began to fully open the Beiyang Route to allow merchant ships to trade. The northern end of the Beiyang Route was extended from Tianjin to
Yingkou is connected with the Liaohe River. In this way, the goods transported by sand ships to Shanghai every year include "Kuandong beans and wheat, no less than five million dan". And the goods transported from Shanghai to Liaodong, Beijing and Tianjin are mainly Songjiang cotton, mixed with silk, tea and sugar.
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At this time, Shanghai gradually developed from an unknown small county to the hub of the north-south shipping industry. This was mainly due to the prosperity of Songjiang Bu City. As the sea port of Songjiang Prefecture, Shanghai gained convenient conditions for urban development.
The sand ship industry in the south of the Yangtze River gradually reached its peak. There were always 3,600 ships in Shanghai. The cost of building each ship was 10,000 taels, and the fixed capital invested by the shipbuilders was astronomical.
Because of this, after the ship is put into operation, it will inevitably be short of funds, so the required working capital is generally financed by banks. The general operating practice is as follows: before going to sea, the sand ship borrows a large amount of money from the bank and prepares it in Shanghai.
Goods (such as cotton cloth, silk tea, etc.) are sent to the North and South for sale. The sand ships going to the north transport soybeans and cooking oil, and the sand ships going to Fujian and Guangdong transport back timber. This is an unsecured credit loan. If the sand ships are safe,
After returning, both the boat owner and the bank will make huge profits; if the boat capsizes in a storm, the bank will lose all its money and may go bankrupt.
By the 1930s of the Tianfa Dynasty, there were more than 120 banks in Shanghai, most of which were closely related to the shipping industry. This more or less formed the character of Shanghai's financial industry later, which was to use credit loans as the basis for
Means, bold risks, and speculation are the main ones.
In the financial industry of Dashun, in addition to people from Jinling, Suzhou, Songjiang and later Shanghai who were very active, people from Guangdong and Fujian also entered the industry one after another.
The Fujianese were the absolute overlords in the Western Pacific and the South China Sea at this time. Not only did their power completely overwhelm the Dutch, but they were also able to compete for hegemony in the Indian Ocean with the merchants of the Demier Empire who were in charge of maritime trade routes.
Cantonese people mainly rely on immigration activities. A large number of bank practitioners went to Southeast Asia. For example, a series of emerging banks in Luzon, more than two-thirds of the bank accounts were founded by Cantonese people. After the discovery of gold mountains in Qingqiu Prefecture, most gold diggers were also
Cantonese.
After the Dashun court experienced a series of internal and external crises in the Tianfa Dynasty in the early 1930s, although externally it completely eliminated the Junggar tribe, ended the protracted Japanese war, internally put down the Weavers' Rebellion, and basically completed the reform of the imperial examination system
and reform of the education system.
However, the Shun Dynasty was caught in a battle for hegemony with the Dumier Empire, which was far more powerful than the Junggar tribe, in the Nanyang region and the Hezhong region of Central Asia. The financial pressure on the court was increasing day by day. Even though the Shun Dynasty's annual income had already reached
As much as 200 million silver dollars, it is difficult to support such a huge expenditure.
As early as ten years ago, the imperial court forcibly issued "official banknotes" and "treasure banknotes" that were not redeemable. However, due to a lack of reserves, they depreciated on a large scale as soon as they were launched, and prices rose rapidly. Not long after, the banknotes were
It became waste paper, and the government had to abolish it. The first paper currency reform in the Tianfa period completely failed.
This farce ten years ago is still fresh in our minds, so no matter how short of money it is, no one in the court dares to issue banknotes again. Therefore, the only way to solve the urgent problem is to seek loans from private banks.