Black Corporation: Joseon [EN]: Chapter 1175

1175. Aftermath (3)

Despite the Minister of Finance’s strong advocacy, Louis XII remained hesitant.

“Wouldn’t it be better to borrow from Italy? If we borrow money from heathens and atheists, the people will strongly object.”

The Minister of Finance immediately countered Louis XII’s statement.

“Turning to Italy is far more dangerous. They are notorious for their exorbitant interest rates. The Empire is a better option—absolutely not Italy. If we borrow from Italy, our finances will be drained paying off the interest.”

“Hmph… Still, the Empire… The people…”

As Louis XII hesitated, still voicing his concern for the people, the Minister of Finance pressed him further.

“The people will not object to the Empire. There’s even a saying that ‘You can trust the Empire’s dung.'”

“Ugh…”

Louis XII could only groan at the Minister of Finance’s words.

For ordinary people, those outside the realm of politics, the Empire was a ‘symbol of trust.’

The Plum Blossom (藥花) emblem [a stylized flower design, often associated with traditional medicine] stamped on products made and sold by the Empire was a guarantee of quality.

This was because it was nearly impossible to perfectly replicate the intricacy of that emblem.

-If a counterfeit properly replicates the emblem, it’s worth buying. It would prove that they possess that level of skill.

Such rumors circulated.

Thanks to this, foreigners generally evaluated Imperial products this way:

-A product that is exactly worth the money.

-There are no cheap and good products, but neither are there expensive and terrible products.

Because the Empire occupied such a unique position, Ming [referring to Ming Dynasty China], Japan, and European products fiercely competed for different market segments.

-Reasonable quality at a very low price.

-Quality is unsatisfactory, but the price is satisfactory.

-Extremely expensive, but the quality and beauty are worth the price.

If the Empire was a ‘symbol of trust’ to the people, it was a ‘symbol of overwhelming power’ to politicians and soldiers.

* * *

As Louis XII continued to deliberate, the Minister of Finance spoke again.

“And with all due respect… the Empire is the victor. And we have officially acknowledged that we are the losers. We can leverage this point.”

“Leverage it?”

As Louis XII showed interest, the Minister of Finance emphasized his point.

“We can request the ‘largesse of the victor’ [generous concessions or aid granted by the winning party]. Trading with Italy, on the other hand, would be an inherently unfair deal.”

“Isn’t begging the Empire for the largesse of the victor also an unfair trade?”

“It is an unfair trade, but it will be a favorable one for us.”

“Is that possible?”

At Louis XII’s concern, the Minister of Finance stepped forward.

“I will personally visit the Empire and negotiate. I will take the blame even if I am met with hostility.”

“But they will know about the Great Purge of Paris that we carried out after signing the surrender document, so wouldn’t negotiation be difficult?”

“The person who issued that order is now a figure of the past. It is not something Your Majesty did, so a successful negotiation is entirely possible.”

The Minister of Finance’s words were a ‘ruthless and cowardly act of blame-shifting.’ But no one dared to point this out and rebuke him.

Because it was simply one of the realities of politics.

As the Minister of Finance volunteered, Louis XII’s mind began to change.

“Certainly, the Italian bastards are stingy. Starting with the Medici…..”

Starting with the famous Medici family, most of the financiers who dominated Europe and the Mediterranean from the late 1400s were based in Italy.

And most of the European kings and noble families had experienced bankruptcy or teetered on the verge of it because of the debts they owed to them.

“I have no choice. Go to Seoul as soon as possible.”

“I obey your command.”

While Europe and the Middle East were suffering from such aftershocks, the Empire was not entirely at peace either.

For the first time in the Empire’s history, financial fraud had occurred.

The origin of this scam was, of course, the Suez Canal.

* * *

“Considering the current war expenses, we lack the funds to invest in the second public offering. And considering the movements of Ming and Japan, we need to consider other measures as well.”

“That is correct. Therefore, we are planning to encourage more active investment from the private sector.”

To smoothly secure shares in the Suez Canal, the Empire significantly increased the limit of private participation in the second public offering.

As the news was announced, capitalists from all over the Empire who had money flocked in with their wallets. Ordinary people who heard rumors that influential figures in their neighborhoods were visiting the investment fund to invest in the canal couldn’t hide their envy.

“I’m jealous~. When will we ever dress like that and live so leisurely?”

“Where would our lives go, living day by day?”

While words of envy and self-deprecation were exchanged, someone suggested a different approach.

A residential area on the outskirts of Seoul.

Two friends who had returned after finishing their day’s work were talking while looking at the ‘Canal Investment Notice’ posted on the wall.

“Shall we invest in the canal too?”

“Hey! Do you even know how much the minimum amount is? And even if you invest the minimum, it won’t even make a dent! If a crow-tit tries to follow a stork, its legs will be torn! [an idiom meaning attempting something beyond one’s capabilities will lead to ruin]”

“But if we can invest, it’s better than the interest we get from the Imperial War Bonds, right?”

“So, even if you sell all your assets, can you even meet the minimum amount! No, even if it’s possible with all your assets, the Imperial law clearly states not to do that!”

“I know that too. But listen. Think about it this way. It’s impossible for me alone, but what if you and I combine our money? No, what if we gather money from our comrades? Don’t you know ‘Sipsiilban (十匙一飯)’ [an idiom meaning ‘ten spoons make one meal,’ emphasizing the power of collective effort]? Sipsiilban! It’s quick to make a bowl even if one person only takes a spoonful!”

“Huh? Wait…..”

Gap-dol, who had only been negative until then, suddenly became serious at his friend Il-nam’s words and fell silent.

“Let’s see…..”

Gap-dol began to count with his fingers.

“The money I put in the war bonds….. Everyone’s living is about the same…..”

After counting with his fingers for a while, Gap-dol turned to Il-nam.

“It might work?”

“Right?”

“But I’m still uneasy.”

“Hey! You have to seize an opportunity when it comes! If you only look at it, someone else will take it!”

“That’s true, but safety comes first. What do you and I know about investing?”

“So, are we going to quit?”

“No, I’m saying let’s go find someone who knows well.”

“Someone who knows well? Who?”

Gap-dol pointed to one side with his hand.

“Isn’t that person living over there recently retired from working at the investment fund?”

“Ah! Master Song?”

“That’s right! Let’s ask him!”

“Good!”

The next morning, the two men visited Master Song’s house.

“Good morning, Master?”

“Welcome. So, what brings you here?”

“We came to ask you something.”

Then, Gap-dol and Il-nam told Master Song the story they had shared yesterday.

As the two men’s story grew longer, Master Song’s face became more and more serious, and his posture straightened.

“…So, we came to ask if our idea is okay, if it will work.”

“Wait a minute. No, come inside.”

Master Song, rising from the wooden floor, led the two men to his study.

“Let’s see…..”

Master Song, still receiving bundles of jobo [traditional Korean currency], rummaged through the legal codes and old documents placed on one side, and pulled out a few pieces of paper. He returned to his seat and asked the two men.

“First, tell me how much you have invested in the war bonds.”

“Yes…”

Through the following Q&A, Master Song grasped their approximate financial situation, stroked his chin, pondered deeply, and then asked again.

“Your comrades must all have similar assets, right?”

“Well, there may be slight differences, but they’re all about the same.”

“Hmm…..”

After organizing his thoughts for a while, Master Song shared his opinion.

“If a few conditions are met, I believe there is potential.”

At Master Song’s words, the two men leaned closer and asked.

“What conditions are they?”

“First of all, at least 30 people must gather, all with similar livelihoods to you. That way, they won’t fight over who gets more or less.”

As soon as Master Song finished speaking, the two men muttered while counting their fingers.

“Du-sik, Chun-sik, Chu-sik, Uncle Bong-sam, Uncle Gil-taek…..”

The two, who had been counting their fingers for a while, nodded.

“I think it will work.”

“Then next…. We need someone to manage the money collected like this. Is there someone trustworthy?”

At Master Song’s question, the two men answered simultaneously.

“There’s no one but you, Master!”

“Me?”

“Yes. We will starve our families if we don’t work even for a day. And we don’t know how to manage money at all, so there’s no one but you, Master.”

“And, even if all the friends are close, it’s easy to get into a fight because it’s about money. But, Master, you worked and retired from the vault, didn’t you? You are respected by the whole village, so there is no one but you, Master.”

At the two men’s words, Master Song smiled and asked a question mixed with humor and sincerity.

“Then how much will you pay me for my wages?”

“Yes? Wages?”

“Of course, if you hire someone to work, you have to pay wages, right? This is what Emperor Won-Sejong also told us to remember.”

“Ah, that, that’s…..”

“We haven’t thought about that yet…..”

Seeing the two men’s troubled faces, unable to speak properly, Master Song pointed outside and said.

“Get moving right now. Gather at least 30 people with similar assets to you within a week.”

“Within a week?”

“The investment in the canal will close in two weeks. You have to gather people within a week and discuss various issues, starting with my wages, and come to a conclusion. It also takes time to inform the country and obtain investor qualifications.”

As soon as Master Song finished speaking, the two men jumped up from their seats.

“We’ll get moving right away!”

“Thank you!”

As the two men left in a hurry, Master Song spread out a blank piece of paper on his desk and began to sharpen a pen in the pen holder.

Master Song, who had sharpened the pen sharply as if a warrior was examining his sword, picked up the sharpened pen and began to fill the blank paper with letters.

“I was going to live idly as an old man in the back room, but an unexpected opportunity has come. Since they trust me and came to me, I must not disappoint them.”

Exactly five days later, exactly 60 men and women visited Master Song’s house.

Even the wives who heard the story participated in the meeting.

“How did you collect the property!”

With 60 men and women filling the room, Master Song hung a괘도 [a type of Korean painting or diagram] on one wall and bowed politely.

“Oh my! How can you bow to us…..”

The surprised men and women quickly returned the bow, and Master Song smiled and replied.

“How can I not take an example when you are trying to move forward by trusting this old man? Now, I will explain the plan I have been devising.”

The PPT [PowerPoint presentation], which started with 향 [incense offering] and is now fully established, began in Master Song’s room.

“…That’s all. If you have any questions, please ask.”

As soon as he finished speaking, hands were raised here and there.

Two days later, the 60 people who had gathered again in Master Song’s study accepted Master Song’s proposal, and the next day, Master Song and the 60 people visited the investment fund and applied for an investment account.

“Uh….. So, the name of the account is Ahyeon Investment Group (阿脫投資契)? Is that correct?”

At the question of the counter staff, 60 people answered simultaneously.

“That’s right!”

Following the answer, Master Song handed over a thick document.

“A list of 61 people participating in the group.”

Two days later, the group members visited the vault again, where they received an account record book and a qualification certificate in the name of the investment group.

It was the moment when the Empire’s first private equity fund was born.