Black Corporation: Joseon [EN]: Chapter 1095

1095. Overture to Disaster (2)

The European powers actively began to target overseas markets. However, their challenge was not easy.

* * *

Considering the population and resources, the largest markets were India and Southeast Asia. However, there were already four very strong competitors in these markets: the Hua merchants, the Han merchants, the Han merchants, and the Wa merchants.

The most powerful force among them was the Hua merchants. Their descendants had left their hometowns as far back as the Tang Dynasty (618-907 AD), and mostly during the Song (960-1279 AD) and Yuan (1271-1368 AD) dynasties, settling in India and Southeast Asia. They called themselves Hua people or Hua descendants and had become established vested interests in each country where they settled.

Next were the Han merchants, the imperial merchants. These were merchants who ventured out of the Korean Peninsula following King Sejong’s decision to actively engage in foreign trade. As descendants of those who had actively traded from the Middle East during the Goryeo Dynasty (918-1392 AD), the predecessor to the Empire, and even in the ancient Samhan period (ancient Korean kingdoms), the imperial merchants quickly began to show their presence in the market.

Following closely behind the Hua and Han merchants were the Han and Wa merchants. These were the merchants who began to venture out when the maritime ban was lifted during the reign of Emperor Seondeok. The difference between them and the Hua merchants was that the Hua merchants had completely settled in the countries where they resided and were recognized as citizens of those countries, whereas they considered themselves to be people of the Ming Dynasty (1368-1644 AD).

-Let’s succeed in business and return home in glory.

This was their goal. The Wa merchants were the last to emerge.

This was because the shogunate had collapsed, and a new royal family had become the master of Japan. These four merchant groups were dominating the markets of India and Southeast Asia. Although their languages and religions differed, most of these countries shared the commonality of being within the Chinese character cultural sphere. Thanks to this, the Hua merchants, as well as the other three merchant groups, were able to quickly seize the market.

* * *

European merchants, unable to gain a foothold in the Southeast Asian market, did their best to target the Indian market.

“If we are pushed out of India, it’s over!”

India was more familiar to Europe than Southeast Asia. Trade with India had continued through the Mediterranean since the Middle Ages. Although there was a limitation of intermediary trade by Middle Eastern Islamic merchants in between, it was a trade that had continued for a long history. European merchants did not miss this opportunity.

They joined hands with Middle Eastern merchants, with whom they had been well acquainted since ancient times, and used their connections to target the Indian market. India was not the only place where European and Middle Eastern merchants joined forces. The two merchant groups actively advanced into Central Asia. They took full advantage of the situation where the merchant forces of Ming, the Empire, and Japan were blocked by Mongolia and unable to move properly.

-The Mongols are not ignorant of trade either. They are just being difficult to gain the initiative. The road will open someday. We must preempt this area before that!

This was the goal of European and Middle Eastern merchants. However, Central Asia was not a large market. Although the land was vast, it was difficult to generate large sales because most of the population were nomadic tribes. Therefore, India was becoming an even more precious entity to the merchants of the European powers.

European powers’ merchants, contemplating ways to increase their market share in India, reached similar conclusions.

-The Indian market is largely divided into two.

-The luxury goods market targeting the ‘Rajas’ [Indian kings or princes] and nobles can be considered to have already fallen into the hands of the Empire.

-Of course, our European luxury goods are gradually expanding their presence, but the speed is not satisfactory.

-The market of the common people, whom the Indians call Vaishyas [the third of the four Hindu castes, comprising merchants and farmers], overwhelms the luxury goods market in terms of size alone. However, most Indians in this class are accustomed to self-sufficiency.

-To capture this market, low-margin sales are essential.

-To secure satisfactory profits with low-margin sales, products of adequate quality must be released in large quantities within a short period.

-The problem is that if we use the Suez Railway, it will be difficult to distribute large quantities in a short time.

-No, low-margin sales themselves become difficult. This is due to the Suez Railway usage fees, the Suez Port and Prince Henry Port usage fees, warehouse usage fees, and other costs.

“Then…….”

“In the end, it’s the canal.”

The merchants of the European powers had no choice but to pull out the ‘canal’ card again.

* * *

The leading figures of the great powers, who had received requests from the merchants, wore troubled expressions. In the Ottoman successor decision battle, all the great powers had set ‘canal construction’ as a condition. However, with Selim winning the successor decision battle, France, Portugal, and Italy were able to secure priority for canal construction.

“Wait, let’s recalculate the profits and losses.”

The three countries that had secured priority began to recalculate their profits and losses once again. And the leaders of the three countries, who received the results, did not look good.

-No significant profit can be seen in the short term.

“This is the result of several cross-checks.”

“Explain the reason.”

The explanations given by the officials in charge were as follows:

-First of all, the profits currently being generated from the Suez Railway are considerable.

-Secondly, the funds invested in the successor decision battle were more than expected.

-The cost of building a canal in Suez is several times higher than building a railway.

-This is also the reason why we decided on the railway at the time.

-Considering the costs consumed by the successor decision battle and the expected costs required for canal construction, it will take at least 30 years after completion to turn a profit.

“30 years… Is there no way to bring it forward further?”

“It would be possible if larger ships than those currently in use could pass through. But such ships…….”

“Only the Empire has them. Tch.”

The leaders of France, Portugal, and Italy were only clicking their tongues in disappointment, and ‘canal construction’ disappeared below the surface. However, it was brought back to the surface by the merchants. Eventually, envoys began to travel busily between France, Portugal, and Italy. And after a little time, envoys from the three countries headed to the Ottoman Empire and the Empire.

“Hmm… A canal… I thought you were just talking about it?”

At Selim’s sarcasm, the envoys from the three countries blushed but immediately replied.

“Isn’t a canal a project that requires a lot of money? We were just being cautious.”

“Cautious… Yes, such a great undertaking certainly requires caution. However, a warrior does not draw his sword lightly, but when he does, he must swing it immediately. Otherwise, he will die. What your countries have done is to draw the sword and then think about it.”

At Selim’s criticism, the envoys lowered their heads to hide their expressions. The envoys, who barely managed to compose themselves, looked back at Selim and continued.

“Still, we avoided being further delayed, didn’t we? Isn’t it said that the earliest time is when you think it’s late?”

“I have a lot to say about that topic, but I’ll skip it because that’s not what’s important now. I don’t oppose canal construction. The only problem is the stake.”

“Please send someone to negotiate that issue.”

“Wouldn’t it be simple to divide it into five equal parts and do 2:1:1:1? Of course, I get 2.”

“We need to confirm the Empire’s participation first.”

“The Empire?”

At the envoys’ words, the smile disappeared from Selim’s face. This was because the Empire was involved in the issue that had been making Selim most uncomfortable lately.

“Does the Empire have to be involved?”

At Selim’s complaint, the Italian envoy immediately replied.

-The canal to be built in Suez cannot be considered separately from the railway currently in operation. And the country with the largest stake in the railway is the Empire.

“That’s true, but couldn’t we exclude them from the canal?”

“There are practical problems.”

At Selim’s words, the Italian envoy immediately replied.

-Canal construction requires enormous funds. The burden is too great for the current four countries.

-Successful construction requires excellent civil engineering technology and equipment. The Empire is also at the forefront of this. Some equipment and technology are only available in the Empire.

-Only the Empire has detailed geological information about the Suez region. The Empire is the country that recorded all the relevant information during the last railway construction. Even now, they are constantly updating the relevant information whenever they have the chance.

“……To sum up, it’s like this. If the Empire is involved, we can bet on the success or failure of the construction, but if the Empire is not involved, the bet cannot be established. It’s simply impossible.”

“Tch… I don’t like it.”

Selim clicked his tongue and expressed his dissatisfaction, but he had to acknowledge reality.

“I can’t help it. Reality is reality. I will select someone and send them to the negotiating table.”

“Thank you, Sultan.”

As the envoys, who had finished their business, were about to step down, the prime minister, who had been listening from the side, stopped them.

“By the way, I heard you say that you don’t seem to know whether the Empire will participate yet, but aren’t you too confident that they will?”

At the prime minister’s remark, the Portuguese envoy replied.

“The Empire will definitely participate.”

“Why?”

“Because the Empire has the largest ships in the world. And the people of the Empire are the most impatient.”

“Ah….”

At the Portuguese envoy’s answer, the prime minister nodded. The Empire’s people were famous for their impatient nature. But it wasn’t impatience.

-If it’s something that must be done, they either finish it as quickly as possible and rest, or play as much as possible and finish it all at once. This is the ‘speed’ of the Empire’s people.

“They’re like that, but when you look at the buildings they build or the equipment they make, they’re incredibly sturdy, so it’s hard to figure them out.”

This was one of the famous topics related to the Empire’s people.

* * *

Meanwhile, in the Empire, there was a lot of discussion about this issue.

“They say, ‘We are asking whether you will participate,’ but shouldn’t we see the underlying meaning as, ‘Please participate’?”

At the prime minister’s words, the deputy prime ministers and ministers gathered in the conference room all nodded.

“Let’s decide to participate since it’s not bad for us to have a canal built.”

“It’s not something that can be easily concluded like that.”

The Minister of Economy and Finance objected to the Prime Minister’s words.

“Why?”

The Minister of Land Development stepped in instead of the Prime Minister’s question.

“Canals are different from railways. Since ancient times, countries have been betting their national fortunes on building such great canals. It’s not an easy task.”

As the Minister of Land Development finished speaking, the Minister of Economy and Finance added.

“The current Sultan of the Ottoman Empire is someone who has just ascended to the throne. He’s probably full of confidence. There will definitely be problems with the stake structure.”

As soon as the Ministry of Economy and Finance’s staff saw the proposal brought by the envoys, they began to calculate it.

-Europe and the Ottoman Empire will definitely try to make it a success.

-But a lot of money is needed.

-It is certain that they will demand funds and technology from our Empire.

-Funds are visible, so it’s easy to calculate, but the problem is technology. There will be a debate over how much to value the technology.

(Omitted)

-The Empire should not be responsible for more than 35% of the total required funds. Conversely, it must secure at least 35% of the stake.

This was the calculation presented by the Ministry of Economy and Finance’s staff.