Black Corporation: Joseon [EN]: Chapter 1101

1101. Overture to Disaster (8)

The statement sent by the Empire was, from the perspective of the European powers, a ‘statement befitting the Empire.’ However, several points within the statement troubled the European powers.

First, the canal’s proposed width and depth were problematic. Compared to the initial design proposed by France, Portugal, and Italy, the width had doubled, and the depth had increased by 2 fathoms (approximately 3.6 meters or 12 feet).

“And to build such a canal with two lines? Or at least one line with five times the width? Is this even reasonable!”

Upon seeing the specifications in the Empire’s statement, the leaders of the great powers summoned their countries’ leading architectural experts to inquire about its feasibility. The experts, after reviewing the Empire’s proposal, answered with serious expressions.

“If it weren’t for the Empire’s proposal, I would have dismissed it as insane from the start.”

“Is it impossible without the Empire’s involvement?”

“Frankly speaking, this is reminiscent of the Tower of Babel. The biblical Tower of Babel aimed upwards, but this one is unique in that it extends horizontally.”

“If we were to build it independently, without the Empire’s assistance?”

“I wouldn’t take on that commission if I were in your position.”

The architects’ answers were largely consistent:

-This proposal is impossible without the Empire’s technological prowess.

-It’s not an easy task even for the Empire. However, the Empire possesses the ability to manage such difficulties.

Having heard the architects’ answers, the leaders of the great powers posed another question.

“Then, if we proceed with the specifications proposed jointly by France, Portugal, and Italy?”

“Then it would be possible without the Empire, even if it’s quite challenging. But…”

“But?”

“I’m not a shipbuilding expert, but I know that the size of merchant ships crossing the seas is gradually increasing. If we proceed with these specifications, we’ll likely have to undertake expansion work in less than 10 years.”

“I see… Thank you.”

The leaders of the European powers, having dismissed the architects, once again fell into contemplation.

“Yes… Considering the future, I recognize that the Empire’s proposal is the most rational. But the problem is the cost.”

* * *

The ‘minimum’ construction cost estimated by the Empire easily exceeded three times the ‘maximum’ construction cost estimated by France, Italy, and Portugal. However, the following clause troubled the great powers even more.

-The Ottoman Empire is recognized for providing the land, granting them a 15% stake.

-The remaining 85% will be divided according to the amount paid by the countries participating in the construction.

-Profits will be distributed according to the respective stakes.

-The setting of canal tolls and the expenditure of maintenance costs will be decided by an operating committee composed of the top 5 countries in terms of expenditure.

-Countries participating in the operating committee will have voting rights in proportion to their investment ratio.

(Omitted)

“Are they implying that the Eastern Three [Empire, Ming, and Japan] will dominate everything?”

“If we don’t like it, we have to pay more money?”

If the project proceeded according to the Empire’s proposal, it was almost certain that at least two of the five countries on the operating committee would be the Empire and Ming. In a less favorable scenario, Japan would also secure a seat. While Japan was weaker than the Empire and Ming, it was by no means a poor country.

In particular, unlike Europe, where conflict was a daily occurrence, the stable political situation of the Northeast Asian Three gave them the advantage of not overspending on military expenses. Therefore, if Japan was determined, they would likely try to occupy one of the five seats, even if it meant overextending themselves.

If Japan were to take a seat, the operation of the Suez Canal would undoubtedly be controlled by the Eastern Three.

“The Empire has openly declared their intentions.”

-Now, let’s begin the game.

-It’s a game you initiated, and it’s an unavoidable one.

-The winner stands to reap huge benefits.

-Do you have sufficient stake money?

“No, there won’t be any losers. There will only be profits, substantial profits, and enormously large profits.”

While the leaders of the European powers were lamenting the Empire’s raised stakes (판이 커지다: pan-i keojida), officials heard strange rumors and immediately reported them to their monarchs.

“The internal atmosphere of the Empire is unusual? What does that mean?”

“It’s news brought by sailors traveling to and from the Empire’s mainland. They say that the Empire’s people are submitting appeals to the Emperor every day.”

“Appeals? Hmm… I see. It must be appeals against participating in the Suez Canal construction?”

The Suez Canal construction budget was an amount that would make anyone exclaim in shock. It was certain that it wouldn’t be easy even for the Empire, and the easiest way to secure the necessary funds would be through tax increases. If so, it was obvious that the Empire’s people would resist.

“No, it isn’t.”

“Isn’t it?”

“They’re clamoring to buy the canal shares.”

“Huh?”

* * *

The origin of the incident was the jobo (조보: jobo, daily report) issued by the Empire. The jobo, which recorded the events taking place in the Empire’s court, was sold for a fee throughout the country. Of course, any highly confidential matters were removed from the jobo. Nevertheless, the jobo was always in short supply.

For those skilled in jaetejeu (재테크: jaetejeu, financial management), examining this jobo was the most important daily routine. Among the wealthy who saw the contents related to the ‘Suez Canal’ in the jobo, some had their eyes light up.

“This is an opportunity! If I play my cards right, it’s the greatest opportunity to live without worry for generations!”

Those who thought they had seized the opportunity immediately called their families, especially their wives, and entered into discussions.

“…So, I want to write a petition to His Majesty the Emperor to allow us to buy shares.”

“Indeed, will this canal be profitable? Your judgment has never been wrong so far, but I’m a little worried this time.”

“The time has come when it’s difficult to make a lot of money by simply producing goods and trading them within the Empire. We have to take them abroad and sell them. If the canal is opened (뚫리면: tturilmeon, be pierced, be opened), the cost of loading and unloading at Suez will be reduced, so merchants will use the canal extensively. In that case, a huge amount of wealth will flow in from the ship fares (뱃삯: baetssak) of ships passing through the canal. Think about it. How many ships travel back and forth between the Empire, Ming, Japan, and Europe?”

The wife retorted (반박했다: banbakhaetta) her husband’s words.

“There is already a railroad in Suez, will they still use the canal?”

“In order to use the railroad, you have to go through the complicated procedures of unloading, loading, and storing cargo. And that all costs money. But if you take the canal, you don’t have to get off the ship, do you? You can save both time and money.”

“Hmm…”

After listening to the explanation and agonizing (고민하던: gominadeon) for a while, the wife soon made a decision.

“Your plan seems reasonable. If the petition is accepted, I will contribute my wealth as well.”

“Thank you!”

That’s how petitions began to pour into Gyeongbok Palace from all over the Empire.

* * *

The councilors and ministers who received the petitions that had gathered in a line (줄지어: juljieo) shared their opinions on this.

“It seems that they value the canal more than we do.”

At the Councilor’s words, the Prime Minister and ministers quietly nodded.

“What does the Minister of Finance think about this?”

At the Councilor’s question, the Minister of Finance paused for a moment to organize (정리하다: jeongrihada) his thoughts and answered.

“There are advantages and disadvantages. First, among the advantages, the country’s financial burden will be greatly reduced. Also, we can collect taxes while distributing profits to those who have shares, so this is also an advantage.”

At the words of the Minister of Finance, the Councilor and all the Prime Ministers nodded. Although it was a situation (판: pan) they had devised (짜다: jjada), the budget to be entered was a huge amount that even the person in charge of writing the report shook his head at. They had drawn in (끌어들이다: kkeureodeurida) Ming and Japan for this burden and for other political purposes, but it was still burdening the Empire’s court.

Although Ming and Japan had expressed their participation, they had not yet decided exactly how much they would bear (부담하다: budamhada). In this situation, if they opened the door to the Empire’s people who wanted to invest, the Empire’s burden would certainly be greatly reduced. It wasn’t just about reducing the burden. They could also collect income tax from the profits distributed as much as the shares purchased. It was a welcome thing for the Empire’s court, which ‘always had many places to spend and not enough to come in.’

“That’s the advantage, what’s the disadvantage?”

“The problem is that the timeline and profits may differ from our expectations (예상: yesang). If the court is in charge of everything, it can endure (감내하다: gamnaeada) even if the canal construction takes longer than expected. Also, even if there is less wealth (재물: jaemul) coming in than expected, it can endure (감내하다: gamnaeada) if other political gains are great. But the people will not be able to accept this easily.”

“That could be true.”

As the Councilor nodded in agreement, the Minister of Finance put more strength into his voice.

“The reason why this cannot be called a groundless fear (기우: giu) is because of the size of the Suez Canal project. It is a construction (공사: gongsa) that requires an enormous amount of money that ordinary people (범인: beomin) cannot even imagine. It is different from investing in ordinary merchant groups (상단: sangdan) or factories. Therefore, most of those who put money here will put everything (몰아넣다: moraneotta) all of their property (가산: gasan). So…”

“Of course, they will be impatient (조급증: jogeupjeung), and they will be sensitive to the rate of return?”

At the Councilor’s question, which cut (끊고: kkeunkko) his words in the middle, the Minister of Finance nodded.

“That’s right. If that happens, the public sentiment will become disturbed (흉흉해질: hyunghyunghaejil).”

“That’s a problem. But even now, petitions are pouring in like that, so there is a limit to preventing (막다: makda) their wishes.”

At the Councilor’s point, the Prime Minister stepped forward.

“How about limiting the shares that can be purchased per person?”

At the Prime Minister’s suggestion, the Minister of Justice stepped forward and rebutted (반박했다: banbakhaetta).

“According to the Empire’s law, it is illegal to prevent (막다: makda) the people from pursuing profits in a legitimate way. And if we limit the shares that can be purchased per person, there will be a flood of people buying under other people’s names.”

At the words of the Minister of Justice, the Minister of Finance added.

“This is not just illegal. If that happens, it will be impossible to collect taxes correctly. The tax rate related to income is higher as you earn more, isn’t it? Even now, hide-and-seek (숨바꼭질: sumbakkokjil) is happening every day because of that problem.”

“Hmm… Then, let’s remove (빼다: ppaeda) the purchase limit altogether. No, that’s not the first thing. Whether to accept the petitions or not is the first thing. What do you think?”

At the Councilor’s question, the ministers whispered (소곤거렸다: sogeongeoryeotta) in small voices. But soon the voices began to grow little by little, and the Prime Minister hurriedly (서둘러: seodulleo) stepped forward to extinguish (진화: jinhwa) the situation.

“Your Majesty. I don’t think this is something to be decided in a day or two (일조일석: iljoilseok). I think we need to discuss it further with time.”

“But the petitions continue to come up, so I can’t just tell them to wait indefinitely. I’ll give you five days.”

“I receive your command.”

“Let’s stop here today.”

* * *

The Councilor, who adjourned (파하다: pahada) the meeting to discuss state affairs, went straight to Sugang Palace. After explaining the situation to Hyang and Wan, the Councilor sought advice.

“…So, I’m agonizing (고민하는: gominhaneun) about what is the best thing to do now. What do you two think?”

“What does the Emperor think?”

“I think this is an opportunity for me.”

“Opportunity?”

“Yes. Not all of the Empire’s people are skilled in commerce and industry. But all the people share the same desire (마음: maeum) to gain wealth (재물: jaemul).”

At the Councilor’s words, Hyang and Wan nodded. Seeing the two people’s positive reaction (반응: baneung), the Councilor put more strength into his voice.

“If we open the door to those who already have a lot of wealth (재물: jaemul), we will also allow those with little wealth (재물: jaemul) to gather and move. Then it will be a good opportunity for wealth (재물: jaemul) that is circulating in the shadows (음지: eumji) to come out into the sun (양지: yangji).”

“I agree. But…”

After stopping (잠시: jamsi) his words for a moment, Hyang wet (축이고: chugigo) his throat (목: mok) and continued.

“It is first (먼저: meonjeo) necessary to fully inform and make understand (이해시키다: ihaesikida) the risks of investment. If we make a mistake, there will be many people who jump (뛰어들다: ttwieodeulda) from the Hansu Bridge to find out how warm the water flowing in the Hansu is [a Korean idiom referring to rash decisions with dire consequences].”

“Yes… Ah… Yes.”