Black Corporation: Joseon [EN]: Chapter 398

398. Small Changes (10)

Meanwhile, Park Sang-wook, back at the Merchant Guild, gathered his people once more.

“How did it go?”

“We received conditional approval.”

Park Sang-wook explained the ‘conditions’ and the ‘discount’.

Everyone who heard Park Sang-wook’s explanation nodded.

“Not bad conditions.”

“The conscription issue is something the people of Joseon should naturally do, so it’s bearable.”

As everyone reacted positively, Park Sang-wook mentioned Im Hae-sul’s advice. Upon hearing it, everyone’s face turned serious.

“It’s a good idea, but…”

“If the court continues to offer discounts like now, we could manage two ships with a little more added to the funds we’ve prepared.”

“Where will we get the extra funds? These reserves are almost all the funds our Merchant Guild has accumulated!”

“Wouldn’t it be possible to use promissory notes or installment payments?”

“Are you suggesting we present a bill to the court? The court would never accept it!”

“Then what should we do? This is a golden opportunity with others not moving! We need to take a big lead now to keep pushing forward!”

“The problem is funds! Where can we borrow the lacking funds? Should we resort to high-interest private loans?”

“That’s it!”

The noisy room fell silent instantly at the sudden exclamation.

The captain who shouted spoke to Park Sang-wook.

“How about talking to the Adventure Capital Fund?”

“Adventure Capital Fund, huh…”

Park Sang-wook wore an intrigued expression. At that moment, one of the stewards listening to the conversation pointed out a problem.

“The Adventure Capital Fund is, as the name suggests, a place that supports the start-ups of those with low chances of success. Would we qualify?”

“Huh?”

“Ah…”

At the steward’s point, people’s faces turned serious again.

Compared to large Merchant Guilds like Songsang (Gaeseong merchants), which boasted the longest history, they were lacking, but they were still a Merchant Guild belonging to the large category. Thanks to this, they were able to prepare for the construction costs of the Challenger-class Battleship to some extent. And, it was pointed out that a disqualification reason occurred in that very part.

Park Sang-wook and the people gathered in the room muttered with slightly bitter faces.

“As the saying goes, ‘Misfortunes may be blessings in disguise…'”

* * *

As mentioned before, there have been considerable changes in the commercial world as Gyeongjang [economic reform during Joseon Dynasty] progressed.

Some Merchant Guilds with a history of at least 30 years, or as long as 100 years, disappeared, and there were those who did not miss the luck of Gyeongjang and emerged as new powerhouses.

In the case of the former who collapsed, the Gyeonggang merchants were representative, and in the latter case, Park Sang-wook’s Merchant Guild was representative.

The fall of the Gyeonggang merchants was, in a way, a natural result.

The important commercial activity of the Gyeonggang merchants was the Imun (賃運) [transportation business], which transported the court’s Se Gok (稅穀, grain paid as tax) and the landlords’ tenancy fees.

The proper Seonim (船賃, boat fare) received in this process was considerable, but the share earned from the illegal activities committed in the process was also significant.

They increased their wealth by carrying out illegal activities such as Hwasu (和水) [diluting grain by adding water], which involved diverting some of the grain being transported and then adding water to the remaining grain to match the weight, and stealing or falsely claiming that a perfectly good ship had sunk, such as Tusik (偸食) or Gopa (故敗) [terms for embezzlement or fraudulent loss of cargo].

As Gyeongjang progressed, it was natural that these illegal activities were caught by the increasingly sharp eyes of the court.

As these illegal activities were caught, many Gangsang [members of Gyeonggang merchant guild] were arrested and their properties were confiscated.

The final blow that brought down the Gangsang, who had suffered such fatal wounds, was the road maintenance carried out by the court.

As roads were improved, most of the grain and goods exchanged for the people’s money were transported by land.

The Gyeonggang merchants disappeared from history as they failed to adapt to the changes brought about by the progress of Gyeongjang, and experienced merchants were arrested.

* * *

Although this negative atmosphere was prevalent, the captain who first made the proposal did not back down.

“Of course, it can be a disqualification! But, it’s sailing, and even deep-sea sailing! No one knows what dangers lurk in that distant sea! Why else would even the navy hold a memorial service for the Dragon King every time they set sail?”

The other captains who heard the story all nodded. Thanks to the activities of the Joseon navy, the dangers of pirates and Wokou [Japanese pirates] had been greatly reduced, but natural disasters were unavoidable. Even now, one or two ships traveling between Shandong and Waeguk [Japan] were sure to sink due to unexpected accidents.

“That’s true… But, I’m afraid the size of our Merchant Guild will be a problem, right? We might be accused of borrowing money to avoid their own losses.”

“Don’t we distribute profits in proportion to the amount borrowed? And even if we can’t borrow funds from the Adventure Investment Fund, we must visit the fund.”

“Why?”

“We need to hold onto those who are taking their sweet time in the situation room!”

“Aha!”

The faces of the people brightened at the captain’s last words.

“That’s right. The most prominent wealthy people in Hanseong [old name for Seoul] are all gathered there.”

Park Sang-wook, nodding his head, looked back at the stewards.

“Let’s draw up a plan again. Let’s aim for two ships.”

“Yes, Chief!”

* * *

Five days later, Park Sang-wook visited the Adventure Investment Fund in Jongno.

“What brings you here?”

As Park Sang-wook sat across from the desk with a sign that said ‘Investment Consultation’, the manager with a tired face asked a question.

“Yes, my Merchant Guild is building a ship this time, so I came to borrow some funds.”

“Ship?”

As soon as he heard the word ‘ship’, the manager immediately drank the lukewarm black bean tea next to him in one gulp and forced himself to come to his senses.

“Ship… The shipping industry is fiercely competitive these days, what kind of goods will you be handling?”

“We will handle all kinds of goods.”

“Then it’s even worse… Wouldn’t it be better to specialize in just one type? If you wait a moment, I can find some data and recommend suitable ones.”

“I’m planning to do shipping to Alexandria, not shipping to Shandong or Waeguk.”

“Wait a minute!”

The manager, who stopped Park Sang-wook’s words, got up from his seat and headed back. After entering the tea room (茶備室) [tea preparation room] installed behind the counter and pouring two cups of black bean tea from the kettle, the manager assessed the situation.

“I think he’s the merchant that was rumored about a while ago…”

Both the Investment Fund and the Jeonjang [money lending institution] belonged to the Ministry of Economy and Finance. And the funds and Jeonjang located in Hanseong were receiving almost real-time information about what was happening in the Ministry of Economy and Finance thanks to their location.

Slap!

The manager, who slapped his own cheek, hypnotized himself.

“Get a hold of yourself! Choi Seong-soo! It’s the opportunity of a lifetime!”

Choi Seong-soo, who had regained his senses, returned to his seat and gestured to Park Sang-wook.

“I don’t think this is a story to be told in this place, so let’s move to another place.”

“Yes.”

* * *

Park Sang-wook and Choi Seong-soo moved to a separate room on one side of the fund.

“Did you say you were going to Alexandria for commercial activities?”

“That’s right.”

“Huh… Then it must be a very large ship?”

“So I’m thinking of getting a ship like the Daeseon [large ship] used by the navy.”

“How many ships?”

Choi Seong-soo’s face became even more serious at Park Sang-wook’s answer.

“It will require considerable funds, do you want to borrow the full amount?”

Park Seong-soo shook his head at Choi Seong-soo’s question.

“No. We also have funds prepared, so we want to borrow the lacking part.”

“So how much do you want?”

“80,000 gold nyang [Joseon Dynasty currency].”

“80,000 gold nyang, huh…”

Choi Seong-soo calculated inwardly at Park Sang-wook’s answer.

‘The fund hasn’t been open for many months yet, so there haven’t been many loans yet… The remaining funds are about 400,000 gold nyang in gold coins now… If I do well?’

Choi Seong-soo, who thought there was a possibility, spread out a piece of paper on one side and began to ask in more detail.

“If it’s a Daeseon used by the navy, you’re talking about a Challenger-class Battleship, do you know how much it costs to build that ship?”

“Yes, I know because the Minister of Economy and Finance explained it to me. Including the Hwapo [cannon] to be loaded, it’s 71,200 gold nyang. But since there are two ships, it’s 142,400 gold nyang. My Merchant Guild has prepared 110,000 gold nyang, but if we build two ships and buy goods to load on them, we will be short 80,000 gold nyang.”

Choi Seong-soo, who nodded while diligently writing down the numbers, asked again.

“Then what kind of loan do you want? A loan with an annual interest rate of 60%? Or a loan with an annual interest rate of 30%, but you have to entrust 51% of the shares?”

“A loan with an annual interest rate of 60%.”

“Ah… I see…”

‘He’s a seasoned merchant after all.’

Choi Seong-soo clicked his tongue with a slight regret. It was more profitable for the fund to take shares.

However, Park Sang-wook wanted a loan that could protect his shares even if the interest rate was high. He also heard rumors about Alexandria.

‘If you go there and come back even just a few times, you can get at least 10 to 20 times the profit!’

If he succeeded in just a few voyages, he could pay off the interest as well as the principal, so he couldn’t hand over the shares of his Merchant Guild, which he had raised with blood and sweat.

After further consultation, Choi Seong-soo organized the papers and got up from his seat.

“I will organize what you said and proceed with the review.”

“Then when can I know the results?”

“You can know the results in at least five days, and I will let you know when the results are out.”

At Choi Seong-soo’s answer, Park Sang-wook bowed and asked.

“Please take good care of me.”

“I’ll do my best.”

* * *

Five days later, Choi Seong-soo told Park Sang-wook the results.

“I’m sorry. The result is disapproval.”

“Can I know the reason?”

“Adventure capital is to help start-ups for those who have no capital, and it was concluded that the Chief’s Merchant Guild does not meet this requirement. In particular, it was concluded that it is even more impossible to borrow funds to build two ships even though you already have the cost to build one ship.”

“Ah…”

As Park Sang-wook couldn’t hide his disappointment, Choi Seong-soo continued.

“I’m sorry. It seems best to start with one ship.”

“Yes. Thank you for your effort.”

Park Sang-wook, who got up from his seat, asked Choi Seong-soo.

“Can I stop by the situation room for a while?”

“Situation room? Ah! Do you want to persuade the wealthy people there?”

“That’s right.”

At Park Sang-wook’s words, Choi Seong-soo hesitated for a moment and nodded.

“It will be fine as long as you don’t cause too much trouble. I’m sorry again.”

“No.”

Park Sang-wook said goodbye to Choi Seong-soo and entered the situation room.

‘These are the richest people in Hanseong!’

Park Sang-wook, seeing the wealthy people sitting in the situation room chatting or rummaging through information papers, calmed his mind and raised his voice.

“Are you all doing well? I am Park Ga, leading the Parkssi Merchant Guild! May I have a moment of your time?”

The wealthy people’s attention was focused on him at Park Sang-wook’s self-introduction.

* * *

After Park Sang-wook’s explanation, the wealthy people began to share their opinions alone or in groups of two or three.

“80,000 gold nyang… That’s not a small amount?”

“That’s right. If it’s 80,000 gold nyang, it’s rice… Even if it’s Icheon rice or Naju rice, which are famous for being the most expensive…”

The wealthy people spread out the paper and calculated lightly.

As Gyeongjang progressed and the people’s income improved, the price of rice continued to rise. The court was preventing it from rising too much, but it was still rising steadily.

According to recent market prices, ordinary white rice was about 1.4 nyang of silver per Seom [unit of volume], and Icheon rice or Naju rice, which were known for their good taste, averaged 2 nyang of silver per Seom.

In that case, 80,000 gold nyang was 400,000 Seom of Icheon rice or Naju rice.

400,000 Seom was a huge sum that an ordinary Mansukgun [wealthy landowner] would have to collect for almost a lifetime, or even three generations to his grandson.

“But…”

However, the potential results of Park Sang-wook’s plan were too tempting to reject immediately.

-If you go there and come back properly, you will have at least 10 times the profit left. Even if you don’t receive interest, it’s still a lot if you calculate it only with profit sharing!

In the end, the wealthy people gathered in the situation room accepted Park Sang-wook’s proposal. The wealthy people received shares for the amount they decided to invest.

It was the birth of a rudimentary corporation.

* * *

Author’s words.

How are you?

I am Gukbbong, who is serializing ‘Black Enterprise Joseon’.

I’m sorry for taking a break yesterday.

To explain, a confirmed case came out in the officetel [a building with both office and residential units] where my studio is located the day before yesterday afternoon.

So, I got tested yesterday.

I was safely tested, but I couldn’t erase my worries, so I couldn’t work.

It’s not just my problem, it’s because of my family. As readers know, there was someone who went to a serious situation last year, and the other family members all have underlying respiratory diseases.

Thanks to that, I couldn’t sleep properly all night and was stuck in the studio.

Fortunately, I received a call today that it was negative.

I will pay more attention to quarantine in the future and work hard.