I Became A Hidden Powerhouse Of The British Empire [EN]: Chapter 172

The Farewell to the Old Era (3)

If you were to ask politicians or capitalists who the richest person in the British Empire was, it’s unlikely they would agree on a single name.

Some might suggest Queen Victoria, while others might point to Prince Consort Killian, who has been rapidly gaining influence.

The names of prestigious nobles and prominent capitalists would also likely be mentioned.

However, one name consistently rises to the top:

The Baring family.

Since establishing their bank in 1762, they have amassed immense wealth alongside the British Empire, wielding the greatest financial power within it.

By the early 19th century, their annual income already exceeded 200,000 pounds, and they profited handsomely from the Napoleonic Wars, earning hundreds of thousands of pounds.

While the emerging Rothschilds were quickly catching up, the Baring family was still generally considered superior.

This was because, unlike the Rothschilds, who were seen as simply wealthy Jews, the Baring family was deeply intertwined with British politics.

Leveraging their vast financial power, they secured a seat in the British House of Commons early on and later even gained a seat in the House of Lords.

They participated in various government projects through their connections and profited handsomely from the slave trade before its abolition.

Furthermore, they served as directors of the East India Company, which virtually monopolized trade with Asia at the time, and eventually even rose to the position of chairman.

Unsurprisingly, their wealth and power have persisted to this day.

The eldest son of the Baring family, Francis Baring, now effectively leads the family in place of the aging Thomas Baring, the head of the family.

Francis Baring entered the House of Commons over 17 years ago and has held key positions in the Whig cabinet.

Although he doesn’t actively participate in the Whig party’s power struggles, the party relies heavily on the Baring family’s vast financial resources, making his influence significant.

He remains less prominent than figures like Gladstone or Palmerston simply because he exercises restraint, as the nature of the family’s business requires a lower profile.

However, someone who serves as a reliable source of funds for any organization inevitably holds sway.

If Francis Baring proposed a motion at a party meeting, even Gladstone, Palmerston, or Russell would hesitate to openly oppose it.

The Whig party indirectly benefited from the Baring family’s wealth in numerous ways.

Today’s meeting was no exception.

“The most important thing we need to focus on is the next election. Fortunately, His Majesty did not dissolve Parliament this time, but we still only have about two years to prepare.”

“Two years… It’s a relief that we’re not facing an election immediately.”

Recent events had dealt the Whig party a significant blow, drawing considerable criticism even in its strongholds and forcing them to issue public apologies.

They were somewhat fortunate that the Conservative Party also faced criticism.

However, elections are ultimately about securing one more vote than the opponent, and the Whig party had undoubtedly suffered more.

Gladstone, acutely aware of the gravity of the situation, sighed deeply as he reviewed the data from various regions.

“Our initial surveys suggest that we would be lucky to win 150 seats if an election were held now. We must do everything possible to improve our image over the next two years. We also need to seriously consider changing the party name.”

“…Are you suggesting we abandon the name ‘Whig’?”

“Yes. Changing the party name is the most effective way to create the impression of a fresh start. The Conservative Party, for example, regained its position as the ruling party shortly after changing its name. Once the perception of being old and outdated takes hold, changing the party name becomes a necessity, not just an option.”

“Then, do you have a new name in mind for the party?”

“Since the ruling party is using the name ‘Conservative Party,’ how about we adopt the name ‘Liberal Party’? It’s more intuitive and suggests that we can effectively hold the ruling party accountable.”

The concept of freedom has been gaining increasing attention, and this trend is expected to continue, making it a suitable choice.

No one objected, and the Whig party decided to rebrand itself from next year, adopting the name ‘Liberal’ instead of ‘Whig.’

“But, Mr. Gladstone, if we change the party name, we’ll need to invest heavily in promotion, which will require a significant budget, won’t it?”

“Regarding that… Could we perhaps borrow from Baring Bank in the meantime?”

In the past, Baring Bank had consistently provided the party with funds at interest rates significantly lower than the market rate.

As everyone turned to him, Francis Baring, who had been quietly listening to the meeting, spoke.

“I would like to help, but a very large sum would be difficult. Our cash flow has been somewhat strained recently.”

“The mighty Baring Bank is facing difficulties? Is the economy truly that bad?”

“No, that’s not the issue. However, we’ve extended a considerable amount of credit to the East India Company, and it hasn’t been fully repaid yet.”

“Ah… the East India Company. I was aware that their profits were declining, but I didn’t realize the situation was so dire.”

In the 18th century, Baring Bank had, in a sense, tapped into the East India Company’s resources, drawing out silver coins and pounds.

However, the East India Company had now lost its exclusive trade rights in Asia, and its opium business in Qing China, which had generated substantial profits, was largely ruined.

Furthermore, the size of the standing army required to suppress rebellions in various regions was increasing rather than decreasing, making it impossible to reduce the deficit.

While receiving interest on the loans was beneficial, the prospect of recovering the principal was becoming increasingly uncertain.

“Who is the current Governor-General of the East India Company?”

“Lord Goderich.”

“Ah… a member of the Conservative Party. If it were one of our people, we could actively pressure them to reduce the deficit more effectively.”

Lord Goderich, although his tenure lasted only 100 days, was a figure of some influence in the political world, having served as Prime Minister before the Duke of Wellington.

Even though he had retired from central politics, he was not someone the Whig party could easily control.

“Still, it might be possible to exert some additional pressure on the East India Company at the parliamentary level. After all, India is one of the most important colonies for the British Empire. The Conservative Party will likely agree.”

“Then, Mr. Gladstone and Mr. Palmerston, please make an effort to persuade the Conservative Party. If the principal lent to the East India Company is recovered smoothly, I will naturally support the Whig party’s election campaign generously.”

“Understood. We will handle it responsibly.”

Even beyond saving Baring Bank, the stable operation of the East India Company was crucial for the British Empire’s national interests.

This would be welcomed by the citizens, not criticized, so the Conservative Party would have no reason to oppose it.

“Ah, speaking of which, Mr. Baring, have you spoken with His Royal Highness [Prince Consort Killian]?”

“With His Royal Highness? I haven’t met him personally yet.”

“I recommend meeting him and speaking with him if possible. In my personal opinion, his influence in Asia will continue to grow in the future.”

Although Killian’s primary focus is on Asian countries further east than India, India remains part of Asia.

Moreover, the royal family is currently spearheading the expansion of the telegraph business, inevitably establishing a presence in India.

Francis Baring, recognizing the validity of Gladstone’s advice, nodded silently.

After all, for India to recover, re-establishing trade routes with Northeast Asia is essential.

In fact, he felt it was already overdue.

However, he had a reason for not speaking with the Prince Consort, which he chose not to disclose at the meeting.

Rumors circulated that the Prince Consort had summoned members of the Rothschilds to Buckingham Palace on several occasions.

The Rothschilds may possess considerable wealth and be perceived as easily manipulated Jews, but if this was an attempt to keep the Baring family in check, it presented a challenge.

Still, he couldn’t avoid it indefinitely.

To ensure stability in the Asian market, understanding the Prince Consort’s intentions was crucial.

Francis Baring decided to seize this opportunity, given that the topic had arisen.

* * *

If there are people in the world who cannot be trusted, it is undoubtedly scammers.

Having been a successful scammer in my previous life, I can attest to this unconditionally.

And in this era, financiers who manage money in banks are often viewed similarly to scammers.

In fact, many modern financial fraud techniques originated from banks, making this perception not entirely inaccurate.

Due to the differences in laws, systems, and regulations compared to the modern era, banks could easily transform into scammers if they chose to.

In that regard, a mega-bank like the Baring family, with the added legitimacy of being a noble family in this country, possessed a unique level of stability.

The reason why the Rothschilds have not yet surpassed Baring Bank is precisely due to this social perception.

Unlike the Rothschilds, who eagerly respond to my calls, the owner of Baring Bank can request an interview with me directly through Gladstone.

This reflects the power and status that wealth and position command in this world.

“We’ve exchanged greetings in Parliament, but this is our first private meeting. Welcome.”

“I didn’t expect Your Highness to make time so quickly. Thank you for accommodating my request.”

“It’s no trouble at all. Despite recent incidents, I personally have a good relationship with Mr. Gladstone. Since the request came through him, I was happy to make time, even if I was busy.”

A reliable source of funds for the Whig party and a financial magnate who owns the largest bank in the British Empire.

It was a strange feeling to have the heir to that vast fortune sitting before me with a nervous demeanor.

Regardless of my position as the Prince Consort, this reaction wouldn’t occur unless they needed something, which indicated their desire.

Considering the Baring family’s current situation, it wasn’t difficult to guess what that was.

“The reason I came to see Your Highness is…”

“Isn’t it related to India?”

“Y-Yes, that’s right. How did you know?”

“Well, it’s the most likely reason. I’ve been closely monitoring the situation in India myself, so I was planning to contact Baring Bank anyway. I’m glad you came first.”

“When you say the situation in India…”

Baring is likely concerned that I might interfere in matters related to the East India Company, but he won’t be foolish enough to reveal that here.

So, I should first alleviate his concerns.

The reason I openly summoned the Rothschilds to Buckingham Palace for everyone to see was for situations like this.

“You’re probably aware that I’m currently focusing all my efforts on establishing a telegraph network throughout the British Empire.”

“Yes, it’s widely known.”

“Among my priorities, connecting the home country and India is paramount. After all, India is the cornerstone of the British Empire’s colonial economy. But as you know, the financial investment required is significant, right? Moreover, the Navy and the Army are vying for priority in using the technology.”

“Ah… you face such challenges.”

“Indeed. So, I’m reaching out to banks of considerable scale to explore investment opportunities for installing the submarine cable. I recently extended an investment offer to the Rothschilds, and fortunately, they are responding positively.”

I noticed a subtle shift in Baring’s expression when the Rothschilds were mentioned.

His name came up unexpectedly, preventing him from maintaining a perfect poker face.

“Then, do you intend to offer us an investment opportunity as well?”

“Of course. With Baring Bank’s support, achieving real-time communication throughout the British Empire will be much faster.”

“We have no reason to decline. Understood.”

“Thank you. Now, would you share the specific reason for your visit? What challenges are you facing in India?”

Francis, understanding the reason for my mention of the Rothschilds, seemed relieved and honestly shared his concerns about the East India Company.

“Ah, I see. That’s certainly a significant concern. Understood. Since this is an Asian issue, I will speak to the Prime Minister directly.”

“Really?”

“Of course. If India, a vital component of the British Empire’s economy, is struggling, how can merchants and financiers feel secure and conduct their business? Trust me.”

Baring’s complexion brightened as I clearly addressed his concerns.

Good. This provides me with another clear justification for attending Parliament and engaging with the members.

This is not me voluntarily stepping forward.

This is me reluctantly stepping forward after receiving the heartfelt plea of kind bankers who are suffering from the poor performance of the East India Company.

I am spending busy days without any spare time expanding the telegraph business, but since they are asking for my help like this, what can I do?

I have no choice. I have no choice but to petition Parliament.