Prime Minister

Chapter 419 Change
An economist once said that clearly defined property rights are the prerequisite for market transactions.

This is exactly what the board of directors was created for.

Zhang Yue said to several shareholders: "Mencius once said, 'Those who have permanent property have perseverance, and those who do not have permanent property have no perseverance. If you have no perseverance, you will do everything you can to ward off evil spirits.' It's here."

"In fact, Mencius said that nature is good, and Xunzi said that nature is evil. In my opinion, there are very few people who are very good and evil. The difference between good and evil among all living beings in the world is almost the same, but there is a world of difference between wisdom and ignorance."

"Therefore, it is my original intention to establish a good system so that the fools cannot be deceived and the wise cannot do evil."

Zhang Yue's words are also beating everyone present, Shen's uncles and nephews, Cai Jing can't help but stick Zhang Yue's words to himself.

Zhang Yue paused and said: "As for the meaning of the board of directors, there is a saying in Wei Zheng's admonishment to Emperor Taizong's ten books. Although Dong Zhi was severely punished, he was invigorated with power. Will be comatose forever."

"A board of directors lies in one supervision, one reason, and one justice. The director's meaning is in the meaning of Dong Jiaoyin Institute's big and small matters."

Shen Chen asked: "May I ask what the bachelor's board of directors usually manage?"

Zhang Yue said: "Everything is controlled, and the government's proposals must be passed through the board of directors. The chairman has the right to veto in the board of directors!"

"And the second treasurer of the exchange index must be appointed by the board of directors before taking office, and at the same time the chief treasurer must be a member of the board of directors."

After hearing this, everyone realized that this is the case. In other words, apart from the appointment of the chairman of the board, Yantiesi usually doesn't care about the affairs of the exchange.

Cai Jing asked: "Then can the chairman also serve as the big shopkeeper?"

Zhang Yue said: "This is not allowed, but it is possible to follow the authority."

Everyone pondered for a while, and then Shen said: "Xue Zhang means that the chairman is elected by the directors, and the chief treasurer is appointed by the board of directors, but the chairman can veto the candidate for the chief treasurer."

Zhang Yue said: "That's right. The term of the third division is as short as a few months, and as long as two or three years. I won't be in the position of Yantie judge forever. This board of directors is also planning for a rainy day. Do you have any objections?"

Everyone said together: "Understood."

Then Zhang Yue announced the standards for directors, who can sit on the board of directors if they hold more than [-] shares, which were recorded by Cai Jing one by one.

So the first board meeting of the Exchange was held in this way.

Zhang Yue is the person who founded the exchange, even if there is a board of directors, he still has the final say.

A board of directors has emerged, so how will the following power and profits be distributed?Everyone sat down immediately and listened carefully to Zhang Yue's speech.Seeing everyone so serious, as if sitting in line to eat fruit, this made Zhang Yue feel the joy of power.

Zhang Yue continued: "The directors are elected by the shareholders. After Shen Jiaxian's uncle and nephew bought the shares, a preliminary count has been made of more than 26 seats and 58 coins."

As soon as everyone heard it, they knew that after Shen's uncle and nephew bought shares, the book capital of the stock exchange more than doubled in an instant.

Of course, this salt money is very valuable, but it is very difficult to realize it. This is like a stock. The market value is more or less false, and cash is the foundation of everything.

With the Exchange's daily trading volume of [-] to [-] seats, if the Exchange sells all the salt banknotes, no one knows how far the banknote price will plummet.

At the beginning, Xue Xiang gave Zhang Yue [-] salt banknotes to invest in shares. When the banknote price was [-] guan, Zhang Yue only exchanged five guan seats for shares. Xue Xiang had no objection.

This is only preliminary statistics, because there is no accounting firm in this era, and there are no professional financial personnel around Zhang Yue, so such an account was calculated hastily.The specifics can only be resolved after the board of directors.

Again, clearly defined property rights are the prerequisite for market transactions.

Zhang Yue turned to Shen Chen, and Shen Yan's uncle and nephew said: "Since the Shen family has entered our Jiaoyin shop, the previous Jiaoyin shop in Jieshen will go out of business. What do you think, uncle and nephew Xian?"

Shen Yan said: "Even if the bachelor doesn't say anything, our father and son have plans to do so."

Seeing that Shen Yan was so decisive, Cai Jing couldn't help giving him a high look. If he hesitated just now, it would affect his evaluation in Zhang Yue's heart.

It really is a man who knows current affairs is a hero!

Zhang Yue nodded and said: "Very good, then today the board of directors will elect the chairman first, and the chairman will be elected among the directors, and you can nominate each other! As for Yantie Division, who does not nominate, but has the right to veto the chairman elected by the board of directors !"

After everyone pushed for a while, Zhang Yue said to Cai Jing, "Here, Yuan Chang is the smallest, so you nominate first!"

Cai Jing settled down and said: "I will recommend Mr. Shen first! He is mature and prudent, and has been in business for many years..."

……

Then everyone discussed for a while, and elected Shen Chen as the chairman.

After Shen Chen took office, he clasped his fists in all directions, and then Zhang Yue got up to give up his seat and said, "Zhang Zhang, please sit here!"

Shen Chen repeatedly said that he didn't dare, and finally Zhang Yue repeatedly invited Shen Chen to sit on the main seat.Afterwards, Shen Chen reciprocated and elected Cai Jing as the second treasurer, and Luo Jianyuan immediately made the priority for the chief treasurer.

Zhang Yue continued: "There are two more urgent matters. One is to increase the capital. I plan to raise another 100 shares. I will raise [-] shares for one share, which means I will raise another [-] million shares."

When everyone heard Zhang Yue's words, they couldn't help being surprised. What does Zhang Yue need so much money for?
At the same time, some people thought that when Sansi bought shares in Yantiesi, it was 23 shares, [-] shares, which was almost less than ten shares.

When it comes to Shen's house, it's about fifteen or sixteen per share.

Now the [-] shares are [-] per share, which means... the prices of the shares they hold have increased, but the dividends have also decreased.

Everyone pondered in their hearts.

"One more thing is to divide the exchange office into three!"

"One is the Exchange, which is only responsible for the daily trading of the Exchange. In the future, it will also be used for the purchase and sale of tea."

"One is the banknote bank, which is in charge of the salt banknotes and money at the exchange, and stabilizes the price of salt banknotes. The gold and silver that will be collected in the future will also be minted and smelted."

After hearing this, everyone understood that Zhang Yue's move was tantamount to splitting the original business of the Exchange into two. The Exchange was responsible for the sale of salt, and later expanded to tea.

At the same time, the banknote bank uses money and salt banknotes to control the price of banknotes, and obtains its profits.

"Three are the solution to the library!"

Unpack?

Everyone was stunned when they heard it, and then felt ecstasy in their hearts, and then felt that it was impossible.

The first two are all that’s all. As for Jieku, there was a saying at that time that “Xieku’s trough house is used to grind oil mills.”A thousand boxes of brocade, pearl debates, and rice surplus warehouses'.

That is to say, it is the business of solving the library.

In fact, Jieku, also known as quality warehouse, in history, when Wang Anshi practiced the law of market exchange, he checked the school to lend money, market easy credit loan, pawnshop and pawnshop.It is the official operation of the 'solution library' and 'quality library'.

Such as temples are also engaged in lending business, known as the 'Changsheng library'.

However, before Wang Anshi's political reform, Zhang Yue put forward the concept of releasing government camps from the treasury, which was unprecedented.

Cai Jing asked: "Bachelor, as the saying goes, 'the rich and the poor match each other, and the officials don't care about it', this exchange has already aroused criticism from all the public, let alone the Jieku?"

Luo Jianyuan said: "Yes, the imperial court does not allow officials to lend money for profit, how dare Xie Ku violate the imperial court's laws first?"

Zhang Yue said: "You two are right, I agree, but the most important thing about loans is the word interest. What is interest? It means that money can make money. For example, the speculation of buying and selling salt money, fooling around with money, and interest , it was obtained without productive labor. Isn’t it a pity that the court didn’t take care of this matter?”

"The private loan is four points. For example, if you borrow a hundred guan, the interest for one year is [-] guan. If it is revolving interest, it is double the interest for two years."

"When I was studying, I met a couple who borrowed money from a dignitary and then lent it out. They got [-]% and the dignitary got [-]%. Then the creditor ran away. The two sold the house and gave the money to the dignitary!"

Speaking of this, Zhang Yue paused and said: "However, the solution to the library I said doesn't need to be done openly on the bright side."

"First of all, it is Jiaoyin. Whether it is Yanyin or Chayin, if someone is unwilling to sell it and is willing to mortgage it here, we can borrow it from him at [-]% interest."

"There are also gold, silver, money and silk. If it is inconvenient for merchants to travel far, they can exchange them for salt banknotes here. In the next step, we will set up separate exchange offices in all roads in the world to deposit gold and silver. Exchange the salt banknotes in the hands of merchants and collect five percent interest from them!"

After hearing this, everyone felt that they could not keep up with Zhang Yue's train of thought.

To put it bluntly, this solution library quality library is the way of Jiaozi.

Because Sichuan and Shu use iron money, iron money is heavy, and a thousand big coins weigh 25 catties. In the past, traders went to Sichuan and Shu to buy a piece of silk and used ninety catties to hundreds of catties of iron coins.

It is conceivable that Sichuan and Shu, where the road is difficult and it is difficult to go to the blue sky, carry tens of thousands of catties of money to buy cloth all the way.

So Jiaozi was first born in Sichuan and Shu.

The depositor gave the money to Jiaozipu, and the shopkeeper gave the depositor a piece of Chu paper with the amount written on it, so this piece of Chu paper was Jiaozi.

Then these private shop owners gathered together, became bigger and bigger, and set up Jiaozi shops in various places to facilitate the exchange of Jiaozi.

Jiaozi was also known as Qianyin at the earliest. Jiaozi came first, and then there were all kinds of salt and tea Jiaoyin.Therefore, Jiaozi is the father of Jiaoyin.

But both jiaozi and salt banknotes came to an end, because the merchants of jiaozipu found that printing more jiaozi would not affect the daily payment, so some merchants printed a large number of jiaozi to realize cash.

During this period, Zhang Yong, a famous minister, governed Shu and became a Jiao Ziwu. Sixteen wealthy households were restricted to be qualified to issue cross references and become cross transfer merchants.Jiaozi merchants use the capital of 36 Guan as a reserve fund, and issue official Jiaozi 120 million Guan, with a reserve ratio of 20.00%.

However, after Zhang Yong's rectification, it was only a little better for a while, and then Jiaozi became uncontrollable and overprinted, which led to a large depreciation of Jiaozi, and now it is only used in Sichuan and Sichuan.

Only then did the merchants turn to them, using salt as a reserve, which was a relatively more reliable salt banknote!
Everyone gasped when they heard Zhang Yue's plan, this plan is too grand!
Cai Jing asked: "Jiaozi only charges three per cent interest, is five per cent too high?"

Zhang Yue smiled disapprovingly: "How can Jiaozi's reputation compare to salt money?"

Shen Chen wiped off his sweat and said, "If we set up branch offices in every corner of the world, I'm afraid 100 million won't be enough!"

Zhang Yue said: "It doesn't matter if 100 million guan is not enough, first in Luoyang Mansion in Xijing, Yingtian Mansion in Nanjing, Daming Mansion in Beijing, and the most important thing is to set up a branch office on Shaanxi Road!"

(End of this chapter)