Back to Ming Dynasty with Industrial Revolution System

Chapter 791 The Era of Bank Transfers ([-])
"Haven't we already agreed to pay the money and deliver the goods here? Why do you have to go back on your word at this time! This will affect our future cooperation!" An Dongying businessman in Edo City roared at the Huaxia businessman sitting opposite.

"Mr. Kameda, I am very sorry about this matter. But the Far East Trading Company that manages us suddenly proposed a new policy to implement a deposit system. Not to mention your Dongying merchants, even our Huaxia merchants are now in a state of distress. Before completing the requirements of the deposit system, we are not allowed to trade with private parties. If the private trade is discovered, we will be fined three times the trade amount. We cannot prevent it from happening suddenly," said the Huaxia businessman.

After hearing this, the Dongying businessman's face softened: "What margin system? We used to check the goods and deliver them face to face. Why do we have to pay any margin?"

The Huaxia businessman pushed a cup of tea in front of him: "Let's talk slowly. To fulfill the requirements of the deposit system, we cannot do it alone, but we need the cooperation of both parties."

The Dongying merchant took the black tea: "Talk to me carefully, I need your goods urgently, and I will lose dozens of taels of silver every day of delay."

"It's actually very simple. Didn't Kyushu Bank set up a Tokyo branch in Edo Castle a while ago? Go there to register, register a bank account for business and trade, and then the trading parties deposit 10% of the total trade amount in their own accounts. After the transaction begins, Kyushu Bank will freeze the deposits of both parties. When the transaction is over, Kyushu Bank will return the deposit to both parties. When both parties breach the contract, the deposit will be compensated to the other party.”

"The settlement between the two parties is no longer allowed to use cash. The payer needs to deposit the cash into Kyushu Bank, designate the transfer to the other party's bank account, and the other party withdraws from the bank."

The Huaxia businessman explained to the other party the two rigid requirements raised by his superiors.

One is to pay a part of the funds as a deposit, and the other is to require all trade between the two parties to be settled in the form of "bank transfer".

It was the first time that the Japanese merchants heard such a complicated request, and they were at a loss.He asked the Huaxia businessman repeatedly, and finally he understood.

"It's too troublesome, too troublesome, why use such a troublesome system? Isn't direct delivery very good?" After learning that the next trade with Huaxia merchants will go through the Bank of Kyushu, the Dongying merchants called it cumbersome.

"Isn't that right? We merchants in Huaxia feel that it is cumbersome, but we are very helpless. We can't disobey the orders above. We can only register an account with Kyushu Bank as soon as possible. If we still want to complete this transaction, you We also need to go to register an account, and then we will settle the accounts through the accounts between Bank of Kyushu." The Huaxia businessman also expressed his dissatisfaction with Bank of Kyushu.

"Your Far East Trading Company has monopolized all of our foreign trade transactions in Japan. We can only follow what kind of system you want to adopt. But you have to think that a move by the Far East Trading Company will affect the well-being of hundreds of thousands or even millions of people. , I hope you will not be too rash." The Dongying businessman said.

"It's useless for you to tell me." The Huaxia businessman sat on the tatami, "The current margin system, if you only need to pay a margin and clear it through the bank, it is acceptable. It only takes two or three days to get familiar with the process. I hope that other measures will not continue to be introduced, otherwise we Chinese businessmen will also impeach the person who proposed this matter at the annual general meeting."

"Since you have this right, you will also express our dissatisfaction with this system to the board of directors for us Dongying merchants. Let alone, I will go to Kyushu Bank to register a bank account and make the delivery sooner. I can't wait." I have taken your goods." The Dongying businessman was dissatisfied and had to follow the rules of the Far East Trading Company.

Even the Huaxia merchants who are members have set an example, and they really have nothing to do.

"When you are well, come to the hostel to find me, and we will go to the Tokyo branch to settle the payment together." The Huaxia businessman said.

"Understood, it's really troublesome." The Dongying businessman couldn't help complaining again.

The Tokyo branch may be the biggest beneficiary of the implementation of the margin system.At the time of opening, the president of the Tokyo branch was still worried about whether he could get deposits.In Dongying Kingdom, the rich people are basically the daimyo and the banner. They are the biggest landlords and they are full of distrust for the Kyushu Army, so they don't deposit money in the bank very much.In order to ensure the liquidity of funds, Dongying merchants tried their best to settle the money and goods face to face, and would not deposit them in the bank.What the bank's meager interest can attract is ordinary people with low risk appetite.However, most of the people in Dongying are tenant farmers, and only a few citizens have some spare money to save in the Tokyo branch.

However, the margin system changed this situation.

In order to be able to conduct a sudden interruption of trade with Huaxia merchants, they need to register a bank account with the Tokyo branch as soon as possible, and use the account to settle the payment with the Huaxia merchants, which means that everyone who wants to trade with Huaxia merchants needs Have a Tokyo branch account!

Chinese merchants who also want to get a share of the East Ocean market also need to have an account in the Tokyo branch to be able to trade with the East Ocean merchants!
For a while, the Tokyo branch was overcrowded, and the registered Chinese businessmen and Dongying businessmen queuing up at the Tokyo branch lined up from one end of the street to the other.On the first day alone, more than 200 merchants registered for trade-specific bank accounts!
The president of the Tokyo branch immediately felt relieved when he saw the noisy team.With so many people registering, only a deposit equivalent to 10% of the total trade volume is stranded in the Tokyo branch, which is an unimaginable astronomical sum.In this way, the Tokyo branch has enough reserve funds, whether it is used for loans or for other things, at least it has a bottom line.

"President, you should rest assured this time, our proposal to establish the Tokyo branch as soon as possible is not without purpose." A woman appeared behind him.

"At first, I thought that the people of Dongying were not as rich as our Chinese people, and they were suppressed by the warriors, so they would not have any spare money to deposit in the Tokyo branch. That's why I opposed the establishment of the Tokyo branch. But now it seems that I was wrong. I didn't expect the eldest lady In this way, we will obtain the first reserve fund for our Tokyo branch." The president of the Tokyo branch felt great admiration for the woman in front of him.

(End of this chapter)