A Man of Science and Engineering in Troubled Times Wandering in the Late Qing Dynasty

After leaving the Forbidden City, Lu Bicheng seemed unhappy.

Li Yu smiled and said: "Don't be sad, believe me, it won't be long before you can even see the place where the Queen used to live."

"It's not all for this reason," Lu Bicheng said. "I suddenly remembered that when I was in the United States and Europe, I went to see the Metropolitan Museum of Art in New York, the British Museum in London, and the Louvre in Paris in my free time. There were many exquisite Chinese paintings. The cultural relics are even better than those in the Forbidden City.”

This was a huge wound, and Li Yu felt a slight pain when he thought about it, so he could only comfort him by saying, "Every time you take a bite, you gain wisdom."

Lu Bicheng added: "By the way, I not only polished that set of aliens, but also translated it into English. It's just scary to read."

"Have you already translated it?" Li Yu asked in surprise.

"Over this time, I have become more proficient in English. Although I am still not good at writing articles, I can definitely do it by translating them," Lu Bicheng said.

She is indeed a talented woman.

Li Yu said happily: "My wife is here! With your level, do you want to go to a European and American university to get a doctorate?"

"Doctor?" Lu Bicheng bit her lip, "I haven't thought about it that much."

"Female PhDs are very rare these days. The emergence of one will definitely shock people and shut up those who clamor that women are inferior to men," Li Yu said. "The most important thing is that more families can send their female children to schools. go."

"That sounds like a good idea." Lu Bicheng was moved.

Li Yu immediately helped her make a decision: "Next time you go to the United States, I will help you apply for college."

-

Two days later, Yuan Shikai's cousin Zhang Zhenfang asked Li Yu to meet at Dongxinglou Restaurant.

Zhang Zhenfang was the last Zhili governor and Beiyang minister in the Qing Dynasty. However, just ten days after he took office, the Qing Dynasty issued an abdication edict.

However, Zhang Zhenfang had already accumulated tens of thousands of dollars by relying on his long-term position as Changlu Salt Transport Envoy.

"Master Li!" Zhang Zhenfang cupped his hands and said.

Li Yu also raised his hand and said, "So many people really like to use the title of Grand Scholar."

"Your Excellency has won the most respected scientific awards among foreigners many times. This title means that there is nothing wrong with you. After all, there are no bachelors now." Zhang Zhenfang said.

Li Yu saw a sixteen or seventeen-year-old boy standing next to him, so he asked: "Your Majesty?"

Zhang Zhenfang said: "The son of a dog is like a horse."

Zhang Boju said hello politely: "Hello, Mr. Academician."

Li Yu replied: "Hello."

Zhang Boju was not Zhang Zhenfang's biological son, but was adopted to him. But according to the old tradition, it is basically equivalent to biological child.

After taking his seat, Li Yu asked, "What do you want from me, sir?"

Zhang Zhenfang said: "I am ready to follow the example of European and American countries and raise funds to set up a professional bank to fight against foreign investment."

"What kind of professional bank?" Li Yu continued to ask.

"Salt Bank," Zhang Zhenfang said, "according to the document instructions of the Presidential Palace, salt money is a large financial item, and there is an urgent need to set up a dedicated bank to maintain the salt industry and activate finance."

Li Yu said: "It seems that the salt tax and customs duties have been mortgaged, right?"

Zhang Zhenfang sighed: "The more this happens, the more we need to ensure the operation of the salt industry. Otherwise, how can we repay the money? A mere 2500 million has already made us sign such a harsh loan contract. If the money is not paid in the future, countries will inevitably make more barbaric proposals. interference."

Li Yu said: "It's definitely not enough, but it is indeed advisable to find ways to protect the salt industry."

Zhang Zhenfang said: "I have inspected and studied the professional banks of the great powers. If we set up a salt industry bank, salt industry companies can borrow money from banks more conveniently, and they can even operate securities and bonds; the government can issue related products through professional banks." of public debt, achieving multiple benefits with one stone.”

The original intention of establishing the Salt Bank was to prevent the salt industry from going bankrupt and to protect salt taxes. During the Republic of China, the salt industry was undoubtedly an extremely important source of tax revenue and had been coveted by warlords from all walks of life.

Zhang Zhenfang himself naturally has his own calculations. If he can control the salt industry through the Salt Bank, he will have more political chips.

Li Yu asked: "Shouldn't such an important matter be organized by the Ministry of Finance? They should at least be the major shareholders, right?"

"It stands to reason," Zhang Zhenfang said. "The president originally decided to allocate 200 million yuan to buy shares, but was dissuaded by the Ministry of Finance."

Li Yuneng could guess the reason: "They must feel that customs duties and salt taxes have been intercepted by banking groups from various countries. If there is another salt bank, their powers will be even less, and they will not be able to collect money."

Zhang Zhenfang praised: "As expected of you, sir, you have a clear vision."

"So, there is basically no need to hold out hope for government capital." Li Yu said.

Zhang Zhenfang said frankly: "That's right. Now we can only place our hope on private capital, but not many companies are willing to inject capital; just Zhang Xun's investment of 50 yuan for the Yangtze River patrol is far from enough."

Li Yu said: "Everything is difficult at the beginning. If it can be run well, there will naturally be a lot of private capital injection in the future, but the reason why they are holding back is because they don't have enough confidence yet."

Zhang Zhenfang said: "What you are talking about is exactly the current predicament."

"Okay," Li Yu said, "I can offer 80 yuan, but there is one condition."

If Li Yu invests 80 yuan and becomes a major shareholder, Zhang Zhenfang will of course listen to his opinion: "Sir, please speak."

Li Yu said: "Jiuda Refined Salt and Yongli Alkali Plant in Tanggu, Tianjin need to obtain low-interest loans."

"This is a trivial matter," Zhang Zhenfang laughed. "If it is impossible to obtain official capital, the Salt Bank will only have the name of a professional bank, but in fact it will still be an ordinary commercial bank."

Li Yu said: "In fact, commercial banks have broader prospects."

In the future, Zhang Boju will become one of the four young masters of the Republic of China, and he will rely on the big tree of the Salt Bank to obtain a huge amount of precious collections.

The Salt Bank is remarkable in terms of operations and has been able to rise rapidly without relying on any government funding. Especially after losing the protective umbrella of the Beiyang government, it was still able to compete with Zhejiang's Industrial Bank in the field of private banking, which shows its strength.

In 1921, Salt Bank established a joint venture with Jincheng, Zhongnan and Mainland China, three well-known private banks also founded in the north, known as the "Four Northern Banks". ——The famous Sihang Warehouse in Shanghai also originated from here.

Li Yu immediately gave Zhang Zhenfang an idea: "If you want to gain a foothold as quickly as possible, you can purchase various public bonds issued by the United European and American Banking Group in large quantities."

Zhang Zhenfang understood: "I understand."

The public bonds issued by the victorious countries in World War I were hugely profitable. Japan's Yasuda Zaibatsu made huge profits by buying public bonds issued by the Japanese government and became one of the four major chaebols.

The Salt Bank can also purchase domestic public bonds and foreign currency bonds with huge sums of money, such as the aftermath loan bonds, Sino-French five-cent US dollar bonds, Sino-Belgian six-cent US dollar bonds, Shanghai-Nanjing Railway pound bonds, and Cleeves' pound bonds guaranteed by salt taxes. Wait, you can definitely make huge profits.

Li Yu also understands now that it is really troublesome for any bank to have working capital, and he cannot always rely on Citigroup or HSBC.

As a leading private bank, Salt Bank can definitely support itself.

After two years, Zhang Zhenfang will fall because he supported his cousin Yuan Shikai's restoration; another major shareholder, Zhang Xun, will also be disgraced for thousands of years because of the restoration and become an apartment owner in despair.

Li Yu added: "In addition, banks can also issue public bonds that ordinary citizens can purchase." "Small denominations?" Zhang Zhenfang asked.

Li Yu nodded: "Being happy alone is not as good as having everyone happy. Wouldn't it be better to let everyone earn money?"

Zhang Zhenfang, as a bureaucrat from the old era, would never have such an awareness. He said in astonishment: "Li...Grandmaster Li really looks like a grandmaster."

Li Yu said with a smile: "When people have money, their purchasing power will naturally increase, and if a good reputation spreads, more people will buy the bonds we issue and save money at the Salt Bank. Isn't it also beneficial to us?"

Zhang Zhenfang said with admiration: "No wonder the president, Mr. Tang Shaoyi, Mr. Zhang Jian and others all say that you have extraordinary talents. I am convinced. I will do whatever you say."

Li Yu pointed at the table full of dishes: "We've almost finished talking. Can we eat? The kids are hungry."

Zhang Boju has been sitting upright beside him.

Zhang Zhenfang smiled and said: "Come on, come on, sir!"

Li Yu asked Zhang Boju casually: "Come to Beijing to study?"

When Zhang Boju replied, he put down his chopsticks and said word by word: "Mr. Hui, I am preparing to take the exam for the military academy."

"Military academy?" Li Yu looked at his slightly thin physique and was a little surprised.

"Yes, sir," Zhang Boju said, "I want to be a cavalry general!"

Li Yu said: "I wish you success."

Zhang Boju said: "Thank you sir!"

Zhang Boju had to stay in the military for at least ten years before quitting. It is said that military career is very beneficial to people, but it is difficult to describe the military career in the Republic of China...

Zhang Zhenfang relied on his relative status with Yuan Shikai, his years of experience as a salt transporter, and millions of dollars in capital to quickly open the bank without any obstacles at all.

He established the Salt Bank's headquarters in the capital.

In addition to the financial business of public bonds, Li Yu went to Tianjin to find Fan Xudong.

The Wynn Alkali Plant has entered production, and it is a God-given opportunity. Now it does not have to fall into the price competition of the British Alkali Company immediately after production.

Li Yu asked the Salt Bank to approve a low-interest loan of 20 yuan in advance so that they could speed up production.

In fact, given the tightness of the European market during World War I, Wynn Soda Plant could still make a lot of money even with high interest rates.

Fan Xudong had no idea that Li Yu was so powerful. He said he could solve the financial problem, but he actually solved it.

His idea has always been to gradually grow bigger by relying on business operations in a down-to-earth and conscientious manner. As a result, Yongli Soda Plant received huge financial support just over a year after its establishment.

Fan Xudong said: "Sir, this money is a bit hot for me to get. What if I can't pay it back? There is still three points of interest a year."

Li Yu said: "Don't worry, you just produce like crazy and sell through your own channels."

"You mean Europe?" Fan Xudong asked.

"Of course!" Li Yu reassured him, "Britain, France, Germany, and Russia are all red-eyed and unable to take care of rear production. All the money is not enough for military expenditures, and they have to issue public bonds abroad to raise money. How can they still have money? Funding to support enterprises? Besides, a large number of young people have been recruited to the front line, making it difficult for factories to produce."

"So miserable?" Fan Xudong asked, "They are powerful powers!"

"So what?" Li Yu said, "Don't worry about whether they are a great power or not. If you don't make money, you are a fool. You must not miss this opportunity!"

Fan Xudong clenched his fist: "Okay! No matter what, we don't have to worry about selling our goods. Even if we can't make any money, we can't lose much."

Of course, it is impossible to worry about selling soda ash.

After bidding farewell to Fan Xudong, Li Yu continued to take the Jinpu Railway south to Shanghai.

Li Yu first asked Shi Liangcai to publish an exposé of the Shanghai International Savings Association by American economist Clark in Shenbao, and personally spent money to publish it on the front page for two days, making people aware of the ugly face of the scammer.

Baden, a French drug addict who organized the International Savings Association, was very angry and wanted to struggle a little and published an article in "Declaration" to fight back.

But in Li Yu's view, it was just asking for trouble.

Li Yu immediately contacted Zhang Yuanji, Yu Qiaqing, the flour king Rong brothers and other prominent figures in the Shanghai Chamber of Commerce, and jointly issued a joint article denouncing his crimes.

The International Savings Association has just started and does not have a large scale. The French Concession did not want to protect it at all. Seeing that public opinion was so strong, it had no choice but to ban it.

After the collapse of the International Savings Association, Li Yu issued public bonds with smaller denominations through the Shanghai General Chamber of Commerce, Shanghai Industrial Association, Salt Bank, and Bank of Communications.

This approach has since been used by the United States, resulting in very considerable wartime prosperity.

Of course, China's current private capital is not as large as that of the United States, but it can be split into smaller denominations so that more people can afford it.

It’s just that people generally have to wait and see, and it’s up to each powerful company to make the first move. Fortunately, these companies are more willing to spend money. After all, some of them took the money Li Yu got from Germany.

Now that Li Yu has the backing of the Salt Bank, he can release the second wave of funds from Germany through the bank, which is more formal, and he can easily bring the Salt Bank with him.

-

In the concession, Li Yu met Hoffman, the representative sent by Bayer.

The Bayer pharmaceutical factory was put into operation and the first batch of aspirin was produced.

But Hoffman was a little embarrassed: "I really didn't expect that when I just got off the ship at Shanghai Port and was thinking about where to go to taste Chinese food, the newspaper said that the emperor had declared war."

Li Yu asked: "Sir, are you planning to return to China again?"

"Most likely, because Japan defeated our army in Qingdao," Hoffman said helplessly, "and I couldn't even take the Siberian Railway this time and could only take the distant sea route."

At this time, he could barely go back. In a few months, the entire German maritime trade would be completely blocked by the British Royal Navy, and the people would have difficulty even having food and clothing.

Li Yu pretended to be pitiful and said: "I hope this distant journey goes well."

Hoffman said: "The pharmaceutical factory in Shanghai can only be entrusted to my husband to take care of it. If a German is still the chairman, the Japanese will intervene."

What Li Yu wanted was this sentence: "Sir, don't worry, I won't let the pharmaceutical factory fall into the hands of the Japanese."

"That's good," said Hoffman.

In order for him to leave as soon as possible, Li Yu also gave him some advice: "The Mediterranean Sea is calm, sir, you can take the passenger ship to Italy in three days."

Hoffman said gratefully: "Thank you sir for reminding me!"

Well, after you left, I had to reluctantly accept the Bayer pharmaceutical company that I invested millions of dollars in.