Phi-Fic Chapter 531 About the Silver Bank!
Chapter 531 About the Silver Bank!
Although the transfer order has been issued, the person hasn't arrived yet.
Mu Xin Nuan thought carefully about how she should greet her good sister, and of course, her good brother-in-law.
The construction of Chang Le Fang went very smoothly, and the issue about money shops and banks that Mu Xin Nuan had mentioned earlier also received attention from Duanmu Chu Ze.
Duanmu Chuze directly ordered the recruitment of people skilled in accounting, and at the same time, he ordered that two shops in the two most prosperous areas of Chang Le Fang be reinforced.
Duanmu Chuze's intention was simple: he wanted to build a money exchange under his own name in Changlefang.
Of course, it cannot be said to be under his own name, but rather it was established in the name of the government.
This is the first case in the Great Yong Dynasty.
The Ministry of Revenue was in charge of money and grain, but even so, there was no mention of government-run money shops. The government, as a powerful institution, was only responsible for minting copper coins, silver ingots, gold ingots, and so on. As for money shops, in anyone's eyes, it was a matter for merchants.
However, Duanmu Chuze saw the opportunity here.
This reminded him of his previous life's banking business. Is there any business in the world more profitable than running a bank?
Because of this idea, Duanmu Chuze started working from dawn till dusk again, and together with Liu Yi, Xu Hai, Wang Zhao and others, they began to think about it and eventually came up with a prototype of the government-run money shop.
Liu Yi never expected that the prince would have such an idea. However, as long as the currency and silver can be gathered together, they can play a greater role and show their greater value.
He completely agreed with the prince's point of view.
At this point, Liu Yi had to admit that coming to Yanzhou was indeed the best decision he had ever made.
With such a wise and powerful master, how could they not accomplish great things in the future?
When Mu Xin Nuan heard about Duanmu Chu Ze's idea, she was also extremely surprised.
She only said it casually that day; in fact, she hadn't thought that far ahead. She never expected that Duanmu Chuze would have already started working on it.
Moreover, judging from the current situation, it seems that things are quite promising regarding the money exchange.
“Anuan, if you hadn’t reminded me that day, I wouldn’t have thought of this. I’ve already decided, the government-run one will be called Changping Bank. Since we’re government-run, we can’t call it a money shop, as that would remind people of private money shops. Bank sounds more prestigious, don’t you think?”
Mu Xin Nuan nodded. "Your ideas are always good."
Duanmu Chuze didn't mince words, raising an eyebrow and saying, "Of course, otherwise how could I be your husband?"
"So, according to you, you want to open two more branches of this bank in Chang Le Fang?"
"Yes, one in the east and one in the west. In addition, since it is a government-run bank, it is natural to have government officials patrolling outside. This will reassure the people and give them a sense of expectation and stability regarding our bank."
"But I don't understand, Aze, you've never discussed this before, do you know how to operate the Changping Bank?"
Duanmu Chuze raised an eyebrow slightly. "Of course I know! Although I don't understand it very well, I know the general direction and plan. I may not understand it, but I have people under me who are proficient in every detail. I just need to express my meaning clearly, and then my subordinates will naturally understand when they carry it out."
"Can this bank really make money?"
Duanmu Chuze took a small silver ingot from his sleeve and placed it on the table. "Here, look, you've deposited ten taels of silver in my bank. Let's say I give you one qian of silver in interest per year. What do you think?"
Mu Xin Nuan thought for a moment, "Sure. It does seem a bit like making money from money."
"Okay, next, we've divided the money deposited in the bank into several terms. For example, there are current accounts, which you can deposit and withdraw at any time, but the interest rate is lower. Then there are fixed-term accounts. For instance, if you deposit for three months, the interest rate will be higher than that of a current account. If you deposit for six months, the interest rate will be higher than that of a three-month account. If you deposit for a whole year, the interest rate will be higher than that of a six-month account. And so on. Do you understand?"
Mu Xin Nuan asked, half understanding, "But why did you set it up this way? The more interest you pay, the more land you lose, right?"
Duanmu Chuze smiled faintly, "I haven't finished yet. These are the benefits for ordinary people. Storing their money in a bank is safe, and they can sleep soundly at night. Don't you think so?"
Mu Xin Nuan nodded. Anyone would have trouble sleeping if they had a jar of silver under their head, right?
"As for the longer they deposit, the higher the interest, I will not only not lose money, but I will actually make money. Think about it, if ten thousand people deposit ten taels of silver for a one-year fixed term, then it is equivalent to me having one hundred thousand taels of cash in my hands. I can take out this silver and do what I need to do. Do you understand now?"
Mu Xin Nuan suddenly realized, "So, you're basically taking their money to work for yourself?"
“That’s right! Also, in the future, we might deal with other private money shops, making remittances back and forth, and all of that will require money. Tell me, how could my bank possibly lose money?”
"Are there many things you want to do, but you can't because you don't have enough money?"
Duanmu Chuze sighed heavily, "Anuan understands me best! It's true, I'm a bit tight on money right now. I still have so much to do, and it costs money everywhere. As long as the bank can operate normally, things will get smoother and smoother from here on out."
Mu Xin Nuan pursed her lips. "I'm afraid this bank won't be completed until next year, right?"
"Well, it won't be until late spring next year at the earliest. But I've already started training people."
Looking at Duanmu Chuze, who had clearly become much more haggard in the past few days, Mu Xin Nuan felt a pang of heartache and said, "It's a pity I can't help you much. Just not causing you any trouble is already something I'm doing well for. When your bank officially opens, I'll be the first to deposit a large sum of money there, okay?"
Duanmu Chuze pulled her into his arms, his arms tightly encircling her body. "Anuan, I knew it. No matter what I do, you'll always be the first to support me unconditionally. Thank you, Anuan."
“We’re husband and wife, why thank me? Oh, right, I just remembered. Isn’t Jin Hui coming to Yanzhou soon? We could try to figure out his money.”
"Hmm? You're planning to scheme against him?"
"If you deposit the money into a fixed-term account, the interest will be high. But what if you don't deposit it to the full term? What if you have to withdraw it in the meantime?"