Chiwan Exchange was originally designed as a commercial exchange, but soon businessmen realized that it was impossible for them to do business in the tea season. They hoped that the exchange could give them pre-sales. In fact, pre-sales had the nature of futures. Many of them withdrew funds to avoid risks before Fujian paid the deposit and the firm immediately went to the exchange to sell futures, which gradually formed a futures trading situation.
Hurd has been keeping a close eye on the situation and constantly revising the system. The system is of high quality, so the exchange has become a futures exchange with the joint efforts of businessmen and Hurd.
However, Hurd also found that many businessmen traded bonds over the counter. They printed their own bonds, including Thomas Gray’s tea plantation bonds. Later, HSBC also issued bonds. HSBC has already lent 22,000 yuan to the Guangdong government, but they can’t freely raise funds. Therefore, issuing bonds with the words of Guangdong government mortgage bonds printed on their faces is tantamount to sharing risks through bonds.
Hurd set up a professional exchange in order to restrict OTC trading and regularize trading.
However, this commercial stock exchange is not an official institution, but a sexual structure. Only businessmen who have purchased membership seats can conduct trading exercises in it. At present, there are five tentative membership seats, and the original bid for each seat is 5 taels, but businessmen and foreign firms who are optimistic about the prospects of the exchange have already fried the seats to 3 taels.
Among the three floors, the first floor is the commercial futures exchange, the second floor is the securities exchange, and the third floor is the office space, including the exchange staff, who are all on the third floor for settlement and liquidation of the industrial exchange, and their dormitory is also located on this floor.
Businessmen are very much looking forward to this huge exchange. The root of Zhang Yin’s former exchange is that people come and go in Mazu Tempel, which seriously affects their business. In addition, many foreigners live in Hong Kong, and they have to travel back and forth between Xin ‘an and Hong Kong, which is very troublesome. Now, the exchange is built on the other side, which saves them a lot of time.
Hurd made a speech after the ribbon-cutting ceremony, expecting the future of an exchange and wishing all its members a fortune. Finally, he said that for the purpose of supporting the exchange, the Guangdong government will issue 50,000 government bonds, which will be jointly underwritten by Guangfu Bank and HSBC. The bonds will be listed on the exchange for trading at the first time, and everyone is welcome to invest and subscribe.
Well, it’s a good time to launch Guangfu Bank.
Zhu Jinglun’s banknotes have been printed. At present, a total of 52, 1, 2 and 1 denominations of banknotes have been printed, but the bank has not yet opened a bank. Many people still don’t know what this bank is. Hurd gave you a brief introduction at this time.
It is said that it was founded by Guangdong Daotai Zhu Jinglun and Wu family, Pan Shi family and Lushi family Ye family. At present, it has obtained the Guangdong government’s legal tender printing license, and all the design seas in Guangdong accept the bank’s banknotes, which have extensive power to pay taxes and purchase government property in Guangdong.
As soon as the background of this bank came out, many people’s attraction shifted from the exchange to the bank, asking what the scope of this banking industry could be and whether anyone would accept shares.
Hurd replied that the bank is headquartered in Guangzhou West and does not accept investment at present. The owners should include the loan industry, bond issuance and so on, but they can accept underwriting for special customers. Of course, this special customer must be an expensive guest with huge sums of money in the bank.
Xuan Bank only gave Hurd a small opportunity to issue bonds, which is the real purpose.
Because the funds are still very tight
To be honest, Guangdong’s finance has improved a lot. Hurd has completed three financial reforms: Guangzhao Road, Gaoleiyang Road and Huichao Jiadao, and temporarily put the tax expenditure accounting in the tax department under Hurd’s charge. However, except Guangzhao Road, the other two are not helpful. Gaoleiyang Road is very direct. Not only does it not collect enough taxes, but it also subsidizes the local government to sell them. Otherwise, it is not Zhu Jinglun’s desire to see Huichao Jiadao, but it just breaks even and has no surplus.
However, after the collection of Guangzhou-Zhaoluo Road business tax, the tax has been rising steadily. Last year, the tax rose from 212,000 in the previous year to 232,000. The business tax has changed from a mess in the past to a formal business tax. Only in the first half of last year, 12,000 was collected in various counties. After this year, Hurd expects to reach at least 22,000.
However, in the past, the government could not even pay 50 thousand yuan, which lost its tax significance, but the businessmen paid nothing less and more
Because of the reason or the bad rules, everyone knows who cares. Anyway, if there is not enough money, we still have to find a businessman to apportion it.
Just like in the past, the management of the sea was lax, bribery was rampant, and smuggling and tax evasion had been very serious. In 152, Liang Shaonan, the censor of Jiangnan Road, once said that only white sugar and rock sugar were imported from the areas under the jurisdiction of Guangdong Sea every year, but at that time, Guangdong Sea recorded only 150,000 kilograms, showing that the amount was three times the normal tax payable for shops. The same was true in the past, when the government failed to collect 350,000 yuan, Hurd could collect 20,000 yuan.
However, even if the tax revenue is so abundant, it is still not enough to spend 20,000 yuan just by dialing back to local governments. It is better to have more money when it is not included in so many sites. The reason is simple: Zhu Jinglun has greatly increased the management salary at all levels, so that even county petty officials can live a decent life and can guarantee at least 5 taels of silver every month.
Of course, after their salaries are allocated, they will be distributed by the county houses. This kind of financial department has of course been incorporated by Zhu Jinglun, and now it is directly under the Hurd tax department from the house to the house. When the system is mature in the future, Zhu Jinglun will still be divided. Hurd’s power is too great.
After allocating the salaries of local officials, Zhu Jinglun has more than one million funds left, which is not enough to pay tens of thousands of troops, so he has used up the money. However, they still need 10,000 munitions and stores for training, 50,000 warships for daily transportation, and 52,000 warships for the smallest gunboat, totaling 52,000. The cost of the largest 5-ton giant ship is as high as 52,000 plus 1,000 tons, and 3,000 tons, etc., so these tax revenue sources can’t be enough.
However, if these taxes are used as collateral, the Guangdong government can issue larger bonds and raise 50 thousand from the market, which is not a big number. The only thing to worry about is how to ensure the credibility of the government and convince everyone that the government will repay the loan, mainly to convince Chinese businessmen.
Zhu Jinglun invited 120 businessmen to Guangzhou and told them that it was time for him to pay them back. The money borrowed from these businessmen at the end of the previous year should be paid back, and it was a few months late. Zhu Jinglun was very sorry and swore that he would sign a contract with them without delay.
Section 330th Issuance of Bonds
On May 1, 163, after a year of construction, a three-story western-style building covering an area of 10 acres was opened for business. Prominent Chinese businessmen in Hong Kong and representatives from various foreign banks and banks were all present, because this building was named as a sex institution of Guangdong Commercial Exchange.
Hurd personally cut the ribbon on behalf of Hai, and he advocated the establishment of this exchange, which he had argued with Zhu Jinglun five times.
Hurd insists that Kowloon, facing the outside world, is more suitable for building an international trade port than Xin ‘an Chiwan Port, while Chiwan Port and nearby Shekou Port, Guangdong import and export port, Kowloon Port, should be the most in line with the development direction.
He urged Chiwan Exchange to move here, so that no matter whether it is Fujian South businessmen or merchant ships from the west, it would be difficult for Chiwan to compete with Hong Kong if it did not move.
However, this exchange can not only copy the Chiwan Exchange, but also add many new ones.
After several years of Chiwan Exchange, developers have played a lot of new tricks in the exchange, such as bonds.
Chiwan Exchange was originally designed as a commercial exchange, but soon businessmen realized that it was impossible for them to do business in the tea season. They hoped that the exchange could give them pre-sales. In fact, pre-sales had the nature of futures. Many of them withdrew funds to avoid risks before Fujian paid the deposit and the firm immediately went to the exchange to sell futures, which gradually formed a futures trading situation.
Hurd has been keeping a close eye on the situation and constantly revising the system. The system is of high quality, so the exchange has become a futures exchange with the joint efforts of businessmen and Hurd.
However, Hurd also found that many businessmen traded bonds over the counter. They printed their own bonds, including Thomas Gray’s tea plantation bonds. Later, HSBC also issued bonds. HSBC has already lent 22,000 yuan to the Guangdong government, but they can’t freely raise funds. Therefore, issuing bonds with the words of Guangdong government mortgage bonds printed on their faces is tantamount to sharing risks through bonds.
Hurd set up a professional exchange in order to restrict OTC trading and regularize trading.
However, this commercial stock exchange is not an official institution, but a sexual structure. Only businessmen who have purchased membership seats can conduct trading exercises in it. At present, there are five tentative membership seats, and the original bid for each seat is 5 taels, but businessmen and foreign firms who are optimistic about the prospects of the exchange have already fried the seats to 3 taels.
Among the three floors, the first floor is the commercial futures exchange, the second floor is the securities exchange, and the third floor is the office space, including the exchange staff, who are all on the third floor for settlement and liquidation of the industrial exchange, and their dormitory is also located on this floor.
Businessmen are very much looking forward to this huge exchange. The root of Zhang Yin’s former exchange is that people come and go in Mazu Tempel, which seriously affects their business. In addition, many foreigners live in Hong Kong, and they have to travel back and forth between Xin ‘an and Hong Kong, which is very troublesome. Now, the exchange is built on the other side, which saves them a lot of time.
Hurd made a speech after the ribbon-cutting ceremony, expecting the future of an exchange and wishing all its members a fortune. Finally, he said that for the purpose of supporting the exchange, the Guangdong government will issue 50,000 government bonds, which will be jointly underwritten by Guangfu Bank and HSBC. The bonds will be listed on the exchange for trading at the first time, and everyone is welcome to invest and subscribe.
Well, it’s a good time to launch Guangfu Bank.