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The auction hall was packed with merchants, making a clamorous noise like a busy marketplace.
Li Kaiyuan stood on the auction stage and glanced down. Cao Zhengyang, Ding Wu, and other major Qingzhou merchants were all present. Then, his gaze briefly lingered on Zhu Wuliu.
After all the merchants were seated, Li Kaiyuan began to introduce the purpose of the steam engines this time. According to the plan formulated by the imperial court, the key industries to be supported were textiles, sugar, papermaking, and mining. Currently, steam engines could only play an important role in these four industries.
Therefore, the workshops to be established this time were textile workshops, white sugar workshops, papermaking workshops, and mines.
“…These are the four types of workshops currently prioritized for imperial court support. Depending on the type of workshop, the price of the steam engine and its attached machinery will also vary,” Li Kaiyuan introduced them one by one.
Below the auction stage, Cao Zhengyang said to Ding Wu, “Brother Ding, which type are you planning to buy?”
“A mine, of course. Currently, various ores in Qingzhou Province are insufficient.” Ding Wu said with a smile.
“That’s natural, but the price of mines isn’t low. The steam engine costs money, and the mine itself costs money, and the imperial court won’t give you a good mine either,” Cao Zhengyang said. Thɪs chapter is updatᴇd by 𝘯𝘰𝘷𝘦𝘭·𝔣𝔦𝔯𝔢·𝗇𝗲𝘵
“Brother Ding is absolutely right. However, it would be different in Britain. It’s said that merchants there have a very high status and can even participate in government affairs. It’s truly enviable!” Cao Zhengyang lamented with a sigh.
Ding Wu’s eyes darted around. After Prince Wei died, Ding Wanqian brought his entire family to settle in Qingzhou Province. Now, he had staked his entire fortune and life on Xiao Ming, thus he was extremely loyal to Xiao Ming.
Therefore, Cao Zhengyang’s mentioning such a sensitive topic made him feel somewhat apprehensive. “Brother Cao, the status of Qingzhou Province merchants has greatly improved now. We should be content. The West is the West, but our Great Yu Empire has its own national conditions. It’s best to speak less of such matters.”
Cao Zhengyang was stunned for a moment, then suddenly chuckled awkwardly. He said to Ding Wu, “Brother Ding, what are you thinking about? I merely spoke casually, just casually.”
While the two were talking, Li Kaiyuan had already begun the auction. The first item, a complete set of mining steam engine pump, tracks, and mine carts, started at two hundred thousand taels of silver.
“Two hundred and fifty thousand taels.” Ding Wu immediately raised a high price. Compared to his time in Jinling city, the Ding family’s wealth had grown considerably in Qingzhou Province.
Not to mention overseas trade, the profits from these two wars alone had earned them a lot of silver. Now they were indeed financially strong.
“Two hundred and eighty thousand.” Cao Zhengyang said casually.
Ding Wu looked at Cao Zhengyang, displeased. “Brother Cao, you’re really not being honest. Just now you advised me not to get involved in the mining business, and now you’re slapping yourself in the face.”
“Brother Ding, I never said I wouldn’t participate,” Cao Zhengyang laughed.
Ding Wu was displeased. This Cao Zhengyang was becoming increasingly arrogant, especially after the rise in status of Qingzhou Province merchants. Cao Zhengyang even considered himself the head of the Great Yu Empire’s wealthiest family, and had gathered a large number of merchants around him, acting like the leader of Qingzhou Province’s merchants.
However, while the Cao family was wealthy, their Ding family was not inferior. Others might be respectful to him, but he saw no need to be.
An inexplicable tension spread between the two. At this point, Ding Wu bid again, and Cao Zhengyang followed suit.
Soon, the price was raised to three hundred and seventy thousand taels. At this point, Ding Wu stopped bidding, as the price was simply too high.
After the first set was sold, Li Kaiyuan auctioned the second set. To Ding Wu’s surprise, Cao Zhengyang continued to participate in the auction.
Then came the third set, the fourth set. After acquiring six sets in one go, Cao Zhengyang finally stopped. Ding Wu could only secure the remaining two sets.
Compared to other industries, the number of machines for mining this time was small and the price was high. In Ding Wu’s view, this Cao family had no small ambition.
The two competed for a while, and Ding Wu came out on the losing end. At this time, other steam engines also began to be auctioned. Cao Zhengyang then secured some steam engines in every industry.
He ultimately bid for a total of twenty steam engines, while Ding Wu, according to his plan, only managed to secure six.
The auction lasted for two hours. As the sun set, all the steam engines were sold, and the merchants, with mixed feelings of joy and sorrow, left the Chamber of Commerce one by one.
Zhu Wuliu and Shangguan Yong also prepared to return. This time, they did not come in vain, successfully acquiring the textile workshop steam engine and textile machines. However, their silver was also completely depleted as a result.
After seeing off the merchants, Li Kaiyuan immediately took the account books to Xiao Ming’s temporary palace. He wanted to inform Xiao Ming about the auction results.
“The Cao family acquired twenty units!” Xiao Ming, who had been reviewing memorials since returning from the military workshop, was greatly surprised by Li Kaiyuan’s words.
“Your Majesty, this Cao family’s ambition is truly not small. I’m afraid that if this continues, the Cao family will monopolize all industries in Qingzhou Province,” Li Kaiyuan said. Over five years, Li Kaiyuan had learned much of the modern commercial theory provided by Xiao Ming, and now he was well-versed in concepts like monopolies.
“You’re right. This Cao family is immensely wealthy, more than enough to buy out our entire Qingzhou Province. Of course, supporting private workshops benefits them the most. But you needn’t worry. This is the Great Yu Empire. No matter how capable the Cao family is, they still have to behave themselves.”
After a pause, he said to Li Kaiyuan, “Since that’s the case, you should organize the ‘Commercial Law’ and submit it to Pang Yukun. It will be passed in the morning court session in the next two days.”
Li Kaiyuan’s face lit up with a smile. He said, “How did I not think of that? The ‘Commercial Law’ is the best way to govern these merchants.”
Xiao Ming glared at him. “You are still a merchant; have you forgotten that you are also an imperial official?”
This “Commercial Law” was a law tailored by Xiao Ming for the Great Yu Empire based on modern and contemporary corporate laws, aiming to combat monopolies, profiteering, taking advantage of national calamities, and other malicious behaviors.
As long as this law was implemented, he could use it to rectify behemoths like the Cao family. Otherwise, allowing capital to expand indefinitely could lead to problems. He certainly didn’t want his achievements to ultimately be stolen by these merchants.