It is precisely because of this that on the third day of the formal establishment of the Federal Reserve Board, Ba Fengtian, chairman of the board of directors, announced that the Federal Reserve Board will be an open organization, and will absorb any qualified banks and financial institutions that are willing to abide by the Fed's charter in the future.

All in all, everything is open and competitive.

However, it was precisely because of its openness and competitiveness that the financial organization grew rapidly---- and within a few years, the Fed's membership gradually expanded from two to more than 100 people, including several banks founded by the travelers themselves, as well as banks that had been reformed by various maritime merchants, including the four major Chinese businessmen in Macau.

Because federal law allows all qualified businessmen in the world to register and establish commercial banks in the Commonwealth of Australia, and later, there are even commercial banks established by the Dutch, Portuguese, English, and French in the Commonwealth of Australia.

Obviously, this is also a market elimination mechanism, if a financial institution does not have a Federal Reserve membership, then its position in the market is at the bottom, and if you want to climb up to gain a favorable position in market competition, it depends on your own ability.

In addition, as the chairman and president of ICBC, Han Lotian automatically becomes a full member of the Federal Reserve Board - because the Federal Reserve Board is essentially a union of banks, so the status of a member of the Federal Reserve Board is lifelong - as long as ICBC's membership has been there, then the chairman of the bank has always been a "member" of the Federal Reserve Board.

Obviously, the status of the members (or members) is superior to that of the chairman and vice chairman, because according to the later "Federal Reserve Management Selection Act", both the chairman and the vice chairman must first approve the nomination of the members, and then submit it to the federal president for approval, and then the president will submit it to the federal senate for approval.

Therefore, these chairmen and vice-chairmen are essentially the waiters of these members – similar to professional managers, to whom the management of the Fed is accountable for all the work, and behind these members are the bank investors who make up the alliance – all the shareholders.

So, along with Han Lotte, he also became a member of the Federal Reserve Board, because he is the chairman and president of the Australian Development Bank.

In this sense, the Federal Reserve Board is a lot like a banking club, or a financial trade association – except that it is an industry association with the power to issue notes.

Of course, whether it is the Australian Development Bank or the Industrial and Commercial Bank of China, their respective operations are independent and even competitive.

The only business connection for the members is to coordinate monetary policy under the supervision of the Commission – which includes adjusting the reserve ratio, floating limits on deposits and loans, and so on, while also allocating the amount of notes issued – which is obviously high for the big banks and low for the small banks.

For this reason, Boss Xiao Han knows very well that if his Industrial and Commercial Bank does not want to be squeezed out of the market by Lao Ba's Australian Development Bank in the future, he must operate seriously and do a good job.

So Han Letian, who had a sense of crisis, found Yu Hewei on the second night of the "Linchen Seminar", and he planned to let Brother Yu replace him as the president of ICBC, but Lao Ba took a step ahead - when Han Lotian found Brother Yu, the latter was pressed by Lao Ba on a chair in the restaurant on the first floor and poured Xianrendong milk wine, as if he was still a little drunk, and Xiao Han was embarrassed to ask what the two talked about, but Lao Ba generously pulled Xiao Han together to drink, and then came up with a joint development plan- Lao Ba suggested that Xiao Han go with him to Zixia Island, which is a financial gold mine with a large number of Han Chinese and untapped.

So the three of them discussed for a long time in the restaurant on the first floor, and the next day the three of them jointly proposed to Sun Lao and others---- we have to go on a long trip.

They were going to follow Nicole to Zixia Island, and then they wanted to go to Timor Island.

Mr. Sun had just returned from Timor Island and was very important to know what was going on, especially at the top---- which was very important for the financial industry.

After listening to Yu Hewei's report on behalf of the other two, Sun Lao thought that Zixia Island's financial business income was worth developing, but there were only major business opportunities on Timor Island.

He told the three:

The Portuguese and Dutch have operated on the east and west sides of the island for more than half a century, and trade activities on the island are very frequent, but the war in the past few years has caused great damage to the island's economy, and now it is gradually recovering.

Elder Sun said, since I know that you have this plan, I also want to talk to you about these things.

The three immediately expressed their desire to hear more.

Sun Lao said:

"When I was still in Timor, I sent a telegram to discuss the establishment of a bank, and when the duchess found out, she was very interested in our Australian bank, and she asked me to tell me and suggested that you ---- you can open a bank on Timor Island, of course, it would be better if you could let her take a stake.

And we have also heard that the Dutch once had plans to open a bank in the Portuguese city of Oecussi in the middle of the island of Timor, but the Portuguese were worried about the expansion of the Dutch power, so Pimont personally made a trip to the city of Oecussi and temporarily persuaded the Oecussi City Council to refuse the Dutch's request.

But that's about it, after all, the Dutch set up a branch in Oecussi, which was conducive to the prosperity of the city, which was very attractive to the members of the Council of Oecussi.

As far as I know, all the merchants of Oecussi have accounts in the Dutch banks of the city of Kupang, and they have large sums of money.

Also, as far as I know, Pimont himself has several accounts in the Dutchman's bank......"

Han Lotian asked at this time: Since there is such a need for a bank, why don't the Portuguese open one themselves?

Sun Lao said with a smile, I also asked Pimont about this, he just shook his head and said, the Portuguese now have neither the strength nor the talent to open a bank, after all, engaging in finance is not just a business that can be done with capital.

Boss Xiao Han nodded immediately and said, yes, actually, it's easy to talk about economic strength or something, the main thing is that I don't understand, the solid backing of trade, and I'm afraid that if I don't do it, I'll smash the pot......

Lao Ba responded, if you talk about strength, if you look at the world, only the Dutch or the Spaniards have it, right? The Dutch bank in Kupang was a branch of the Dutch East India Company, so the Dutch are worthy of being the founders of the modern economic system of mankind, and today the East India Company is not only listed on the Amsterdam Stock Exchange, but also has established a banking system around the world......

Why don't the Spaniards learn from the Dutch to run a bank?

At this time, Han Lotian asked again.

Yu He next to him immediately replied:

"Hey! This Spain is really hard to describe, if you want me to say, the Spanish people's thinking is indeed still stuck in the Middle Ages, from the upper nobility to the lower serfs, all look down on the industrial and commercial service industry, the Spaniards also look down on the Dutch in their bones, after all, the Netherlands was originally a barren area under Spanish rule, where there was nothing but herring.

Therefore, the Spaniards just blindly plundered the Native Americans, and the honeysuckle they robbed was only in two aspects: one was to engage in ships and arms, which is easy to understand, otherwise how to plunder the outside world, right? The second is the consumption pleasure of the upper class.

Obviously, all these acts of Spain created a large number of business opportunities for the Dutch, the British, the French, the Hanseatic League of the German coastal city-states, and the Venetians, so that these countries, especially Britain and the Netherlands, took the opportunity to engage in various manufacturing and commercial services, and as a result, the gold and silver that the Spaniards had worked hard to grab were all earned, so that later, the Netherlands, Britain, France and other countries not only prospered their own national economies, but also took advantage of the situation to improve the country's industrial manufacturing capacity, scientific and technological level, The overall national strength has been greatly enhanced.

Of course, the reason why we were able to seize this rare historical opportunity is inseparable from the relatively free industrial and commercial social environment of these countries.