If this matter is placed in the future generations, Hong Tao will never dare to do this, incubator? There is not a single good egg in it, it is all rotten eggs! This is a problem of the times, in the Song Dynasty, including most of ancient China, the problem of commercial credit has never been a social problem, without credit in the society is difficult to move an inch, this is a social atmosphere, you can not be allowed to do not comply. But I don't know when the thing of credit disappeared from people's minds, and it became not as good as a fart, materialistic desires are rampant, and people's hearts are not ancient, is this change progress or regression? Hong Tao couldn't tell it either. He only knows that these things that have been destroyed are the most quintessential part of China's thousands of years of culture, and it is easy to destroy it, a few years is enough, but it is very, very difficult to rebuild, and maybe it will not be able to make up for it in a hundred years.

The Song Dynasty was such a credit society, don't look at it as a complete commercial society, but it basically has the credit system that should exist in the commercial society. For example, there are many futures, brokers, credit, banking systems, appraisal agencies, etc., which are even more perfect than later generations.

The main responsibility is to count and manage the property of orphans and extinct households, as well as ownerless goods, property with economic disputes, and property confiscated by the government. There is such a passage in the "Minggongshu Judgment Qingming Collection": The law of 揆 (kui), the so-called inspector, the dead male orphan child, the official for the inspection of the school's property, the degree necessary, to the orphan and young, the obligation to pay relatives can be entrusted to raise, wait for the year to pass, the official to return.

The meaning of this passage is that, according to the laws of the Song Dynasty, orphans whose parents died were treated. It is the responsibility of the government to verify and register their property in the inspection and school treasury for safekeeping. The property was not confiscated. It's not about donating to unrelated institutions and then leaving it alone. Instead, a portion of it is given to the orphan's guardian as living expenses, and when the orphan reaches adulthood, the government returns the property in escrow to them. This method is the same as many trust funds in Western countries in later generations, and it is more stringent, and this credit is backed by the government.

If this kind of fiduciary responsibility is too rudimentary, it doesn't matter, when it comes to the Song Dynasty. This system of checking and checking the library has undergone a fundamental change. In the fourth year of Xining, Wu Anzhi (Wang Anshi's son-in-law), who was in charge of managing the inspection library, wrote a note to the imperial court, and put forward opinions on the inspection and school library system, saying that these properties in the inspection library will depreciate over time, and it is better to take them out for lending, which can not only maintain the value, but also make money money. This proposal was finally approved by the imperial court, and a new set of methods for calculating interest was formulated, which was a 100% trust investment fund.

In addition to trust funds such as the inspection library. The main manifestation of a society's credit system is commercial lending, and in the Song Dynasty, there were also laws that clearly stipulated how to carry out commercial lending. "Song Hui to compile the manuscript. It is recorded in "Food and Goods". In the first year of the Northern Song Dynasty, the imperial court legislated, specifically stipulating that buying and selling on credit made legal provisions, which roughly means this. All non-cash transactions or buy-and-sell on credit must have a tooth holder as the guarantor, and a tripartite liability contract must be signed to clearly stipulate the repayment date and liability for breach of contract. In this process, if any party commits fraud, they will be held accountable by law.

Here is another problem involving a tooth man, the tooth man of the Song Dynasty is a broker, that is, an intermediary agency or an individual, are they so reliable? Won't there be a situation where one party colludes with intermediaries to cheat customers? The laws of the Song Dynasty also made clear provisions on this, and there was also a complete set of intermediary management methods and access systems, which fundamentally reduced the possibility of intermediary fraud.

Tenant, this is the Song Dynasty's collective name for all brokers, intermediaries, agents, notarizations, and guarantee agencies, which is what we call the tooth industry. This industry was very, very developed in the Song Dynasty, and it was also a by-product of the extremely frequent commercial activities of a society, which were found in almost every economic activity in every city. The house is the housing agent of the later generations, the sister-in-law is the housekeeping agent, the old man is the human resource agent, and the foreign trade agent who knows foreign languages and so on.

These people are not the industry of having a long head, a neat mouth, and a good brain, and the Song Dynasty has a special "Dental Protection Law" to regulate the behavior of tooth people. If you want to be a tooth person, you must go to the government to apply for a status card to open a business, and then the government will determine whether he is suitable or not according to the applicant's credit, reputation, ability, and property. After getting this identity card, it is a tooth person with legal effect, otherwise it is a black tooth, and the government does not recognize it.

The identity card must be carried with you when dealing with transactions, with the licensee's name, place of origin, industry and number on the front, and three articles on the back, the first is that the goods that have not been printed and taxed shall not be traded; second, it must not hinder the free transaction between buyers and sellers, that is, it cannot forcibly intermediate; Third, it is forbidden to raise prices and delay merchants. These three articles are the same as the investigation of cases by the European and American police in later generations, and they must be read aloud to the merchants in person before they can start intermediary services. Therefore, with the participation of the right people, although a part of the remuneration will be paid, the risk of the transaction is much smaller, there is an additional guarantor, and it is also endorsed by the government.

It is precisely with these perfect commercial credit systems that the economic activities of the Song Dynasty will be so developed, and even such lofty things as futures have appeared. For example, when the lychee tree first blooms, the fruit merchant will come to the door to sign a forward contract with the grower, and pay a certain amount of deposit, and the designated lychee tree is fully packaged. As long as this contract is signed, the lychees on these lychee trees will belong to the fruit merchant, no matter how much or less the fruit is knotted and the quality is high, anyway, as soon as the fruit is ripe, you have to pay to pull it away, otherwise you can take the contract to the government to sue you. In addition to lychees, rice, cloth, silk, silk and many other commodities are commonly procured using this forward contract.

The most interesting thing is that Hong Tao also discovered the securities market in the Great Song Dynasty, called the Exchange Quotation Shop, but the speculation in this securities market is not stocks, but the meaning is similar, it is a variety of exchanges sold by the Great Song Dynasty. Due to the monopoly system implemented in the Song Dynasty, salt, tea, alum, incense, rhino horn and other goods need to have this kind of document in order to circulate in the market. In the Song Dynasty, when the government sold the sale, it adopted a buying system, and the merchants themselves bid for it, as long as it was not lower than the government's appraisal, it could be sold.

In order to encourage merchants to come and buy and trade, the Song Dynasty government would deliberately underestimate the valuation, leaving a part of the profit margin for the merchants. Therefore, the price of cross-quotation is divided into two prices: real valuation and false evaluation, and the space between these two prices has room for speculation. Merchants with flexible brains simply don't do physical trading, they directly use these exchanges to buy and sell, earn the difference, so the exchange became the stock of the Song Dynasty, the price of the day is up and down, and the shop that specializes in buying and selling this kind of exchange is called the exchange shop.

In order to prevent large businessmen from jointly operating the market to short and long, the imperial court also set up a special institution to buy money, and when the market price was too low, the government would buy the market when the market price was too low, resulting in an artificial shortage and raising the transaction price; When the price of the exchange quotation in the market is high, the exchange market will sell the exchange quotation that has been hoarded in its hands to suppress the longs. This Nima is definitely the Securities Regulatory Commission and the Federal Reserve Bank, and they all know how to use market means to regulate the macroeconomy, which is no worse than some institutions that have circuit breakers several times a day, which is hundreds of years ago......

“…… I've always wondered how you got so many things in your head, and I couldn't understand everything, but in hindsight I found out that you were right. Well, you say they're good eggs, and I believe it this time. Luo Youde can't say that Hong Tao can't do it, and he doesn't want to work hard in this area, since Hong Tao is sure, what else to worry about? Even the famous Wu family in Guangzhou, plus a group of Pu family members, were easily killed by him, and what he said would be done, and it would be done if it was not done.

"Hey, hey, believe in me and you will have eternal life! This time I can't personally escort the caravan anymore, and their five ships plus Karl's two battleships probably won't be any surprises. Guangzhou is still inseparable from you, otherwise I will definitely take you out to see, this time I will go to the hometown of black people. By the way, Cixi, you know, I asked him to take over my side of the work, specifically to help you in Guangzhou. He has never been to the Great Song Dynasty, and in some places, Brother Luo still has to teach him. "Hong Tao came to Guangzhou this time, mainly not to lead these maritime merchants to run business. Three new salmon-class merchant ships were built in Jinhe Bay, and they were brought together and handed over to Luo Youde to continue to be auctioned to the shareholders of the Strait Company, and this time only the two warships of Karl and Weng Ya were on escort duty, and the rest of the fleet had to follow Hong Tao to the Cape of Good Hope.

The route from Guangzhou to Cabalan Port has basically been fixed, and the supply points along the way have been continuously strengthened in the past six months or so. Now Hong Tao has to go and cripple the only uncertain factor in this sea, that is, the country of East Java, so that they can no longer develop towards the Strait of Malacca, and then this route is really safe. There are two warships and five fast merchant ships, which can be unimpeded on this sea, and in the future, even warships will not be needed, as long as they hang the copper coin flag, they will have to make a flat trip. (To be continued.) )