"Yes, it's when you rest in peace to sell the treasury bonds of our big man!" Looking at the shocked Persian prince, Liu Hong said: "There is no way to sell treasury bonds while you are resting. After all, the treasury bonds issued by our Han dynasty in China have not yet fully matured, and if we continue to issue new treasury bonds at this time, it will affect the credit of the imperial court in the hearts of the people, and give them a feeling of tearing down the east wall and making up the west wall. So, if you want to build this railway, you have to find a way in rich countries. ”

"Made, this Han Emperor is really shameless. What do we do in rich countries, isn't this just forcing me to pay for your national debt! "The Persian prince knew quite well that the national debt of the Great Han would never sell much from them, and in the end he had to find a way to carry it.

The Persian prince looked at Liu Hong's smiling face and gritted his teeth with hatred. But there was no way, for the sake of the railway, in order to be able to borrow the momentum of the big man, he could only endure it. And unlike the Persian princes, the civil and military ministers in the hall all looked like they were really like this, sitting on the side and watching the show.

The Persian prince's careful thinking, how could he hide it from Liu Hong's eyes, in order to deal better with him in the future, Liu Hong began to talk to him about the benefits of those treasury bonds, "Prince of Persia, our Han selling treasury bonds to you is actually a two-benefit thing. You know, our treasury bonds, however, will pay a very high interest rate, and those who buy them will definitely be profitable. And it doesn't matter if you are in a hurry to use the money, anyway, our Dahan Royal Bank also has a branch in your rest, and they can go directly to the branch to exchange cash, but there is no interest. ”

Hearing Liu Hong's words, the Persian prince's face looked a little better. After all, with these statements, he has a reason to lobby others to buy the national bonds of the Great Han.

After the feast was over. The Persian prince went back and figured out how to sell all the national debt. However, Liu Qian and Hu Zhao stayed behind to discuss the matter of the railway with Liu Hong.

"Your Majesty, you have been so good at this calculation. In this way, the construction of this railway to rest in peace will save us a lot of time. ”

Liu Qian and Hu Zhao were quite excited. But Liu Hong is different, he is now worried about whether the railway is state-run or private.

You know, the railways that Dahan is operating now, and the railways that are being built. In addition, the railway that is about to be built is all paid by the imperial court. In this way, the railway is naturally state-run. But Liu Hong, who traveled from later generations, saw the virtue of the iron boss in later generations. So, he was deeply concerned about this state-run railway model.

"Uncle Huang. Although the construction of this railway, our Han will save a lot of effort. However, after all, the imperial court was not a place to operate, and it was in charge of the operation of the railway. It's a hidden danger after all! ”

Liu Hong's words. Both were in favor of it, because they both knew very well that if the imperial court managed these establishments, over time, they would surely become hotbeds of corruption. So, Hu Zhao asked, "Your Majesty." Do you mean that you want to make the railway, like the heavy industry, a joint-stock transformation? ”

"It's not just a shareholding reform. I want to be a little more thorough! After listening to Hu Zhao's questioning, Liu Hong said: "Let's not talk about the hidden dangers of the imperial court's operation of the railway, just the military significance and strategic significance of the railway line, we also need to speed up the construction of the railway network......

When Liu Qian heard Liu Hong's words, he thought that Liu Hong had knocked the Persian prince and got carried away. Therefore, he hurriedly interrupted Liu Hong's words and said, "Your Majesty, Weichen also knows the benefits of building a railway. However, the construction of the railway was too expensive, and it was impossible to build it on a large scale with the little income from the state treasury. Even if we recruit shares from the people, it is equally unlikely. ”

"Uncle Huang, I know this, that's why I said that I want to transform it more thoroughly!"

"Oh, what do you mean by that?" At this time, Liu Qian and Hu Zhao were all interested.

"Heavy industry, as the cornerstone of the country, is related to the stability of the country. Therefore, it must be in the hands of the state. Therefore, these heavy industry enterprises are either controlled by the imperial court or controlled by the royal family. But this railway, it's different. Looking at the pensive Liu Qi and Hu Zhao, Liu Hong continued: "Although the railway has a great military use, as long as it can ensure wartime and those emergencies, the railway is dispatched by the imperial court, and it does not matter whether the rest of the time is controlled by the imperial court. ”

"Your Majesty, do you mean that the railway is completely private, so that as long as the imperial court plans the line, it can recruit private shares on a large scale and build the railway line quickly and on a large scale?"

"That's what I mean." After listening to Hu Zhao's question, Liu Hong nodded and said: "Now the operation of the railway from Luoyang to Chang'an, everyone has seen it. Running a railway is definitely a lucrative business. And as long as it is profitable, there is still a worry that it will not be able to recruit shares to build a railway. In this way, the imperial court not only exempts the hidden dangers of operating the railway, but also can use private funds to quickly complete the construction of our Dahan railway network. ”

"Your Majesty, this is a good solution!" After listening to Liu Hong's words, Liu Qian said: "Although in the past two years, the income of our imperial court has improved greatly. However, the place where our imperial court needs to invest is far greater than the income of the imperial court, and if we can throw away the burden of the railway, it will definitely be a good thing for the imperial court. ”

"Your Majesty, it's good that the railroad is completely changed to a private one. However, according to Wechen, not all railway lines can make money. What should we do if the railways that can't make money, but are of great strategic and military significance, can't raise private shares? ”

"Alas, that's where I'm worried!" Listening to Hu Zhao's words, Liu Hong sighed, "Businessmen don't care whether the railway has strategic significance, in their eyes, the railway is both profitable and unprofitable. Those railways that make money, needless to say, must be rushing to buy shares. But those railways that don't make money but have to be built will definitely be ignored. ”

"Your Majesty, you don't have to worry too much about this." After listening to Liu Hong's words, Liu Qian said: "Those railways that do not make money, since they have strategic value, then they are naturally the responsibility of the imperial court. Therefore, a railway like that can be built directly by the imperial court. Anyway, if you can build so many railways less, the imperial court will already save a big deal. ”

"Uncle Huang, your method can only be used when there is nothing to be done." After listening to Liu Qian's proposal, Liu Hong kept shaking his head, "Let's privatize the railway, not only to speed up the construction of the railway, but also to remove the hidden danger of the imperial court operating the railway." According to Uncle Huang, all the railroads that make money have been given to others, and the imperial court will leave those who lose money alone, so that this hidden danger will not only not be removed, but will also add a lot of burden to the imperial court. ”

"Your Majesty, how about you see if you can tie up the railroad that makes money and the railroad that loses money to recruit shares. As long as we estimate, we can make sure that the lines that are bundled together can make money, and they can still recruit shares. ”

"Hu Shangshu, I'm afraid you can't do this!" Before Liu Hong could speak, Liu Qian spoke, "Hu Shangshu, the cost of this railway line is too high, even if it is a line, it is not easy to recruit shares, these lines are bundled together, and how many people can build them." ”

As soon as Liu Qi said this, Hu Zhao and Liu Qi both sighed, and pondered what to do there, so as to remove hidden dangers and build the railway. But Liu Hong listened to Hu Zhao's words, but his eyes lit up.

"It's a way to consider tying a money-losing railway line to a money-making railway line. Anyway, businessmen are just to make money, as long as they are profitable, they will definitely operate. And in order to be able to quickly build the railway, the imperial court can even give these railway companies some other preferential treatments, so that those lines that lose money are not a problem. But the only headache is how to raise shares. After all, several lines are repaired together, which is definitely not something that a few people can do together. Liu Hong kept thinking about how to raise shares, and gradually thought of the stock market, "It would be nice to have a stock market, and with the stock market, all the people can participate, and this fundraising will not be a problem." ”

"Made, without the stock market, I won't build one." Liu Hong laughed at his slow reaction, and said: "Hu Aiqing's idea is good, as long as we tie up the railroad that loses money and the railroad that makes money, and then use various preferential policies to attract people, we can definitely attract investors." ”

"But Your Majesty, how to solve this problem of share recruitment?"

"Uncle Huang, don't worry about this, let's set up a stock market and solve the problem."

"The stock market, what is the stock market?"

"Uncle Huang, Hu Aiqing, the stock market is the stock market, which is specially used to trade stocks." Knowing that the two didn't understand, Liu Hong began to explain to them, "The current joint-stock companies are almost all companies built together by acquaintances, which has great limitations. However, with the stock market, it is different, these joint-stock companies can directly issue shares on the stock market and directly sell shares to the society to raise funds. ”

"Offering shares to the public to raise funds?" Hearing Liu Hong's words, the eyes of the two lit up, "Your Majesty, according to your statement, if such a market is really formed, not only the railway, but also other companies will also benefit greatly." ”

"Of course, I set up the stock market so that it can be helpful to our big Han companies." Although Liu Hong was very happy with the words of the two, he didn't get carried away, because in this world, no one knows the "danger" of this stock market better than him, "Of course, there is a good side to everything, and there is a bad side." Therefore, if we want to establish this stock market, we must have a sound management method. Otherwise, there will definitely be people who take advantage of the loopholes and turn good things into bad things. ”

Liu Hong's words, Liu Qian and Hu Zhao both agreed. So, the three of them began to study the management of the stock market there. (To be continued......)