Jia Jingde understands Song Zhewu's idea of vigorously supporting private capital to invest in industrial construction, and he also very much agrees with Song Zhewu's policy, he believes that Song Zhewu and Yan Xishan are very similar in this regard, they are people who really know how to save the country through industry, and even Song Zhewu understands more thoroughly than Yan Xishan, and sees farther.

If Song Zhewu and Yan Xishan are different, it is that Song Zhewu is far more selfless than Yan Xishan, for example, according to his understanding, Song Zhewu's Xinghua has made great efforts in the development and growth of the Fourth Route Army, but Song Zhewu has not done much except to provide convenience for Xinghua's operation. Moreover, to provide business convenience for Xinghua, it is also to enable Xinghua to better support the Fourth Route Army.

Although there are historical reasons, Jia Jingde believes that it is inappropriate to think that this is still the case, which conflicts with Song Zhewu's policy of vigorously promoting industry to save the country.

In order to smoothly carry out industrial salvation, there must be a suitable environment, that is, as long as enterprises pay taxes according to the regulations and operate legally, they can develop well, and no enterprise should never have assets and other aspects of the political axe in addition to this, so that there will be a fair competition environment. Even if the political axe takes advantage of Xinghua, it is not possible.

Although the Fourth Route Army and the various constructions being carried out now are inseparable from Xinghua's funds for the time being, as Jia Jingde said, this is not a long-term plan, and these expenses must be included in the political axe budget in the future, and they must be solved by the political axe tax, that is to say, it must have self-hematopoietic function, and it cannot always count on the support of Xinghua's crutch.

At this point, Song Zhewu actually agrees with Jia Jingde's statement.

Song Zhewu nodded and said in agreement: "Yuru is reasonable, but at present, most of the project funds of the Taiku Railway will probably have to be paid by Xinghua." ”

Jia Jingde did not answer Song Zhewu's words, and continued according to his own train of thought: "Now all the purchases of Xinghua products are exchanged for Tang Yuan with gold and oceans, and the deposits of Taiyuan Commercial Bank and Northern Development and Investment Bank now have a large amount of oceans. ”

"I don't think it's as good as this, Tang Yuan's right to issue notes will be handed over to Taiyuan Commercial Bank now, and we can have Taiyuan Commercial Bank issue additional Tang Yuan, replace Dayang and gold, and return it to Xinghua. However, Xinghua could not immediately withdraw these of the oceans and gold that had been returned to Xinghua, and it had to be deposited in the Taiyuan Commercial Bank as reserves, so that we could not only increase the amount of banknotes issued by Tang Yuan, but also have enough reserves to ensure the credibility of Tang Yuan, and gradually settle the old accounts of the Northern Frontier Governor's Office and Xinghua. ”

"In the future, all expenses under the Northern Frontier Governor's Office will be included in the political budget, including military spending."

"If there is any shortage, it must be handled by the Taiyuan Commercial Bank and the Northern Development and Investment Bank in the name of the Industrial and Commercial Finance and Taxation Committee of the Northern Construction and Development Committee. After straightening out the relationship, it will also facilitate Xinghua to smoothly realize the capital increase and share expansion in the future. Xinghua's development situation is very good, as long as there are sufficient funds, it is entirely possible to develop into our own large multinational company Chinese. ”

Jia Jingde's meaning is obvious, that is, everything that belongs to the Northern Frontier Chief's Office belongs to the Northern Frontier Chief's Office, or belongs to the state, no, and should not belong to Song Zhewu's private person, therefore, it must also be able to read and operate, and Song Zhewu's private property must be decoupled from the Northern Frontier Chief's Office as soon as possible.

Song Zhewu was not dissatisfied with Jia Jingde's meaning, because he never thought of taking everything now as his private property forever.

Jia Jingde's words frightened Jia Jiying, Qiu Zengyi and Ling Hongxun, these people didn't know what Song Zhewu thought, although Jia Jiying vaguely understood what Jia Jingde meant, but he thought that Jia Jingde was a little too straightforward, and it was easy for Song Zhewu to misunderstand.

Several people looked at Song Zhewu, and they all secretly sweated for Jia Jingde.

Xiao Guodong frowned, he understood Song Zhewu's thoughts, but he also felt that Jia Jingde was a little pampered and coquettish, thinking that Song Zhewu valued him, so he was a little carried away. Jia Jingde expressed such a meaning so clearly and straightforwardly, which would make Song Zhewu a little embarrassed.

Xiao Guodong was just about to speak, but Song Zhewu stopped Xiao Guodong with his gaze and said calmly: "Yuru is right, now is not the period when the Fourth Route Army is just starting, the Fourth Route Army is very weak at that time, and it will not work without Xinghua's financial support." But now it is different, now the property under the administration of the Northern Frontier Governor's Office is very huge above ground and underground, as long as you devote yourself to development, not only self-sufficiency is no problem, but it is also possible to prosper and become strong, and it is time for Xinghua to get out. ”

Song Zhewu looked at Jia Jingde and once again raised a question that Jia Jingde did not answer: "Yuru, but at present, the construction of the Taiku Railway is probably really inseparable from the financial support of Xinghua, this is not a matter of private and public property, after all, this railway must be built." ”

Jia Jingde saw that Song Zhewu was very open-minded, accepted his opinion, and also put his mind at ease, and said with relief: "Commander, don't worry, I have a way to source this fund." ”

"Oh! Do you have a way? ”

Jia Jingde's words surprised Song Zhewu and everyone.

It seemed that Jia Jingde had already prepared, smiled and said: "Commander, there is no problem for us to raise funds for the construction of the railway, this is not a question of whether it is the commander's private property, we still have a lot to do, and the commander will use this money to build the Taiku Railway, which will inevitably affect the construction of other aspects." ”

Jia Jingde changed his words and said: "The commander has always encouraged private capital to invest in industrial construction, but now that this policy has just begun to be implemented, the time is still short, and many non-governmental personages have not yet fully realized the great benefits of this policy that will benefit the country and the people, and the investment is not very active. ”

"In addition, the capital of most private capital holders is not very large, and the vast majority of people do not have the technology and management experience to invest in the industry, so there are many shortcomings to invest alone, which is also a reason why there are fewer people who open factories on their own."

"However, although the amount of funds of most people is not very large, it is better than the number of people, and the funds in the hands of these people together are a very huge amount, and it is indeed a great waste to let these funds sit idle in the hands of private individuals."

Jia Jiying and Qiu Zengyi's eyes lit up, and they said almost at the same time: "You mean issuing railway bonds?" ”

After Jia Jingde nodded, he shook his head and said, "You are only half right. ”

Jia Jingde continued: "What I mean is that the Taiku Railway should be run by the government and the private sector, and the shareholding system should be implemented. On behalf of the Northern Frontier Governor's Office, the Taiyuan Commercial Bank will contribute 100 million Tang Yuan, and others must use the ocean to raise the cost of the construction of the Taiku Railway, and the insufficient part will issue two kinds of Taiku railway construction bonds, five-year and 10-year, and the ten-year bonds can be converted into shares on a priority basis when they expire, or they can be paid in cash, and only interest and principal will be given for the five-year period. ”

Song Zhewu secretly sighed, yes, you can issue bonds to raise money, how can you, a person who has come over, forget this most commonly used financing method in later generations! Jia Jingde is really a very good internal affairs talent, it seems that this person has found the right one.

However, in order to successfully raise funds, the premise is to make people feel at ease about the investment product, that is, it is necessary to make people hopeful about the investment product.

Song Zhewu wanted to build the Taiku Railway, which was completely considered in a military sense, and did not give much thought to the economic benefits of this railway. He never thought about it.

"Yuru, what do you think of the profitability prospects of Taiku Railway? How many people are willing to invest in equity or buy public bonds? ”

Song Zhewu was still a little uneasy, and asked Jia Jingde inquiringly.

"Although the Taiku railway costs a lot of money, there are many smart people in Shanxi who are optimistic about the prospects of the railway, and many are willing to invest. In addition to what I just said, because of capital, experience, and technology, many people dare not set up their own industries, and some big businessmen are also waiting and watching, not because they are unwilling to invest in industry, but because they are struggling to find a safe investment direction. ”

Jia Jingde glanced at Jia Jiying and said: "Especially now not only the Taiyuan Administration, but also the businessmen and landlords in Shanxi, they only recognize the Northern Investment and Development Bank, and they are willing to deposit their money in the Northern Investment and Development Bank, so that now the private bank number does not have enough sources of loans, and all the best have been closed, that is, during the depreciation of the Jin banknote, Qiao Yingxia, who is very reputable, and Qiao Yingxia, the treasurer of Dadeheng, who is known as the rich man of Chengyi, is also ready to close the silver number." ”

Jia Jingde hesitated for a moment or said: "Qiao Yingxia and Xu Yiqing have both approached me and asked if they can buy shares in the construction of the Taiku Railway?" People like them, who have a lot of money in their hands, have a lot of people in Shanxi. ”

If it is only Qiao Yingxia, it is easy to say that Qiao Yingxia's behavior during the depreciation of the Jin banknote was very praised by Song Zhewu. But there is a Xu Yiqing here, and it is a little difficult to do. Xu Yiqing is Yan Xishan's uncle, and Jia Jingde is very worried that Song Zhewu refused Xu Yiqing's shareholding because he was wary of Xu Yiqing.

Jia Jingde knows Xu Yiqing very well, this person is shrewd and capable, and he respects the Western way of management and management, so that Xu Yiqing can be a big fortune at home, which is a waste of talent.

Jia Jingde said to Song Zhewu with great confidence: "As for the profit prospects, the commander does not have to worry at all, I have done an analysis, the construction of narrow gauge requires 300 million funds, and now the Taihang Administration has Xinghua and other companies and our Northern Frontier Chief's Office, and a large number of new private industries have been built, and the freight volume of the Zhengtai Railway has grown rapidly, this year alone, it has increased by 70 percent, and it is estimated that there will be no problem with an annual increase of 50 percent in the future......."

(To be continued)