There are points inside and outside, and there is a difference between the two lords. Pen @ fun @ pavilion wWw. ｂｉｑUｇE。 ｉｎｆｏ

If the court officials and the Beijing officials want to be promoted smoothly, they can only continue to use their legitimate income to subscribe to the debts of the national treasury, and even those who are not knighted by military merits must become the main group of people who forcibly push hundreds of officials to buy debts.

Compared with court officials, princes, and royal titles, the officials who are released are simply too much better. They can subscribe to government bonds on their own initiative and on their own initiative, and they can also not wait for them when they are promoted, and they will not be oppressed by the system of purchasing bonds.

As soon as Liu Xing's decision was finished, many ministers in the court suddenly had the idea of leaving the court and asking a magistrate to do it.

However, Liu Xing's practice of distinguishing between Beijing officials and foreign officials, and the world and clan lords with the same meritorious deeds, made Yang Shi, Zhu Zhen, Zhou Tao and other old scholars who had been involved in the central affairs for a long time admire it in their hearts, and not only did they not oppose it anymore, but the three of them took the lead in loudly supporting and supporting Liu Xing's system of "purchasing debts by hundreds of officials".

Those three people are all people who have been in officialdom for a long time, why did they take the lead in standing up and expressing their support and support? Don't they feel sorry that a large part of their future income will be turned into a national debt?

Of course not, whether it is Zhu Zhen or Zhou Tao, especially Yang Shi, they are more calculating than many other ministers. What's the calculation? Calculation of pros and cons.

As far as the public is concerned, once the government subscribes to the treasury bonds and a large part of the 100 officials' money is turned into treasury bonds, it will certainly set off a round of competition between the government and the opposition to buy treasury bonds.

As long as this trend appears, the Great Song Dynasty and the series of strategies from people's livelihood to strengthening the army that have been planned for the next year will no longer be overstretched financially.

Solving the problem of the source of funds for the imperial court naturally reduced the pressure on the courtiers who had to go to the Daqing Hall once every three days.

Privately, the coercive method of subscribing to government bonds does not seem to be very respectful to the minister. But in reality? Liu Xing is also a practice of supporting courtiers in disguise.

Squeezed away a large part of other people's money, why is it still support?

That's because Liu Xing's new regulations do not clearly define the types of treasury bonds that hundreds of officials can subscribe to, but in fact leave a continuous, long-term, legal and reasonable channel for hundreds of officials to increase their income.

What kind of passage is it? That has to start with the types of national debts in the Great Song Dynasty.

Nowadays, there are three types of government bonds in the Great Song Dynasty, the first is the government bonds with low interest returns, which are called low-interest bonds. Most of the funds obtained from the bonds were used for public welfare activities such as the construction of new cities, river fortifications, water transportation, and city repairs.

Because it is difficult to get a good return on the use of funds, naturally, the interest rate of that kind of low-interest bond is as low as three cents per year, that is, if you buy 10,000 yuan of that kind of bond, you can only get 300 yuan of interest a year.

Moreover, the issuance of this kind of treasury bonds takes the form of bearer bonds, and bearer treasury bonds are physical treasury bonds, which are issued in the form of physical bonds that do not record the names of creditors or the names of cooperatives, numbers, and shops on the face of the bonds.

The general characteristics of bearer treasury bonds are: they are bearer, do not report losses, and can be listed and circulated.

Because it is bearer and does not report losses, it is not as safe as savings treasury bonds and book-entry treasury bonds, but the purchase procedure is simple. Since it can be listed and transferred, it has strong liquidity.

At present, among the treasury bonds listed and circulated on the Bianjingnan Stock Exchange and allowed a certain free premium, bearer treasury bonds account for about 30% of them.

Most of those who have subscribed to that kind of bond now want to increase the rate of return by speculating on a certain issue of bearer treasury bonds and using a premium, but at the same time, the bearer treasury bonds have become the most dangerous kind of treasury bonds in the exchange......

The second is the financial reserve bonds, which are sold by the General Administration of Financial Services under the leadership of Zhao Ding, and the main purpose of the funds is to promote the development of bank, insurance, border commerce, trade and commerce.

The use of the funds obtained from financial reserve bonds determines that they will not only promote the development of the industry, but also bring great profit returns.

Therefore, the financial reserve bonds are called high-interest government bonds, and their highest annual interest rate has reached 8 cents. That is to say, if you invest 10,000 yuan to buy high-interest treasury bonds such as financial reserves, you can get 800 yuan of interest a year, which is 500 yuan higher than that of low-interest treasury bonds.

In addition to its own interest return is higher than that of bearer treasury bonds, this kind of bond adopts another system of sale and holding, that is, the book type.

Book-based treasury bonds, also known as paperless treasury bonds by the former household department, are accurately defined as bonds issued by the former household department and later degree branches in a paperless manner, record the creditor's rights in the form of bookkeeping, and can be listed and traded.

Although the rate of return is the highest among the three types of treasury bonds, most of the 24 bonds of the more than two years have been sold to various firms and trading companies, and the individual holding rate is very small.

That kind of treasury bond has six major characteristics: First, it has a high level of capital security. Treasury bonds are guaranteed by the credibility of the imperial court, and investors hold the book-entry treasury bonds after they hold them at maturity and the principal is paid by the household department.

The second is the exemption from taxation, and the interest on the subscription of treasury bonds is exempt from taxation according to the "Taxation Law" in the new law of the Great Song Dynasty. As a result, investors who hold book-entry Treasury bonds are exempt from interest tax while enjoying high interest rates.

Third, the yield of the treasury bonds on the exchange is generally higher than the interest rate on savings deposits in the same period, and it is also higher than the other two kinds of treasury bonds issued in the same period.

Fourth, it is convenient for firms, trading companies and other groups, as well as businessmen who have begun to specialize in exchange quotations, and investors can subscribe for treasury bonds at any time on the trading day after opening a special account for investment in treasury bonds.

Fifth, there are many varieties and strong selectivity. At present, there are 24 book-entry treasury bonds listed and traded on the stock exchange, with maturities ranging from three to 20 years.

Finally, the liquidity is good, and book-entry treasury bonds can be bought and sold through the securities market at any time after they are listed.

Because of these six characteristics, account books and vouchers account for another 70% of the transactions of Chinese bonds in the Nanshi Stock Exchange.

Moreover, in recent months, the probability of its premium has often exceeded 1/2 percent, turning it into a kind of in-demand treasury bonds that rely on high yields and high premiums......

In addition to the above two types, the funds obtained from the sale are the most widely used, and the interest is all used by the household department and the relevant government offices as "guaranteed interest" certificate treasury bonds, and the use of the funds obtained from the sale is almost all over all walks of life in the Great Song Dynasty.

Certificate-type treasury bonds are treasury bonds issued by the imperial court of the Great Song Dynasty by not printing physical coupons, but only filling in the treasury bond receipt voucher.

It is in the form of a treasury bond receipt voucher as proof of creditor's rights, which cannot be listed and transferred, and the interest is calculated from the date of purchase.

During the holding period, if the holder needs to hold cash under special circumstances, he can redeem it in advance at the purchase outlet. In the case of early redemption, in addition to repaying the principal, the interest is calculated according to the actual holding days and the corresponding interest rate grade, and the handling agency charges a handling fee according to the amount of 3/1000 to 5/1000 of the principal paid. (To be continued.) )