From the perspective of the European powers, the position paper sent by the Empire was “Imperial” in every sense of the word. Among the contents written within, there was not just one or two items that caused headaches for the European powers.

First, the width and depth of the canal were the issue. Compared to the initial design proposed by France, Portugal, and Italy, the width had doubled, and the depth had increased by two fathoms (approximately 3.6 meters).

“And as if that weren’t enough, they want to build two lanes of such a canal? Or, barring that, a single lane at least five times wider? Does this make any sense!”

Upon seeing the specifications listed in the Empire’s statement, the leaders of the great powers summoned their nation’s most prominent architectural experts to ask about its feasibility. The experts, after verifying the Empire’s proposal, answered with grave expressions.

“If this hadn’t come from the Empire, I would have called the proposer a madman immediately.”

“Are you saying it is impossible without the Empire?”

“To be frank, this is a Tower of Babel. The only difference is that while the biblical Tower of Babel reached for the heavens, this one would stretch endlessly across the horizon.”

“What if we constructed it independently, without the Empire?”

“If it were me, I wouldn’t take that commission.”

The answers from the architects were largely the same.

• This proposal is impossible without the Empire’s technological capabilities.
• No, it wouldn’t be an easy task even for the Empire. However, the Empire has the ability to manage such difficulties.

Hearing the architects’ responses, the leaders of the powers threw out a different question.

“Then, what if we proceed according to the specifications originally proposed by France, Portugal, and Italy?”

“In that case, it is possible without the Empire, though it would be a bit of a strain. However…”

“However?”

“I am no naval expert, but I am aware that the size of merchant vessels traversing the oceans is growing larger by the day. If we build it according to those original specifications, we would likely need to undergo expansion construction before ten years have passed.”

“I see… Thank you.”

Dismissing the architects, the leaders of the European powers fell into deep contemplation once again.

“Right… Thinking of the future, I know the Empire’s proposal is the most rational. But the problem is the cost.”

***

The “minimum” construction cost estimated by the Empire easily exceeded three times the “maximum” construction cost estimated by France, Italy, and Portugal. However, the clauses that followed gave the powers an even bigger headache.

• The Ottoman Empire is recognized for providing the land and is granted a 15% stake.
• The remaining 85% will be divided among the participating nations according to the amount they contribute.
• Profits will be distributed in accordance with these shares.
• Matters such as setting canal tolls and maintenance expenditures will be decided by a Steering Committee composed of the top five contributing nations.
• Nations participating in the Steering Committee will possess voting rights proportional to their investment ratio.

(Omitted below)

“Are they saying the three Eastern nations intend to take it all?”

“And if we don’t like it, we should pay more?”

If they followed the Empire’s proposal, it was certain that the Empire and Ming would secure at least two of the five seats on the Steering Committee. Nay, if luck were against them, it was certain that Japan would take a seat as well. Japan was only weaker compared to the Empire and Ming; it was by no means a poor country.

In particular, unlike Europe, where every day brought a new conflict, the three Northeast Asian nations enjoyed a very stable political situation. This gave them the strength of not having to spend more than necessary on military expenditures. Therefore, if Japan had a firm will to do so, it was highly likely they would strain their finances to seize one of the five spots.

If Japan managed to secure a seat in such a manner, it was certain that the operation of the Suez Canal would be swayed by the hands of the three Eastern nations.

“They’ve openly written down exactly what they are thinking.”

• Now, let the game begin.
• This is a game you started, and a game you cannot avoid.
• The winner can take massive profits.
• Do you have enough ante for the pot?

“No, I suppose there won’t be any losers. There will only be profit, much profit, and an enormously vast amount of profit.”

While the leaders of the European powers sighed over the stakes the Empire had raised, bureaucrats heard strange rumors and immediately reported to their monarchs.

“The internal atmosphere of the Empire is unusual? What does that mean?”

“It is news brought by sailors traveling to and from the Empire’s mainland. They say the Empire’s subjects are submitting appeals to the Emperor every single day.”

“Appeals? Hmm… Hmph… I think I know what it is. They must be appeals opposing participation in the Suez Canal construction, correct?”

The budget for the Suez Canal construction was an amount that naturally elicited a gasp. It was certain that it wouldn’t be easy even for the Empire, and the easiest way to raise such funds was a tax increase. If so, it was self-evident that the Empire’s subjects would revolt.

“No, sir.”

“No?”

“There is a frenzy demanding that the canal shares be sold to them.”

“Huh?”

***

The origin of the incident was the Court Gazette published by the Empire. The Court Gazette, which recorded the events occurring in the Imperial Court, was sold for a fee throughout the country. Of course, it was a version with critical confidential matters redacted. Even so, the Court Gazette was always in such high demand that there were never enough copies.

For those bright in financial matters, examining this Court Gazette was the most important task of their daily routine. Among the wealthy who saw the content related to the “Suez Canal” in the Court Gazette, several eyes began to gleam.

“This is an opportunity! If played right, this is the greatest chance to live without worry for generations!”

Those who believed they had seized an opportunity immediately called their families, particularly their wives, to enter into a discussion.

“…Therefore, I wish to write an appeal to His Imperial Majesty asking him to allow the purchase of shares.”

“Will this canal truly make money? Your judgment has never been wrong before, husband, but I am a bit worried this time.”

“The time has passed when we could make a lot of money simply by manufacturing goods and buying and selling them within the Empire. We must take them abroad to sell. Once the canal is pierced, the cost of unloading and loading at Suez will decrease, so merchants will favor the canal. If that happens, enormous wealth will flow in from the tolls of ships passing through. Think about it. Are there merely one or two ships traveling between the Empire, Ming, Japan, and Europe?”

The wife raised an objection to her husband’s words.

“There is already a railroad in Suez; would they use the canal?”

“To use the railroad, one must go through the complex procedures of unloading cargo, loading it, and storing it. And all of that costs money. But if they take the canal, there is no need to get off the ship, is there? It saves both time and money.”

“Hmm…”

After hearing the explanation and pondering for a moment, the wife soon made a decision.

“Your reasoning seems sound, husband. If the appeal is accepted, I shall contribute my private funds as well.”

“Thank you!”

And so, appeals began to flood into Gyeongbokgung Palace from all over the Empire.

***

Woo and the ministers, having received the rushing tide of appeals, exchanged opinions on the matter.

“It seems they view the value of the canal even higher than we do.”

At Woo’s words, the Prime Minister and ministers quietly nodded their heads.

“What does the Minister of Finance think of this?”

At Woo’s question, the Minister of Finance organized his thoughts for a moment before answering.

“There are both pros and cons, Your Majesty. To look at the advantages first, the nation’s financial burden would be greatly reduced. Furthermore, as we distribute profits to the shareholders, we can collect taxes simultaneously, which is also an advantage.”

At the Minister of Finance’s words, both Woo and the Prime Ministers nodded. Although it was a board they had set up, the budget required was a colossal sum that made even the official in charge of the report shake his head. They had brought in Ming and Japan to alleviate this burden and for other political objectives, but it was still weighing heavily on the Imperial Court.

Ming and Japan had expressed their participation, but the situation was such that they hadn’t decided exactly how much they would shoulder. In this context, if they opened the door to Imperial subjects who wished to invest, it was certain that the Empire’s burden would decrease significantly. It wasn’t just about reducing the burden. They could also collect income tax on the profits distributed according to the purchased shares. For the Imperial Court, which was always in a position of ‘having many places to spend but lacking in income,’ this was welcome news.

“Those are the advantages; what are the disadvantages?”

“The problems that would arise if the time and profits differ from expectations. If the Court bears everything, we can endure even if the canal construction takes longer than expected. Also, even if the financial returns are less than expected, we can endure it if other political gains are significant. However, the subjects will not be able to accept this easily.”

“That is likely.”

When Woo nodded in agreement, the Minister of Finance put a bit more weight into his voice.

“We cannot call this a baseless worry because of the sheer size of the Suez Canal. It is a construction project requiring such enormous funds that an ordinary person could hardly imagine. It is of a different grain than investing in a typical merchant guild or factory. Therefore, most of those putting money into this will be pouring in their entire family fortunes. Consequently…”

“They will naturally become impatient and sensitive to profit rates?”

The Minister of Finance nodded at Woo’s question, which cut to the chase.

“That is correct. If that happens, public sentiment will turn ferocious.”

“It is a problem. However, seeing as appeals are flooding in like that even now, there is a limit to blocking their desires.”

At Woo’s point, the Prime Minister stepped forward.

“How about placing a limit on the shares a single person can purchase?”

The Minister of Justice stepped forward to refute the Prime Minister’s proposal.

“According to Imperial Law, it is illegal to block subjects from pursuing profit through legitimate means. And if we limit the shares a single person can purchase, people borrowing others’ names to buy will appear one after another.”

The Minister of Finance added to the Minister of Justice’s words.

“That is not merely illegal. If that happens, proper tax collection becomes impossible. Does not the tax rate related to income apply a higher rate the more one earns? Even now, we are playing hide-and-seek every day over that issue.”

“Hmm… In that case, let’s remove the purchase limit entirely. No, wait. That isn’t the first step. Whether to accept the appeals or not comes first. What are your thoughts, my lords?”

At Woo’s question, the ministers whispered in small voices. However, it wasn’t long before their voices began to grow louder little by little, and the Prime Minister hurriedly stepped in to extinguish the fire.

“Your Majesty. I believe this is not a matter to be decided in a single morning or evening. I believe we must take time to discuss it further.”

“However, the appeals continue to rise, so we cannot tell them to wait blindly. I shall give you five days.”

“We receive your command.”

“Let us end here for today.”

***

Having adjourned the session discussing state affairs, Woo headed straight to Sugang Palace. Explaining the situation to Hyang and Wan, Woo sought their counsel.

“…..Therefore, I am currently agonizing over what is best. What do you two think?”

“What do you think, Emperor?”

“Personally, I see this as an opportunity as well.”

“An opportunity?”

“Yes. Not all subjects of the Empire are skilled in commerce and industry. However, the desire to acquire wealth is the same heart shared by all subjects.”

At Woo’s words, Hyang and Wan nodded. Seeing their positive reaction, Woo put a bit more strength into his voice.

“If we open the door to those who already possess much wealth, we should also allow those with little wealth to gather and move together. If so, it will be a good opportunity for wealth circulating in the shadows to come out into the light.”

“I agree. However…”

Pausing for a moment, Hyang moistened his throat and continued.

“Fully informing them of the risks of investment and making them understand is the priority. Otherwise, there will be many who jump from the Han River bridge just to see how warm the flowing water is.”

“Yes… Ah… Yes.”