While Hyang, Wan, and Woo were having this conversation at Sugang Palace, the Prime Minister, Deputy Prime Ministers, and the ministers and vice-ministers of each department were also gathered in the Prime Minister’s conference room, exchanging opinions.

“…Then, we shall proceed with the agenda items discussed so far according to the submitted reports. Now, let us discuss the matter of ‘public equity participation’.”

“Let us do so.”

The cabinet members, responding briefly to the Prime Minister’s proposal, lightly turned their heads to relax their tension and gathered their wits.

Debate and argument are the highlights of official duties!

This was the general sentiment among the Empire’s officials.

• Considering what happened at Geunjeongjeon Hall, the Emperor seems inclined toward approval. But if we follow blindly, there was no point in rising to the rank of a senior official!
• What was the point of all that suffering to reach this position if we just blindly follow whatever the Emperor wants or commands!
• Sometimes, even if it means risking one’s life, one must say ‘No means no!’ That is the most important duty of a subject, and the supreme elegance one can enjoy as a subject.

Thanks to this value system passed down through generations, officials regardless of rank engaged in fierce debates and arguments whenever an opportunity arose.

***

The debate among the Empire’s highest-ranking officials took a full five days—the time limit Woo had commanded—before finally taking shape.

“…Then let us organize these points and present them to His Imperial Majesty.”

At the Prime Minister’s decision, everyone participating in the meeting nodded in agreement. Starting with the Prime Minister, those gathered in the conference room looked thoroughly exhausted. This was because they spent their days discussing state affairs with the Emperor or handling their assigned duties, and then gathered during spare moments or at night to continue the meeting.

If such debate hadn’t been ingrained as the highlight and elegance of their role, they would never have done it. In any case, the proposal completed through the consensus of the ministers was submitted to Woo.

“Let’s see… Hmm…”

Woo, examining the proposal handed to him by the Prime Minister, let his eyes gleam.

“Setting a lower limit instead of an upper limit?”

“That is correct, Your Majesty.”

“It seems novel.”

The proposal drafted by the gathering of cabinet members could be summarized as follows:

• In principle, the subjects of the Empire may purchase shares of the ‘Suez Canal’.
• However, as this is a decision made by the subjects themselves, they cannot demand compensation from the state even if they suffer losses.
• Since this is the ‘minimum’ estimated amount required for the Suez Canal construction, it is certain that there will be additional share sales. If that happens, the ratio of future profit distribution will decrease.
• Those responsible for sales must ensure the purchaser clearly understands this and leave a written record.
• Those wishing to purchase shares must pass the following criteria:
• a) Those who have paid income tax of 10 taels of gold or more to the Empire within the last 5 years.
• b) Those whose monthly income falls within the top 20% of Imperial statistics.
• Those who pass the above criteria may purchase shares. However, they cannot purchase more than 60% of their annual income.
• However, if one year has passed since the initial purchase and the state continues to sell shares, they may purchase again.

(Omitted below)

“Hmm…”

Reading up to this point, Woo’s eyes sparkled.

Are they saying we shouldn’t suck everything dry at once, but suck it moderately over a long period? It doesn’t look bad. The country won’t get criticized either…

While giving it a positive evaluation in his own way, Woo soon discovered a problem.

But if we set such a lower limit, the complaints from those who can’t enter will grow, won’t they? It’s certain there will be complaints that the rich are keeping it to themselves. Is there a solution for this?

Turning the page of the proposal with this question in mind, Woo lightly slapped his knee.

“As expected!”

From the next page onwards, there were measures for those who did not meet the previously set criteria.

• Measures for those who do not fall within the aforementioned criteria are as follows:
• Create a product tentatively named ‘Suez Canal Pooled Investment’ in the Imperial Venture Investment Bank.
• Those who do not meet the aforementioned criteria can create an account for this product and participate by depositing money.
• However, like those who passed the aforementioned criteria, they also have the following purchase limits:
• a) The maximum amount that can be deposited into the product is graded according to the income tax paid over the last 5 years.
• b) The graded sections are divided into five, ranging from a maximum of 50% to a minimum of 25%.
• c) Accounts for the product are limited to one per person.
• d) Those participating in the pooled investment must also be made clearly aware that the investment decision and responsibility lie with them.

(Omitted below)

After meticulously reading the entire proposal, Woo soon made a decision.

“It seems reasonable in My view. Prime Minister, inspect this once more and then have it implemented in all banks (jeonjang) and vaults across the Empire. It was a proposal where the hard work of you all was visible. You have truly worked hard.”

At Woo’s praise, the Prime Minister and ministers bowed their heads in unison and replied.

“Your grace is immeasurable!”

Afterward, reviewing a copy of the proposal in question, Hyang and Wan shared a conversation.

“By the way, isn’t the clause ‘Investment decisions and subsequent responsibilities lie with the individual’ a clause that has existed since the investment bank was created? Wouldn’t re-emphasizing this unnecessarily actually arouse suspicion?”

At Wan’s point, Hyang answered immediately.

“Even so, those who will buy will buy, and those who will complain will complain. So even if it becomes a superfluity (sajok), it is best to continue emphasizing it. And even if it doesn’t sell, would that be a problem? Wasn’t the initial plan to cover it with the national treasury?”

“That is true. By the way…”

Pausing for a moment, Wan whispered quietly to Hyang.

“Are you just going to let this opportunity pass?”

“No way…”

Ending with that answer, the father and son shared a strange smile. And all those around them who were listening to their conversation simultaneously had a similar thought.

Those two made such a decision? That means there’s money to be made!

How much money did I have saved up in the bank…

***

Eventually, the Empire opened the ‘Suez Canal Construction’ investment to the public. The subjects of the Empire, who learned of the details through the Court Gazette or bulletin boards installed at banks and vaults, began to rack their brains fiercely. Tea houses, taverns, and restaurants across the Empire overflowed with the sounds of people arguing over this issue.

“If it goes well, it’s a chance to earn unexpected income!”

“Didn’t you see the phrase written first? The investment is your responsibility, so the result is also your responsibility! If it goes wrong, you lose everything”

“Ay! Have you ever seen anything done by the country go wrong? And that phrase, you hear it until your ears bleed when signing an order contract at the vault, so why make a fuss now?”

“Still, you should avoid risky moves!”

“The vault’s name itself has ‘Venture’in it, and you say avoid risky moves?”

“If I had money to put in there, I’d put it in the bank. The interest from the bank is decent enough, why get greedy?”

Such debates also took place within households. In particular, the higher the social class of the family, the more intense these debates became. This was because the wives often possessed considerable assets as well. Woo, having received reports on this situation, lightly smacked his lips and grumbled to Hyang.

“It is fortunate that appeals asking for permission to divorce have not increased.”

***

At Woo’s grumbling, Hyang could only smile bitterly. The Empire’s movements influenced neighboring countries step by step, like ripples spreading out.

“Oho, such a method!”

Seeing the Empire’s move, Ming and Japan quickly implemented similar policies. The thoughts of the politicians in both countries were largely the same.

• The Suez investment matter is like ‘money begets money’. It might take some time, but the more you invest, the more returns you get.
• However, the burden of depleting the national treasury to invest is too great.
• Then, the method the Empire used is indeed the best.

And the wealthy classes of both countries eagerly opened their wallets. It wasn’t just Ming and Japan. Hearing rumors related to Suez, Dai Viet, Siam, and large and small princedoms in India also began to investigate the possibility of investing in the Suez Canal. Those anxious over these movements were France, Portugal, Italy, and England.

On the other hand, the Habsburg Holy Roman Empire and Spain showed a surprisingly indifferent attitude. This was because their advance into the Asian region had been blocked as they lost in the power struggles thus far.

• The true value of the Suez Canal lies in the shipping route to India and Asia.
• However, we have been pushed out of the competition in India and Asia. In other words, the profit we would gain through the canal is very small.

Because of this background, the Holy Roman Empire and Spain showed an indifferent attitude, while placing more weight on pioneering Africa and Gloria (the Americas). Seeing the movements of Asia, including the Empire, Ming, and Japan, France, Portugal, Italy, and England also began to respond quickly.

In the stock markets of Paris, London, Lisbon, and Florence, ‘Suez Bonds’ began to be released, and from wealthy aristocratic capitalists to those with just enough spare means to live comfortably gathered to purchase the bonds.

“It’s a battlefield in its own right…”

The guards in charge of security at bond exchanges and banks shook their heads and muttered as they watched the bond purchasing competition unfolding inside. Most of the guards were former soldiers or mercenaries who had already experienced several wars. To their eyes, the scene created by those competing to buy bonds inside was a battlefield itself.

The only difference was that they fought with gold and silver instead of guns, swords, and cannons.

And this became the occasion for the word ‘economic war’ to appear for the first time.

***

Amidst this fierce capital war and economic war, the politicians of France began to plan a very dangerous gamble.

In a meeting attended by both Charles VIII and his confirmed successor, Louis XII, an official was concluding his explanation with a flushed face.

“…..Therefore, if we push forward with the plan like this, we can take profits from Suez while simultaneously securing priority rights to the Persian region. That is all.”

“……..”

The explanation was over, but Charles VIII and Louis XII maintained their silence. The one who opened his mouth after a long silence was Charles VIII.

“…..It’s a gamble. No, it’s gambling.”

At Charles VIII’s assessment, Louis XII nodded.

The plan jointly submitted by the military and the Ministry of Finance could be summarized as follows:

• Secure the funds necessary for Suez Canal investment from the private sector as much as possible and minimize state expenditure.
• Strengthen military support for the Ottoman Empire with the finances secured in this way.
• War between the Ottoman Empire and the Great Iran is an almost inevitable situation. In this situation, secure more concessions than Italy and Portugal through strengthened military support.
• If war breaks out between the Ottoman Empire and the Great Iran, intervene actively to secure the Persian region.

As Charles VIII said, it was a plan close to a gamble and betting.