“As for the concern that everyone has, I have also thought about it and come up with a solution. Let us all see together whether it works.”
As Jin Feng spoke, he gestured towards the back.
Ruan Tongjie led Da Liu onto the wooden platform and stood behind Jin Feng.
Da Liu held a tray in his hands.
In the centre of the tray were placed three glass beads.
They varied in size and colour.
Yet each one was perfectly round, with superior lustre.
“Master Jin, this… could these be shuiyu?”
The fat man, acting as the shill, had a voice that trembled slightly.
“Indeed, these are shuiyu!”
Upon receiving Jin Feng’s confirmation, a trace of eagerness appeared in the eyes of many merchants.
Luolan had been auctioning shuiyu in the capital for some time now, and the fame of shuiyu had spread far and wide.
The merchants present had basically all heard of it.
A few had even attended auctions in the capital.
Because both Luolan and Tang Xiaobei strictly controlled the supply of shuiyu, while Dakang had many wealthy people, the value of shuiyu had not fallen at all. Instead, it had been driven ever higher by nobles and rich merchants.
Nowadays, Tang Xiaobei’s frantic grain purchases in Jiangnan relied mainly on shuiyu and scented soap.
In each place she visited, she held only temporary auctions, releasing just two pieces.
One was exchanged for grain: whoever offered the most grain got it.
One was exchanged for money: whoever offered the most silver got it.
Once the auction ended, no matter how much more money or grain was offered, it was useless.
This method, though simple, was extremely effective.
Tang Xiaobei had not only amassed massive quantities of grain in Jiangnan but also sent back large amounts of ready silver.
Now, the silver earned from shuiyu had surpassed that from scented soap, becoming Xihewan’s most profitable industry.
Yet only a few workers produced the shuiyu.
Instead, the caravans transporting shuiyu required large numbers of escort masters for protection.
Even so, bold bandits still ambushed them along the routes.
There was no helping it. The value of shuiyu had been inflated too highly by nobles and rich merchants.
So high that bandits dared to take risks even knowing it was escorted by the Zhenyuan Escort Bureau.
When Jin Feng conceived the idea of opening a money house, he considered the issue that merchants might not trust him.
When sending Mancang, he had him bring a few shuiyu along.
“Everyone, I need not explain the value of shuiyu beads further, need I?”
Jin Feng shouted through the loudhailer, “These shuiyu are fine pieces from my stock. From today onwards, they will be locked in that barred room in the money house hall. All customers depositing over one thousand taels may participate in voting to recommend a person to apply the lock and hold the key.
If anyone comes to withdraw money and the money house fails to pay within three days, these shuiyu may be taken as compensation.
What do you all think of this method?”
As soon as the words fell, the merchants grew excited.
When they entered, they had indeed seen a room in the money house hall completely enclosed by refined steel bars, resembling a prison cell.
At the time, the merchants had wondered what the room was for. Now they finally knew.
It was for storing shuiyu.
These few shuiyu beads were of superior size and quality. According to current market prices, if sent to auction, the combined value of the three would be incalculable.
Moreover, Jin Feng said they would vote for someone to lock it, with the key held by the person they chose.
With these shuiyu beads as a reassurance, some merchants who were already tempted decided to deposit one thousand taels later to try it out.
Money houses in Dakang were currently very unregulated. Jin Feng was not afraid of them testing it. As long as they were willing to try, he had the chance to turn them into loyal users of the Jinchuan Money House.
If customers came voluntarily and he still could not compete, that would mean his model was not suited to Dakang’s conditions.
“Master Jin, I happen to have recently acquired a sum of silver. Keeping it at home feels unsafe. Can I deposit it here today?”
Seeing the atmosphere was ripe, the fat man asked.
“Of course. Our money house is already open for business. We welcome everyone to inquire and handle transactions at any time!” Jin Feng replied with a smile.
“Then I will send someone back to fetch the silver now!”
The fat man waved off a household servant to retrieve the money.
At this point, many merchants grew interested. No longer needing the shill, they actively asked various questions.
Jin Feng answered them one by one.
After the time for two incense sticks to burn, the fat man’s servant returned carrying two wooden chests.
“Master Jin, mine is a small business with not much silver on hand. I will deposit just one thousand taels to start.”
The fat man said with a smile.
“Thank you for your support!” Jin Feng cupped his fist towards the fat man. “This is our first transaction since formally opening. I will handle it personally. Everyone can watch the process. We will charge the handling fee as for five thousand taels, only twenty percent. Is that acceptable?”
“Then I must thank Master Jin properly!” The fat man smiled until his eyes squinted.
Twenty percent handling fee saved quite a bit of money.
“This way please, honoured guest!”
Jin Feng jumped down from the platform, walked towards the hall, and personally demonstrated the deposit process for the fat man while continuing to answer other merchants’ questions.
He took out a small booklet, adjusted the steel stamp, and imprinted one thousand taels in the deposit column.
Then he used another steel stamp to mark the deposit date.
Steel stamps were appearing in Dakang for the first time. If other money houses wanted to imitate them, it would take some time to figure out. This served as the most basic anti-counterfeiting measure.
Next, he led the fat man into a separate room, where the fat man personally stated a series of numeric password.
After confirming the password, the two emerged together.
“You must remember the passphrase clearly. Otherwise, even with the deposit book, you cannot withdraw the money. Understand?”
In front of the other merchants, Jin Feng reminded the fat man once more.
“Master Jin, is a passphrase also required for local deposits?” one merchant asked.
“Yes, it makes it even safer,” Jin Feng said. “However, the passphrase for remittance bills is set by us. For local deposits, you can set the passphrase yourself. We record it. When withdrawing, you bring the deposit book and state the passphrase, and you can take the money!”
“This method is excellent. Even if a thief steals the deposit book, they cannot withdraw the silver!”
The watching merchants nodded in approval.
Low handling fees, passphrase and remittance bill system, secure separation of deposit book…
Every rule of the Jinchuan Money House was highly attractive to the merchants.
After the fat man finished, several more merchants sent people back to fetch silver.
Though each deposited only a modest amount, the business had truly begun.
Next, preparations needed to be made for branches in the capital and Jiangnan.
Cross-regional deposits and withdrawals were what attracted merchants most.
Jin Feng could not go to the capital and Jiangnan himself. He could only train others.
The money house was of great importance. Jin Feng could not casually hand it to ordinary people. He could only draw personnel from the current reserve talents of the Jinchuan Chamber of Commerce.
These people had come with Mancang. From the start of the market survey, they had been following Jin Feng and learning.
In the following days, Jin Feng taught them how to handle transactions during the day. At night, when he had time, he explained the basic operating model of the money house.
In this process, a girl named Zhu Linglong caught Jin Feng’s attention.
