In response to Jero Bonaparte’s division of tasks, Achille Fuld was not very willing in his heart.
In his mind, Barroso was nothing but a despicable traitor, a capricious scoundrel.
"Your Majesty, I believe that this task only needs to be completed independently by the Ministry of Finance, we are confident we can handle it!
As for the Public Transport Departnt, (Achille Fuld glanced at Barroso with the corner of his eye and snorted lightly) there is no need for them to get involved!" Achille Fuld said to Jero Bonaparte with a hint of dissatisfaction in his tone.
"Minister Fuld, it is not that I do not believe in your abilities!" Jero Bonaparte responded to Achille Fuld in a friendly manner, "This task inherently requires the joint efforts of the Public Transport Departnt and the Ministry of Finance. Only with cooperation between your two departnts can it be completed faster and better!
Please do not let personal grudges interfere with your work. You are both pillars of the Empire, and I trust you have the qualities befitting your positions!
So I do not wish to see you let personal issues affect the project’s progress, alright?"
Although Jero Bonaparte’s attitude was relatively polite, Achille Ford could discern a few hints of reprimand in his words.
Obviously, the Emperor was determined to have him cooperate with Barroso to complete the plan.
Seeing that Jero Bonaparte’s attitude could not be reversed, Achille Fuld had no choice but to comply with the Emperor’s will.
"Your Majesty, I am willing to follow your arrangent to discuss the plan with Minister Barroso and then submit the joint plan to the Legislative Corps!" Achille Fuld respectfully replied to Jero Bonaparte.
"That’s more like it!"
Jero Bonaparte imdiately bead, grabbing Achille Fuld’s hand, and then pulling Barroso’s hand over as well.
"Ministers should indeed work together! Now shake hands in front of , and all this will be behind us!"
As he spoke, Jero Bonaparte brought Achille Fuld’s and Barroso’s hands closer to each other.
Ultimately, under Jero Bonaparte’s coercive request, Achille Fuld and Barroso "shook hands and made peace."
With Achille Fuld and Barroso shaking hands, the report from the Public Transport Departnt was formally concluded.
Next ca the report from President Beimini of the Bank of France. Beimini first handed the fiscal summary data of the previous year from the Bank of France to Jero Bonaparte, then waited quietly for him to look over all the reports.
After Jero Bonaparte briefly skimd through the docunts (he didn’t really finish them, just glanced at the titles and the opening contents of each page), Beimini then recounted the contents of the materials to Jero Bonaparte.
Overall, the savings amount of the Bank of France in 1858 increased compared to 1857, indicating that the French were more inclined to deposit their money in the bank rather than investing it.
That’s not all. From Beimini, Jero Bonaparte also learned that the number of dostic companies willing to take loans from the Bank of France decreased to a certain extent compared to 1857.
Logically, companies would seek additional investnt from the Bank of France to maintain operations after suffering a severe blow from the economic crisis.
However, the reality was quite the opposite, which made Jero Bonaparte wonder if companies were financing from private banks.
After all, the Bank of France was more stringent in approving additional investnts compared to certain private banks.
Thus, in order to clarify whether it was an issue with the Bank of France or a general problem across France.
Jero Bonaparte solemnly asked Beimini, "President Beimini, may I ask you a private question?"
"Your Majesty, please do!" Beimini respectfully replied to Jero Bonaparte.
"Did the foreign investnt amount by your private bank increase or decrease compared to 1857?" Jero Bonaparte asked.
Organizing his thoughts calmly, Beimini replied to Jero Bonaparte, "Your Majesty, according to a report submitted by my assistant a few days ago!
The foreign investnt amount by the bank under my control last year was not only less than the previous year, but the majority of investnts were also abroad!"
Upon hearing Beimini’s report, Jero Bonaparte turned his gaze to Achille Fuld, "Lord Fuld, how about your bank?"
"The situation of the Fuld Bank is the sa as the Beimini Bank. Currently, foreign investnts dominate, and recently very few dostic companies are willing to take loans!" Achille Fuld responded to Jero Bonaparte.
Hearing the responses from Fuld and Beimini, Jero Bonaparte vaguely guessed the foreign investnt projects of both Fuld and Beimini Banks.
To verify his suspicions, he asked once more, "Then... may I ask, what is the main focus of your two banks’ foreign investnts?"
"Governnt bonds!" Achille Fuld and Beimini responded in unison.
I guessed right!
Jero Bonaparte muttered to himself.
No one is more passionate about the business of governnt bonds than the French bankers.
No matter how unreliable a governnt bond might be, they could always turn decay into magic in their hands.
Although only Beimini and Fuld’s banks were sampled this ti, this already represents the situation of dium and large banks within France.
Subsequently, Jero Bonaparte turned to the Bank of France’s foreign investnt amounts.
As expected, the Bank of France’s main foreign investnt business is likewise governnt bonds.
Chief among these are United States Treasury Bonds and bonds from the German Region (including Austrian Empire bonds), and they show an upward trend.
Clearly, the economic crisis of 1857 did not dampen the Bank of France’s enthusiasm for investing in governnt bonds.
Jero Bonaparte lowered his head and silently contemplated, while Fuld and others dared not utter a word.
After a while, Jero Bonaparte lifted his head again.
He cast his gaze once more towards Beimini, "Beimini, why do you think dostic companies are unwilling to borrow money from the Bank of France?"
"Your Majesty!" For Jero Bonaparte’s question, Beimini had long anticipated, "The reason dostic companies are unwilling to borrow from the Bank of France fundantally lies in the fact that the vast majority of France’s companies are dium and small enterprises!
Their risk resistance ability is higher than that of large enterprises, and many of these dium and small companies operate under a family system in a workshop model, naturally wary of banks, thus following an economic crisis, they always choose to withstand it.
As a result, after the economic crisis, those companies that managed to survive on their own funds are even less willing to borrow from banks."
"If banks were to lower the interest rates, would there be more companies taking loans?" Jero Bonaparte asked.
"No, Your Majesty!" Beimini shook his head, responding to Jero Bonaparte, "For those companies seeking financing, the Bank of France’s interest rate of 5% is low enough!"
"What if the Bank of France lowered its audit standards?" Jero Bonaparte proposed another solution, "I recall that you (the Bank of France) are always generous in financing, but stringent in lending!
Could the lending standards be relaxed to allow more companies to thrive!"
"Impossible!" Beimini’s expression changed, and he quickly said to Jero Bonaparte, "Your Majesty, the reason banks maintain strict connections in lending is to prevent certain incompetent companies from undermining the bank’s stability!"
"Indeed, Your Majesty!" Fuld also earnestly persuaded, "The reason the Ministry of Finance can smoothly issue public bonds every ti is all thanks to the support of the Bank of France!
If the reputation of the Bank of France is tarnished, the Empire’s public bonds would be hard to issue as smoothly as before!"
Under the dual objections of Achille Fuld and Beimini, Jero Bonaparte had to give up his idea.
Subsequently, Jero Bonaparte inquired about the amount of gold reserves held by the Bank of France and the issuance amount of Bank of France notes (franc banknotes).
Beimini told Jero Bonaparte that the Bank of France currently reserves and has issued nearly 5 billion francs (roughly 145 tons) of gold (about 2 billion francs more gold than the sa historical period), and has issued over 4 billion franc notes.
After hearing Beimini’s report on the data, Jero Bonaparte couldn’t help but exclaim.
"You are indeed the richest bank in all of France... no, I should say all of Europe!
I rember the Bank of England’s reserves are only about 16 million British Pounds, converted to francs, that’s about..."
"4 billion francs, Your Majesty!" Beimini promptly replied.
"Since you already own so much gold, are you afraid you can’t exchange the banknotes you issued?
The ratio of banknotes should be increased; France still needs them in many places!" Jero Bonaparte hinted to Beimini to continue injecting money to stimulate the economy.
"Your Majesty, I will thoroughly discuss this with the bank’s directors!"
Beimini casually said, as he really didn’t want the Bank of France to also fall into the "predicant" faced by the Ministry of Finance.
The Emperor spends money way too fast!
...
The lengthy Imperial Council lasted from 3 p.m. until about 7 p.m.
The nearly four hours of discussion left all four attendees feeling both ntally and physically exhausted.
"Thank you for your hard work!" Jero Bonaparte expressed his gratitude to the three attendees.
"Your Majesty, this is what we ought to do!" The three attendees almost simultaneously responded to Jero Bonaparte.
Shortly thereafter, Empress Augusta appeared in the room.
"Thank you all for accompanying Jero to work until this hour; I have already had dinner prepared by the kitchen!
If you don’t mind, we can dine together!"
Under Empress Augusta’s warm invitation, Achille Fuld and others headed to the dining room.
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