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Xie Sheng took out two stacks of large silver dollars from the bottom of the box, and gave another small silver dollar: "20 yuan and fifty cents for you."

A stock transaction was completed in front of Zheng Sen and his wife.

Xie Sheng put away the bank notes and asked, "The sugar stocks in my hand are sold out, do you two want to buy other stocks?"

Zheng Sen said, "I'll turn around again."

Xie Sheng wasted a lot of talking, but he was not angry at this time, and said with a smile: "Those two go slowly, you can come to me when you buy and sell stocks in the future. I have been in this business for a month, and I have never had anything wrong. Fake it."

"Fake tickets, there are fake tickets!"

Suddenly there was a shout, Xie Sheng quickly picked up the wooden box and ran towards the direction of the sound.

The nearby stockbrokers were all in action. They rushed forward spontaneously, and soon surrounded the scammers who were selling fake stocks.

"kill him!"

"Don't beat him to death, you will face a lawsuit."

"As usual, he was beaten to death and dragged to see the official, and he beat his old mother. After a while, he managed to earn a living. We can't let these crooks ruin the business!"

"..."

Since Xie Sheng was too far away, it was already too late to rush over, so he could only yell around outside.

When the crowd dispersed, the liar was already dying.

"it is good!"

Seeing the miserable end of the scammer, both stockbrokers and investors who came to buy stocks all burst into laughter.

Zheng Sen took Zhao Zhenfang away, and said as he walked: "Although these people have established their own rules, they still have many problems. Stocks are just a piece of paper. Buying short and selling short is ultimately vain. Especially the old stocks of Indian trading companies, I heard that they have gone up. From 12 to 12 shares, in just over two months, it has doubled by [-] times. How much money can I get when I hold the stock for dividends next year? How much it has risen this year, it will fall much next year. Buyers at high prices, I'm afraid it will be a terrible loss."

Zhao Zhenfang said: "Indian trading companies are still reliable, but I am afraid that some small shops will also issue stocks. If they lose money and go bankrupt, wouldn't those who bought stocks lose their money? There are also those who help buy and sell stocks (brokers) , but if there is evil intention, there will be many troubles."

Zheng Sen said: "This matter must be handed over to the Guangdong Chamber of Commerce. First, any trading company must report to the Chamber of Commerce to issue shares, and you cannot issue it yourself."

"There must be a threshold," Zhao Zhenfang helped to add, "It must be an old trading company that has been in business for more than ten years, so as to prevent someone from randomly setting up a new trading company and issuing stocks to cheat money everywhere. When the number of years is reached, the status of the trading company must be reviewed. It’s not about how much debt you have, how much cash, shops, factories, ships, etc.”

Zheng Sen said: "Accounts still need to be checked, and trading companies that have been losing money are not allowed to issue stocks."

Zhao Zhenfang smiled and said, "That's right."

Zheng Sen also said: "Secondly, those who help buy and sell stocks are called 'squat teeth'. All of them must be reported to the commercial office, at least they must have a high school diploma, and there is no previous history of committing a crime. There must be parents or wives and children in the family, and those whose parents are dead and have no wives and children are not allowed to buy or sell stocks for others."

Zheng Sen pondered carefully: "I only think about these for the time being. If there is any trouble in the future, I can add it later."

Zhao Zhenfang smiled and said, "My husband forgot the most important thing."

"What's the matter?" Zheng Sen couldn't figure it out.

"Taxation!" Zhao Zhenfang said.

Zheng Sen clapped his hands and said, "Yes, deed tax is charged for buying and selling houses, and of course taxes are also charged for buying and selling stocks."

Zhao Zhenfang said: "I see different papers, different inks, and strange patterns for each company's stocks. You can let the finance department specialize in making stocks. No matter which trading company's stocks, they all adopt a uniform shape. Leave blanks at key points, and wait for the issuance For stocks, fill in the specific company name and other content. This will not only allow the stock to be regulated, but also give the government a reason to collect taxes.”

Zheng Sen then frowned again: "But stocks are not like houses. They can be bought and sold on the street. How can the government collect taxes?"

"Give them a material, and stocks can only be traded there," Zhao Zhenfang said. "All street transactions are not approved by the government. If someone is cheated, the scammer is guilty of fraud, and the victim is guilty of tax evasion. And , Gu Ya can only buy and sell stocks for others in official places. Once Gu Ya trades privately, if he finds out, his license will be revoked."

"This method is feasible," Zheng Sen said. "The imperial court prohibits the collection of exorbitant taxes. If you want to collect taxes on stocks, you have to report to the imperial court for approval. I will write a secret report to His Majesty when I get home."

Chapter 1029 [Financial Rectification]

"Your Majesty, this stock must not be allowed to run rampant!"

Cabinet minister Zhu Shunshui was the first to stand up against it.

He encourages the private economy and technological innovation, but he only stays on the real industry, and he is very disgusted with things like stocks.

Wu Yingji also said: "The original intention of raising funds and offering shares is quite good, and it can relieve the temporary difficulties of the merchants. However, the stocks are tumbling, which is really short-selling. The stock price has risen ten times, and neither a grain of rice is produced nor a pot is created. This thing Ignorant of people’s hearts, there may be people who like to gamble and spend a lot of money, and finally ruin their families. If the people in the city are like this, once the stock price plummets, many people will go bankrupt.”

Wu Yingji is very knowledgeable about economics, and participated in assisting Song Yingxing to compile "Economic Knowledge", which has been renamed "Economic Theory".

These two stood up to oppose, and other cabinet ministers immediately echoed, all resisting the establishment of the stock exchange.

Zhao Han asked Fei Chun: "You have managed Datong Bank and the Ministry of Finance for a long time. What's your opinion on this?"

"I can't help it." Fei Chun didn't approve or object, just said these four words.

"Where can't it be suppressed?" Wu Yingji said, "But if there is a public offering of shares, the license of the trading company will be revoked. If things go on like this, no one will dare to issue shares again."

Fei Chun said: "Mr. Wu Ge also said that the original intention of raising funds and offering shares is quite good, and the fear is that the people will buy short and sell short. However, short selling and short selling have already existed, and they are everywhere in Jiangsu, Zhejiang and Shandong. Cotton farmers sign a contract, agreeing how much cotton to purchase in the coming year, and no matter what the cotton market will be next year, the price will not be lowered or lowered."

"I know about this," Wu Yingji nodded and said, "but when you buy cotton in advance, you will have the real thing, unlike stocks, which are just a piece of paper."

Fei Chun said with a smile: "Stocks are not paper, they really have shares in a trading company, and it is not much different from a cotton purchase contract."

The three provinces of Jiangsu, Zhejiang and Shandong are all cotton-producing areas. Local merchants purchase cotton in advance. Since the supply of cotton has been in short supply in recent years, this pre-purchase contract has been completed.

The merchants in the county are responsible for the purchase and contract. They only need to pay a small deposit, and then sell it to the big merchants in the state capital at a higher price.The big merchants in the state capital sit together and jointly control the cotton price according to the weather conditions of the coming year, and resell the cotton purchase contract price to the textile mill.

The farmers still get the same amount of money, but the cotton has been resold twice.

Wu Yingji said: "Buying short and short selling cotton contracts, regardless of profit or loss, is a matter between merchants. But this stock is related to Shengdou Xiaomin!"

Fei Chun sighed: "Oh, stocks can allow more money to flow. I have also read your "Economic Theory", and the benefits of money flowing can completely outweigh the disadvantages brought by stocks. When planting something, we should not think about how to ban it, but how to control it. Wouldn’t it be good to use the taxes collected from buying and selling stocks along the coast to build bridges and pave roads inland?”

Wu Yingji did not refute immediately, but weighed the pros and cons.

The rest of the ministers all looked at the emperor. Many of them heard of stocks for the first time.

Zhao Han has made public the secret melody sent by Zheng Sen.This is the only information about the stock, it is difficult to make a judgment in the short term, and the current speakers have not thought through it.

Zhao Han finally spoke: "Like cotton pre-purchase contracts, these are called 'futures'. Futures and stock certificates must be printed by the Ministry of Finance, and information should be filled in the blank space when trading. In Guangzhou, Shanghai, Dengzhou , the establishment of a stock exchange. Futures and stock transactions must be carried out in the exchange. Private transactions are not recognized by the government. Both futures and stock transactions are subject to taxation. The Ministry of Finance will try to determine a tax rate for the specific amount to be collected. , and then adjust according to the situation of the exchange.”

The three major exchanges, Guangzhou and Shanghai, are easy to understand. Why is there another one in Dengzhou?

Because Dengzhou is the largest trading port in the north, most of the ships from Shandong to Liaoning, North Korea, and Japan set off from Dengzhou.At the same time, Shandong is the largest cotton-producing area in the country, and the cotton futures trading here is the most frequent.

Zhao Han continued: "In order to prevent people from arbitrarily manipulating securities prices, strict regulation is needed!"

"First, determine the daily trading time. The opening of the transaction is the opening, and the closing is the closing. The price of the first order at the opening is the opening price, and the price in the last minute of the closing is the closing price."

"Secondly, the exchange must have traders. For all securities transactions, purchasers must fill out a subscription form and submit it to the trader for trading. When collecting taxes, the completed subscription form is used as evidence."

"Third, the securities purchase form must be filled in with quotations. Before the opening of the market every day, bid half an hour in advance, fill in and submit the purchase form. In the first 10 minutes, you can cancel the order; in the middle 10 minutes, you are not allowed to cancel the order; in the last 10 minutes, you are not allowed Cancellation of orders is not allowed to apply for transactions. Traders must rewrite the price on the blackboard at any time and publicize it, so that buyers can know the details."

"Fourth, the party that sells securities must also submit a sales review. In the future, securities transactions will no longer be one seller to one buyer, but a group of sellers to a group of buyers. Traders will match buy and sell orders, and the buying and selling prices will The same application can be effective immediately."

"Fifth, if the price of a security rises or falls by more than 15% in a single day, the trading of this security must be stopped, and the price will be re-priced the next day."

"Sixth, commercial companies that issue shares to the public must be strictly audited to prevent people from maliciously accumulating money."

When the six rules were said, the ministers were all confused, and even couldn't understand many professional terms.

Zhao Han also has only a half-knowledge about securities trading, so it is not easy to say these things.More rules have to be added in actual operation. If you believe in the wisdom of the public, they will make up or take advantage of loopholes, and then force the court to make changes.

Before the ministers returned to China, Zhao Han immediately said: "Datong Bank will be dismantled and divided into the central bank and commercial banks. Official tickets, military tickets, silver dollars, and copper coins are all issued and managed by the central bank, and commercial banks and private banks are also issued and managed. Managed by the central bank..."

"Reorganize the private banks and banks, and change their names to banks in the future. Private banks must pay reserves to the central bank. The cash in the bank's inventory must be handed over to the central bank for safekeeping in proportion. This money is called reserves. If a private bank encounters a run, if the funds are insufficient, they can apply for payment from the reserve fund. Once a bank uses the reserve fund, it must be strictly investigated afterwards, and the bank’s license will be revoked if it is difficult to operate.”

"The ratio of reserves can be adjusted at any time, but it must not be lower than 20%. Prevent private banks from absorbing too much deposits, and use them all to lend to commercial companies. In the event of a run, they have no money to give to the people!"

"Your Majesty is wise!" Fei Chun shouted immediately.

The proposal for the reserve fund was put forward by his cronies.

Private banks used interest to absorb deposits, starting from the Zhengde and Jiajing years, which stemmed from the rapid development of the commodity economy.

After the Datong New Dynasty was established, industry and commerce prospered rapidly, and the savings of the people also increased.In this way, the banking industry will prosper. Business owners need money to expand investment, and ordinary people want to save money to earn interest. The two sides hit it off.

The number of banks and ticket offices has increased rapidly, and the imperial court has rectified them, but they cannot keep up with the pace of development in recent years.

Private banks and ticket companies played wildly for profit.

A few years ago, when the customs was being rectified, many maritime merchants were involved, and they failed to pay huge fines and went bankrupt.The banks and bank accounts that lent them money could not be recovered due to the large amount of loans. After the news spread, more than one bank suffered a run.As a result, the bank went bankrupt, and the people couldn't get their deposits back.

In addition, Datong Bank has too much power, and the scope of its intervention is too wide, causing many chaos.

Taking advantage of the opportunity of the establishment of the stock exchange, Datong Bank happened to be split up, the powers and responsibilities of the central bank and commercial banks were clarified, and the non-standard private banks were rectified by the way.

The Banking Regulatory Commission and the China Securities Regulatory Commission should also be established accordingly.

After the imperial meeting, many ministers didn't understand it, and asked Fei Chun, Wu Yingji and other professionals about the situation.

In the past two months, various rules have been formulated.For example, 35% of people's savings deposits must be taken out as a reserve fund and handed over to the central bank for safekeeping.For corporate deposits, only a 20% reserve is required.

The decree was issued, and all over the country, chickens and dogs jumped.

More than 20% of the banks and ticket companies simply cannot provide enough reserves.The deposits they took in were loaned out in a blink of an eye. This is because there are too many companies that need money.

For such banks, there is a three-month deadline for rectification.If you can come up with a reserve fund, it will be renamed as a bank to issue a license.If you can't come up with the reserve, then sorry, don't do banking business in the future.

Bank practitioners complained a lot, saying that the imperial court was plundering people's wealth.

But in the face of a strong government, they can only complain, without the slightest courage to resist.

After this rectification, Datong China's banking industry is on the right track, and money houses and bank offices have become a thing of the past.

And in the winter of this year, the three major exchanges officially opened.

The first to feel happy are the cotton mill owners.They are finally not subject to cotton suppliers. They were raised prices at will in the past, and they will be able to buy cotton on the exchange in the future.Although still under the control of others, there is less room for black box operations, and most of them can be placed on the table.

Those porcelain suppliers in Jiangxi were already engaged in porcelain ticket futures, but now they are required to only do so on the exchange.

What is even more gratifying is that the small and medium-sized maritime merchants have a clearer source of goods, and they can know it when they go to the exchange.Big merchants want to monopolize the supply of goods, they have to spend real money, and they can't do things in the dark.

Everyone was half-knowledgeable about this thing, and many people came to inquire about the news before the exchange opened.

There are also many companies asking about the rules of listing and issuing shares, and they also want to issue shares to obtain funds.

Even merchants in the Sichuan-Shanxi area went to the coast to inquire about the situation.The economies of these areas are not as active as those of the coastal provinces. Many old rich men have hidden their silver in their cellars, but now they want to participate in securities trading, because they heard that this can make money with money.

On the opening day of the three major exchanges, there were not many types of stocks and futures, but investors crowded the exchanges.

Chapter 1030 [The Wolf of the Canton Stock Exchange——Zheng Zhilong]

Guangzhou, Stock Exchange.

Zheng Zhilong is 61 years old this year. Ever since he was deposed to be a duke with only a small title left, he has been listening to operas and banquets all day long, and has never cared about anything outside.

This time it is rare to go far away, one is to see my son in Guangzhou, and the other is to watch the excitement at the stock exchange.

The bell tower struck nine o'clock, and the gates of the exchange finally opened.

Zheng Zhilong squeezed in with his entourage, and saw a few blackboards hanging in front of him, with the names of stocks and futures written on them.

There are only nine stocks and only a few futures.

Since it is the first day of opening, all stocks and futures are written with a guide price, which is convenient for investors to bid before the market opens.

The inspector of the Canton Stock Exchange is Huo Zhensheng, a serious Jinshi who worked in Datong Bank before.He asked the officials to beat the gong to signal everyone to be quiet, and then held up a tin trumpet and said, "The Guangzhou Stock Exchange opens today. Let me briefly explain the rules..."

Of course, the general direction of the six trading rules set by Zhao Han must be followed, and the details must be changed in practice.

Because there is no era of computers, stock trading lags too much.

Zheng Zhilong didn't understand after listening for a long time, but he hired a securities broker and told him: "You fix the other things first, and I'll see and talk about it."

The broker immediately went to buy the application form, which also cost money. The purchase order was printed in red ink, and the sell order was printed in blue ink.He bought hundreds of copies in one go, took them back and stood by Zheng Zhilong's side to obey orders.

Someone has already filled out the form to bid, and this process has also changed Zhao Han's rules.Only the application form for the first 5 minutes can choose to cancel the order, because the manual work is too busy and it is easy to cause confusion on site.

There was no closing price yesterday, and the official bidding parameters were set.

As time goes by, the data of each stock and futures are written on the blackboard with chalk by traders... the highest buying price, the lowest selling price, the most traded price, the opening price, and so on.

"You can buy this?" Zheng Zhilong asked.

The broker suggested: "Don't buy the old stocks of Indian trading companies, they are too high. You can buy the stocks of Dianjin Bank. Dianjin Bank is the former Wanshengyuan Bank, and it is the only bank stock at present. The issue price is ten Two shares, today’s opening price is 16 taels, it will definitely make money.”

"Then buy 50 shares first!" Zheng Zhilong was very proud. To him, this little money was just a drizzle.

The buying and selling price of the application form is filled in a range, otherwise it will be too difficult to manually match.

Zheng Zhilong asked his agent to submit the application, and after waiting for 13 minutes, the transaction was finally completed.Then he stared at the blackboard, and the stock price gradually changed from 16 taels to 16.2, 16.5, 1... Every 15 minutes, traders would use chalk to change the stock price.

After about 40 minutes, the stock price of Dianjin Bank suddenly stopped changing, and a chalk circle marked "Limit Up" next to it.

Zheng Zhilong asked: "The daily limit means that you can no longer buy and sell?"

The broker explained: "There are too many people buying some gold banks. The imperial court stipulates that the daily price rises and falls by up to 15%. You can't buy or sell today, so you can only come back tomorrow."