Chapter 1012: The Irish Rebels
Lebon's logic was clear and highly creative. With a few simple adjustments to existing mature technologies, he had resolved several major technical obstacles.
Joseph had basic confirmation that the technical proposal was feasible after hearing it only once.
After explaining the kerosene refining process, Lebon also showcased his improvements to oil lamps, making them more suitable for kerosene fuel. Existing oil lamps were designed for soybean or whale oil; according to his tests, using kerosene directly would damage the glass chimneys.
This meticulousness and caution made Joseph even more satisfied with him.
However, the fourth bidding company was also quite impressive.
This was a chemical factory named the La Rochelle United Company. Their sulfuric acid production workshop in Paris could meet nearly half of the French market's demand, with annual sales reaching 150,000 francs.
The kerosene refining technology they developed was slightly more cumbersome than Lebon's, but overall, it seemed capable of meeting the tender requirements.
Furthermore, they had spared no expense in creating a set of demonstration equipment, which was available for inspection at their factory at any time.
Once the technical presentation from the La Rochelle United Company concluded, Joseph knew that they would likely be the ones to win the bid.
Given that the quotes from both companies were similar, the government's habit of prioritizing stability and reliability meant Dino's chances were slim.
As the bidding process ended and the four companies departed one by one, the members of the Kerosene Refining Project Tendering Committee immediately began their evaluation meeting.
Joseph discussed the development of the chemical industry with Chaptal as they walked toward the carriage parked in the square, preparing to return to the Palace of Versailles.
"I remember the newly built synthetic dye factory in Reims has temporarily halted production due to technical issues," Joseph remarked. "Perhaps we could have that Mr. Lebon look into it. His technical skills are exceptional."
Chaptal quickly replied, "Your Highness, Dino Dye Works will likely win the bid. By then, Lebon will certainly be busy with the kerosene refinery."
Joseph was greatly surprised. "Oh? Why not La Rochelle? They seemed to have the advantage."
Chaptal explained, "Your Highness, the La Rochelle United Company has not obtained any investment or credit rating. As you know, many companies are unwilling to pay even that small rating fee.
"While Dino Dye Works only has a Baa2 rating, it still allows them to gain a significant number of points in the evaluation. To be frank, the technical proposals and quotes from both are very close, so Dino's score will be considerably higher."
Joseph then remembered that France's two major rating agencies—the International Standard Statistics Company and the First Credit Rating Company—had begun offering rating services to companies across France at the beginning of this year.
At the same time, the Ministry of Industry provided subsidies, paying half of the rating fees for all companies during the first two years of the rating business.
For a company the size of La Rochelle United, completing an investment and credit rating would only cost 75 francs.
The rating results would affect the ease with which a company could obtain bank loans. The higher the rating, the more willing banks were to provide loans, and interest rates could even be lowered accordingly.
Following the relaxation of restrictions on company listings in France, many companies had flocked to list on the Stock Exchange. Ratings would also influence their stock prices and investor interest.
Yet, despite this, many companies with no need for loans or public listings still refrained from getting rated. It was always difficult for people to immediately accept any new concept in its early stages.
Joseph nodded with a smile. "This tender will serve as an excellent example; we must promote it well.
"The rating agency in Genoa must also accelerate its preparation. After all, the Milan Stock Exchange is about to begin operations."
Joseph knew that for credit ratings to be truly valued by the public, it would take at least a decade of accumulation. However, this authority had to be firmly held in French hands from the very beginning.
To this end, he would not hesitate to allocate hundreds of thousands of francs annually.
By the time Britain, Prussia, or Austria realized the importance and tried to seize control of the rating narrative, they would find that even investing a hundred or a thousand times the capital France had would yield little result.
While Joseph was discussing the rating agencies with the Deputy Minister of Industry, the carriage had already entered the Marble Court.
The latter bowed and took his leave, while Joseph returned to his private quarters.
As he turned the corner of the corridor, he immediately saw Alexandra walking toward him. She curtsied and greeted him, "Your Highness, you've returned."
The young girl had clearly been waiting for him there.
Joseph was somewhat surprised.
He knew that Alexandra's schedule was packed. In the mornings, she studied mathematics, physics, and chemistry, sometimes adding biology. After lunch, she had two hours of painting or etiquette lessons. At three in the afternoon, she had fencing practice, which usually involved bullying Charles. From four o'clock, she did her homework until dinner, unless interrupted by necessary social activities.
Usually, the first time Joseph saw her each day was when they went to dinner together.
Today, she had arrived before four o'clock.
Joseph bowed in return and gestured toward the drawing room. "It seems you've been waiting for a long time. Has something happened?"
"Yes, Your Highness. I think this might be important," the Crown Princess said as she entered the room, then turned to gesture to the people following her.
A guard led forward a man who was not particularly tall and had a scholarly air, though his eyes were quite sharp. Portier followed behind them.
Alexandra gestured toward the two men. "Your Highness, this is Mr. McCracken. He is from Ireland.
"And this is Mr. Portier. His father is Baron Portier. He is the one who brought Mr. McCracken to see me."
Both men immediately bowed deeply.
McCracken said excitedly, "It is a great honor to meet you, esteemed Crown Prince. Thank God.
"Oh, I am here representing the Society of United Irishmen."
Joseph narrowed his eyes slightly and first spoke to Alexandra. "You have done well. Regarding this gentleman, please do not mention him to anyone.
"Now, don't you have a class to attend? We shall see each other this evening."
It wasn't that he distrusted Alexandra; as his Crown Princess, her life was completely tied to France.
He simply didn't want the young girl exposed to matters that might become bloody.
Alexandra bowed and departed. Joseph then signaled Eman to close the door before turning back to the two men.
"Very well, now you may tell me the purpose of your visit."
Portier immediately stepped forward and handed over a letter from Tone, the leader of the Society of United Irishmen, with both hands. He said with a pained expression, "Your Highness, I was only accidentally swept into this."
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