Chapter 609: A New Year, New Hope
After nearly two hours of discussion with George III, William Pitt Junior finally felt a sense of certainty.
The King still supported him.
He saw the familiar figure of Doctor Willis appear at the doorway and quickly said,
"Your Majesty, I will swiftly resolve the Gas Streetlights matter. However, regarding Lord Fox..."
He was referring to James Fox, the leader of the opposition Whig Party.
"Our focus is on our strategy against France, and that requires a stable cabinet. I will persuade the Whig Party not to cause trouble."
George III hadn't finished speaking when Doctor Willis approached, bowing slightly as he said,
"Your Majesty, it's time for your treatment. There's another rehabilitative therapy session tonight with leeches and mustard; it will help your mind relax."
Suffering from porphyria, George III's mind would sporadically malfunction, so he had recently been residing at Windsor Castle for treatment.
Indeed, the English King's constitution was remarkably robust; he endured these torturous treatments and the torment of his mental illness, living to the age of 82.
George III's legs trembled slightly, but he gritted his teeth and composed himself, finally cautioning Pitt,
"If all else fails, Mr. Prime Minister, divert public attention abroad."
...
In peaceful times, days always seemed to fly by.
Not long after Christmas, the gentle breeze of early spring already began to sweep across France.
The meeting hall at Versailles was comfortably warm from the fireplaces, and the cabinet ministers gathered around the meeting table wore smiles, occasionally exchanging quiet words.
Clearly, everyone was quite pleased with their achievements in the past year. Today's cabinet meeting was dedicated to reviewing the statistical data submitted by each department for the previous year.
Previously, Joseph would discuss each minister's area of responsibility individually, but he had been presiding over cabinet meetings for the past six months, so this year he simply decided to hold the annual summary here.
On one hand, departments could compare their performances, fostering a sense of competition.
On the other hand, it also strengthened cooperation between different departments. For example, the Minister of Trade would formulate this year's work plan based on industrial growth rates.
Queen Mary took her seat at the head of the table. After everyone had bowed, she smiled at Archbishop Brienne and said,
"Archbishop Brienne, please begin."
Although she no longer managed specific affairs, she insisted on being present to "lend her authority" to her son, fearing that the unruly ministers might disrespect the Crown Prince.
Archbishop Brienne bowed to the Queen and the Crown Prince, offered some customary pleasantries, and then went straight to the core issue:
"...According to the agenda, I will first elaborate on last year's financial situation."
Upon hearing this, the ministers picked up the "1791 National Financial Report" that had already been placed on the table and began to review it.
Archbishop Brienne's smile remained unwavering, impossible to suppress:
"By God's grace, and under the meticulous governance of Her Majesty the Queen and His Royal Highness the Crown Prince, the nation's total financial revenue last year reached 740 million Francs. This is an increase of 110 million Francs over the previous year!"
In truth, the ministers had already heard rumors of a significant increase in financial revenue, but they hadn't expected such a substantial rise. They were all immensely invigorated and nodded in congratulation to Archbishop Brienne.
This was a staggering 17% annual growth rate! Even in the era of the Industrial Revolution, it was a truly brilliant achievement.
Archbishop Brienne's smile grew even wider; he didn't even glance at the document, clearly having memorized it by heart:
"Last year's total financial expenditure was 640 million Francs.
"This means we achieved a high surplus of 98 million Francs!"
He finished his sentence, feeling a lump in his throat, and quickly lowered his head, taking several deep breaths to compose himself.
It was no wonder he was so emotional. For as long as he could remember, probably since the later years of Louis XIV's reign, France's treasury had been plagued by the nightmare of deficits, and every finance minister had been deemed incompetent.
Finally, in this year, a historic turnaround had been achieved.
This was truly a great accomplishment that would be remembered by the French people for centuries to come!
Queen Mary immediately rose, applauding Archbishop Brienne as she declared,
"Thank you for your excellent and fruitful work! You have opened a new chapter for France, filling the nation with hope once more!"
Everyone else also rose, applauding and praising Archbishop Brienne.
Archbishop Brienne, however, looked at Joseph and earnestly said,
"All of this stems from the major financial and tax reforms led by His Royal Highness the Crown Prince; I merely acted according to His Royal Highness's instructions."
He was certainly not being modest.
His ability was only average among recent finance ministers. Had it not been for the Crown Prince's constant ingenious strategies, let alone a financial surplus, he would have been forced to resign countless times due to debt crises over the past two years.
The ministers unanimously looked at Joseph, their expressions clearly saying, 'Indeed.'
Joseph, however, smiled and said, "France's financial surplus was achieved under your stewardship, Archbishop Brienne. No one will overlook your immense contributions. Congratulations to you, and congratulations to France!"
He didn't hesitate to praise Archbishop Brienne; after all, he was an old subordinate, and the latter had been fiercely loyal to him.
Everyone immediately joined in, cheering, "Congratulations to France!" and "Congratulations, Archbishop Brienne!" They then offered Joseph a round of lavish praises before finally sitting back down.
Archbishop Brienne continued, "This year, our nation's total debt will be reduced to 1.98 billion Francs.
"If the debt replacement scheme proceeds smoothly, this year's fixed interest expenditure can be reduced to 84 million Francs."
The "replacement scheme" he referred to involved raising funds by selling low-interest national bonds to repurchase previous high-interest loans, thus performing a high-low swap. However, this required a prerequisite: the public's optimistic view of France's development, which would allow the national bond interest rates to be kept low.
Archbishop Brienne clearly felt that there was no need to worry about the sales of national bonds, as he had already reviewed last year's industrial and agricultural reports.
Everyone cheered and applauded once more. Although France's total debt remained extremely high, the interest rate was now approaching a healthy range. If this momentum continued, France could completely emerge from the shadow of debt in four or five years at most!
However, compared to the general jubilation, Joseph appeared relatively calm.
He knew very well that last year's substantial financial surplus was an exceptional circumstance and would be difficult to replicate in the future.
Firstly, a large number of Tax Farmers had been dealt with at the beginning of the year, and their assets were confiscated, which alone brought in tens of millions of Francs.
In fact, afterward, due to the Tax Bureau's inexperience, tax revenues even declined until the Value-Added Tax system was implemented, at which point the situation improved.
Secondly, the booming rise of "special trade" contributed over ten million Francs to the treasury in just about four months.
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