Chapter 994: The Crown Princess Consort Has Arrived
Godan rose quickly and said, "Your Highness, given our current debt situation, I believe we can issue a series of special national bonds."
"A scale of fifty million francs, with ten to twenty-year terms and interest rates between six and eight percent. I am certain many would be eager to subscribe."
Leveraging the prestige France had built by defeating the Anti-French Coalition, combined with the country's current developmental momentum, investors seeking stable income would be more than willing to purchase these bonds even if the interest rates were relatively low.
Joseph nodded. "Please draft a bond issuance plan and submit it to me later. However, fifty million francs is still far from enough."
Currently, the Industrial Development Fund had only fourteen million francs remaining on its balance sheet. Adding another fifty million from national bonds was still just a drop in the bucket for their massive industrial expansion plans.
Joseph knew all too well that the real challenge hadn't even begun because the trains weren't out yet.
Once the railway revolution commenced, the astronomical investment required to lay tracks would likely drain the entire nation's surplus capital.
Much like the United States in the early nineteenth century, which nearly went bankrupt just to build two major railways.
Therefore, he needed to do more than just raise funds for the Industrial Development Plan; he had to proactively establish financing channels to prepare for future capital demands.
"To be honest, the Paris Stock Exchange is not currently serving its intended purpose. Companies with such strong profit margins would attract a massive number of investors in a very short time."
Indeed, due to strict French regulations on the stock market, the Paris Stock Exchange currently had only seven listed companies, and public enthusiasm for investing was quite low.
Godan's words reminded Joseph that, in terms of industrial investment, the stock market was undoubtedly the most convenient tool.
And it didn't have to be limited to the Paris Stock Exchange; they could also list on the Netherlands Stock Exchange. Although that small nation struggled in war, its financial capital was bold enough to challenge even Britain.
Joseph then considered that the Italian nobility also possessed vast quantities of gold coins. If they could be attracted to invest in France, the total could reach at least seventy or eighty million francs.
However, the financial markets in the Italian region were very primitive. Aside from Venice and Genoa, many states hadn't even managed to establish functioning banks.
His eyes lit up. A primitive financial market might actually be an advantage. He could use the name of the Iberian-Apennine Common Market to help them build a financial system from the ground up.
First, establish a network of banks in the major cities, and eventually link them all into the Banque de France system...
No, that would definitely provoke resistance from other nations.
Instead, they could establish a Mediterranean Bank. All countries within the common market could hold shares, and the board of directors would be managed by representatives from each government.
Then, the banks of each nation could be integrated into the Mediterranean Bank's framework.
Of course, as the initiator and largest shareholder of the Mediterranean Bank, the Banque de France would naturally hold the greatest sway over the board.
This would also facilitate the use of franc banknotes for settlements across the Italian states, killing two birds with one stone.
With a banking system as a foundation, they could later push for the creation of stock exchanges.
The stock exchanges wouldn't need to be scattered everywhere; this would allow for the concentration of capital. Investors across the Italian states could use the Chappe Telegraph to quickly obtain market prices and use encrypted signatures to trade shares—historically, France had used similar methods to trade stocks during the era of Emperor Napoleon.
As for the location of the stock exchange, they could choose between Genoa and Milan. The former was economically developed, while the latter was densely populated.
Joseph then instructed Godan, "We must move on multiple fronts."
"List the ironworks of Wallonia and the potash fertilizer plants of the Palatinate in Amsterdam. The Lyon textile mills and the Marseille shipping companies can be listed in Italy."
Godan blinked, asking cautiously, "Your Highness, Italy only allows for private equity transactions."
"Yes," Joseph nodded. "That is why we must first establish a financial system there."
He explained his vision for Northern Italy to the Vice Minister of Finance and concluded, "Send men to conduct surveys in Milan and Genoa, then submit a report to me."
"As you command, Your Highness."
The cabinet meeting continued until nearly mealtime. Finally, in response to the protests of his stomach, Joseph declared a recess, to be continued the following day.
The cabinet workhorses were already exhausted. They rose and bowed, watching the Crown Prince exit the conference hall.
As soon as Joseph stepped through the golden doors, he saw his mother's maid, the Countess of Debeninac, walking quickly toward him from the left side of the corridor.
The Countess had clearly been waiting for a long time. She looked relieved as she stepped forward to curtsy. "Your Highness, Her Majesty the Queen has sent me to ask you to come and try on your formal suit. Her Majesty and Baron Candide have personally revised the design several times before finalizing it. It will surely showcase your handsomeness and grace."
Joseph was a bit dazed from the long meeting and asked instinctively, "Suit? What suit?"
"Oh, look at you. You are so busy working for France that you've even forgotten your fiancée is coming," the Countess of Debeninac said. "It is the suit you are to wear when you receive the Russian Princess."
Joseph slapped his forehead. He really had been so busy that he'd forgotten.
Alexandra was scheduled to arrive in Paris the day after tomorrow. According to etiquette, he had to go and meet her.
He then realized he was actually engaged to that cute little girl and felt like laughing. 'She seems to be only eleven years old. Come to think of it, I’m only seven or eight years older than her. The age gap isn’t that wide.'
Joseph followed the Countess toward the Petit Trianon. As they headed downstairs, another thought occurred to him. He turned to Eman and said, "Please inform the cabinet ministers that tomorrow's meeting is postponed."
Welcoming a fiancée was a major event for the royal family. The various ceremonies and wardrobe preparations usually required about a week of work.
He certainly wouldn't have time for meetings over the next two days. It seemed the Italian people's opportunity to invest in France's high-end industries would have to wait a little longer.
September 18, 1794.
The eastern side of the New Paris District.
Hundreds of French Palace Guards in vibrant red uniforms stood in perfect formation on both sides of the King's Highway.
To the sound of the court orchestra's spirited performance, two white Jewel VII carriages slowly approached.
In the lead carriage, Alexandra sat perfectly upright in a magnificent light purple gown and a wide-brimmed hat adorned with peacock feathers. Through the gap in the carriage window, she spotted the French King and Queen standing under a canopy ahead, and her heart began to race with nervousness.
Then, her gaze fell upon the handsome figure in the dark blue overcoat who had been appearing in her dreams lately.
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