Chapter 222 The establishment of the Federal Reserve Bank of China
In the capital city, at the southeast corner of Nanxunfang and east of Zhan Shifu, a newly built yamen-style building was officially listed: the Ming Dynasty United Savings Bank. The bank is also known as the "Ming Fed" or "Federal Reserve Bank" and is the first bank in the Ming Dynasty.
The one and only financial institution established in the form of private capital but with legal "minting rights".
The bank not only has the right to mint coins, but its form of power is clearly stipulated and endorsed by the emperor's edict, the cabinet and the Ministry of Household Affairs.
Imperial edicts, cabinet orders, and ministerial documents have given the bank huge powers from a legal perspective, among which the most important powers are as follows:
Exclusively issues national unified banknotes "Federal Reserve Banknotes"; manages import and export trade profits (collected by the Ministry of Household Affairs); manages the court's war reparations income (currently only in Myanmar); acts as an agent for the emperor's internal treasury and is responsible for investments; provides financial consulting to the court
Services; making loans to local yamen above the prefectural level; holding and keeping reserves for the issuance of Federal Reserve banknotes; providing necessary loans to other large banks (or banks); providing loans for imperial wars or profitable construction; providing loans to large private enterprises (enterprises)
The word has already been reviewed and approved by Jinghua Investment); it independently issued three types of bonds related to war, construction, and trade...etc.
As a national special financial institution and the second "bank" in the country (the first is Jinghua Bank), the Federal Reserve Bank of China will initially have branches in Nanjing, thirteen provinces and Liaodong in addition to its head office in Beijing.
, the Ming Dynasty Jin Kingdom (formerly Tumote, now including Ordos) established sixteen branches.
These branches are mainly responsible for exchanging "Federal Reserve Banknotes" on behalf of the head office, and acting as agents for investments, loans, bonds and other related businesses assigned by the head office. At the same time, they also have an important task, which is to reserve a part of the reserves for the issuance of banknotes in the provinces as a response to possible events.
Countermeasures against vicious runs.
Needless to say more about the inland provinces and Gyeonggi, the Daming Jinguo (Tumut) branch deserves a separate mention. The branch’s treasury is not guarded by Tumut Mongolian soldiers, but a fortress-style building is built on the edge of Guihua City.
In the satellite city, thousands of the bank's "mercenaries" are stationed in the city to ensure the safety of the treasury - there is no doubt that this mercenary army comes from Jinghua Trading Company (controlled by Cao Gan, who is in charge of the inland import and export trade).
However, Tumut's Khan Naji also promised to "do all we can to protect" the satellite city.
Han Naji's words are not a diplomatic term. He sincerely wants to protect the "Treasury City", because the "Treasury City" is also his cash machine to a certain extent - as long as his withdrawal ideas can be obtained
Just ask for approval from the Federal Reserve.
The key to why the Federal Reserve of the Ming Dynasty has such power and prestige lies in two points: first, its capital is extremely strong, with its original share capital reaching 30 million taels of silver, which is several times more than the national stockpile of silver.
As for the second point, it is even more critical: its two largest shareholders are called Jinghua and the other is called internal funds. Jinghua invested 10 million of the 30 million, and internal funds invested 5 million, directly accounting for half of it.
.In addition, almost all the nobles of the two capitals, senior officials of the capital, generals from all over the country, and even a bunch of clan princes contributed funds to subscribe for it - Oh, by the way, Han Naji Khan also participated in the shares as the "King of Shunyi"
Yes, even his investment was as high as 400,000 taels.
Is this okay? Behind the Ming Fed is almost the entire ruling class of the Ming Empire. Anyone who dares to oppose the Ming Fed will basically be extinct from the world.
Business gangs in the north and business gangs in the south also took shares. However, due to Gao Pragmatic's restrictions on the identity of the participants (mainly due to the influence of Shilin), wealthy businessmen from both the north and the south all took part in the shares.
- Westerners call it white gloves, that is, agents. Many of the capital officials’ shares are held on behalf of the business gangs behind them. If they have signed any other contracts privately, then only they themselves
Clear.
In short, the Ming Fed completed the process from inception to birth in just a short period of time. As soon as it appeared on the stage, it shocked the world and raised eyebrows.
The most interesting among them are probably the officials of the Xin School, who either themselves or on behalf of the Southern Business Gang, invested in the Ming Fed.
Gao Pragmatic actually planned to exclude the Southern Business Gang from the Ming Dynasty Federal Reserve at first, but later Liu Xin helped him do a detailed calculation and found that as long as they did not randomly invest in shares without setting an upper limit, after controlling the shares of the Giving Heart School, they would be allowed to
It is actually much more meaningful to invest in them than to exclude them.
The appeal of the Federal Reserve Bank of the Ming Dynasty was so great that even in the eyes of later generations, it was a very special institution. Although it mainly existed as the central bank in the Ming Dynasty's actual sense, it also retained many commercial banks.
function.
As we all know, the central bank exists mainly for the financial stability of the country, while commercial banks exist to obtain their own interests.
Therefore, it is usually explained that when the Federal Reserve acts as a central bank, it does not need to consider profits. However, its highly pragmatic requirements determine that it needs to rely on profits to gain the favor of the "ruling class", so the profit methods of commercial banks -
At least some of the profit-making methods must still be retained.
This creates such a powerful freak as the Federal Reserve Bank of China.
Now that it is already at the freak level, it must not be left to its own devices and must have means of control and supervision, so two supporting systems were born.
The first set of systems is very simple: at the beginning of the establishment of the Ming Fed, it was clearly stipulated in the three-level administrative instructions of the Ming Fed: edicts, cabinet orders, and ministerial documents: the Ming Fed’s convener and main founder Gao Pragmatic shall be the lifelong president, and according to the Ming Fed
As a result of internal voting, it enjoys the voting rights for daily affairs of the original share capital held by Jinghua Bank, the internal funds of the royal family, the vast majority of nobles, the majority of generals, and some practical officials.
In other words, in addition to the voting rights of Jinghua Bank's 10 million taels of original shares, Gao Pragmatic also enjoys a series of voting rights of original shares including 5 million taels of the emperor's internal funds, and the term of power is for his entire life. This means that as long as
Gao Pragmatic is not dead, and he has the final say in the daily affairs of the Federal Reserve.
This chapter is not finished yet, please click on the next page to continue reading the exciting content! The second system is a bit more complicated: Although the Ming Dynasty Federal Reserve is a joint-stock system, its board of directors does not have a chairman (because an official cannot be larger than the emperor), and the board of directors itself
The power of the company is actually represented by Gao Jingshi, the "lifetime president". Therefore, Gao Jingshi's status on the board of directors is the chief director (calculated in terms of share capital), but the board of directors does not usually hold meetings.
The absence of a board meeting does not mean that major shareholders give up supervision. Supervisory power is given to the board of supervisors. The board of supervisors is still set up according to the share capital, but shareholders can appoint members of the supervisory board to represent themselves.
The members of the supervisory board are set up based on the original share capital of 500,000 taels per person (one vote). In principle, the total number of valid votes for the plenary meeting is up to 60 votes.
However, considering that some major shareholders have more than 500,000 taels, while some small shareholders have far less than 500,000 taels, there are other regulations: major shareholders can appoint a person to "generally hold the votes of the supervisory board", or they can appoint separate representatives.
Small shareholders can hold the shares together and discuss on their own to "jointly hold the votes of the supervisory board".
In the case of total agency holding, dispersed agency holding and joint agency holding, the error in the original share capital of the "supervisory board votes held on behalf of the agency" shall not exceed 50,000 taels of original shares. This rule may lead to errors in the total number of votes. Generally speaking, most of the time
There should be more than 60 votes - for example, this session of the Supervisory Board ended up with a total of 63 votes.
Members of the Supervisory Board are elected for a term of three years and can be appointed by ***** (as long as the shareholders are willing to appoint them). In principle, except for special circumstances such as breaking the law (national law), violating regulations (internal regulations), death, serious illness, trouble or resignation, the term of office is not in principle
Temporary adjustments will be made within the period.
Members of the Board of Supervisors (one vote or more than one vote on behalf) can supervise all daily work of the Federal Reserve Bank of China, and can also require the Federal Reserve Bank of China to produce their designated accounts for inspection at any time, but considering that this cannot seriously affect the daily work of the Federal Reserve Bank of China, the same category,
There is a one-month "cooling period" for auditing the same matter.
This supplementary clause explains another system: members of the Board of Supervisors are not allowed to interfere with the daily work of the Federal Reserve Bank of China, and of course they are not allowed to hold cross-appointment positions.
In addition to auditing accounts, the daily powers of the board of supervisors are basically the same as those of the supervisory boards of later formal companies. The standard expression of its main powers is: to supervise and inspect the financial accounting activities of the Ming Fed; to supervise and inspect the life-long president, general manager, managers and other managers of the Ming Fed when they perform their duties
Whether there is any behavior that violates the Ming Dynasty laws and regulations and the Ming Fed's internal charter; requires the general manager, manager or other staff to correct their behavior that damages the reputation and interests of the Ming Fed; proposes to convene an interim board of directors (but as long as Gao Pragmatism is not dead, this article can only
regarded as theoretical authority); perform other powers granted by the Federal Reserve's charter.
The board of directors system "started" by Jinghua has now been understood by the top management of Ming Dynasty. This time, the board of supervisors system has been added. To a certain extent, almost all the core of the modern joint-stock company system have been introduced. From the perspective of acceptance, it can be regarded as
The results are so gratifying that Gao Pragmatic is considering whether he can find an opportunity to launch the "Company Law" - of course, if he really wants to launch it, he will probably change its name, such as changing it to the "Enterprise Law".
Banking, joint-stocking, company law, it is no fun to connect these things with high pragmatism. To a certain extent, he is actually copying the work of the Dutch in original history - but copying the work of the 17th century
, decades in advance.
In fact, the first bank did not appear in the Netherlands. When the Mediterranean region was still the economic center of Europe, the first bank was born in Italy.
Banks at that time were mainly engaged in the custody of property. Merchants deposited currency in banks and needed to pay management fees to the bank. Moreover, banks at that time did not develop lending functions, so they could not be regarded as banks in the modern sense.
In 1609, the Bank of Amsterdam was established in the Netherlands. It was the world's first modern bank. The Bank of Amsterdam used a large amount of idle funds in the Netherlands to absorb deposits from the Dutch people while providing loans to merchants. This was the earliest form of credit.
Business is also the core function of modern banks.
With the further development of the Dutch banking industry, everyone from the king to the common people, including other European countries, participated in the operation of the Dutch banking industry, and the Netherlands also made a lot of profits.
Jinghua Bank first evolved from Jinghua Bank. The main factor that evolved from a "money bank" to a "bank" was that it started to engage in loan business.
However, although Jinghua Bank has the golden name of Jinghua, the target group of loans is still limited. Basically, it provides loans to businessmen who have business dealings with Jinghua Group. It is rarely expanded and is difficult to expand.
This time, Jinghua Bank spent a large amount of money to invest in the original share capital of the Federal Reserve Bank of China, which to some extent expanded its business scope. Southern businessmen dared to boycott Jinghua Bank openly or covertly, but they certainly did not dare and would not boycott the Federal Reserve Bank of China. This made Jinghua Bank
The bank actually completed a "shell change and listing".
The "job" of the Netherlands in the 17th century was not just the banking industry. On the one hand, the Dutch banking industry continued to develop and accumulated a large amount of capital for financial activities; on the other hand, with the increasing number of enterprises in the shipping era, people participated in commercial activities.
The enthusiasm continues to increase.
In 1602, the Netherlands established the first joint-stock limited company, the East India Company, which was the first company to raise funds from the public and pay interest to the people after the company made profits. The East India Company was the world's first joint-stock limited company and was innovative.
types of modern enterprises.
The company was the first to adopt a joint-stock system to develop. The company's funds were continuously raised from banks and the Dutch people. The Dutch government also became a shareholder of the East India Company for a time. Due to abundant funds and government support, the East India Company soon became the largest company in the Netherlands.
enterprise, and occupied a pivotal position in the Dutch trade with India.
But this time, the world's first joint-stock company did not have a share in the Dutch East India Company. Some of the "joint ventures" owned by Gao Pragmatic Jinghua were obviously nearly twenty years earlier than it. Jinghua began to cooperate with the Jingnan clan.
From the beginning, a number of "joint-stock joint ventures" appeared under Jinghua, and shareholders also received interest (dividends).
However, company law is not the first thing in the Netherlands. The earliest legislation related to companies can be traced back to the world's first commercial law - the "Commercial Ordinance" promulgated by King Louis XIV of France in 1673.
In September 1807, France was still the first to promulgate the world's first commercial law - the "French Commercial Code". In 1892, Germany promulgated the world's first "Limited Liability Company Law".
These commercial laws created a suitable environment for the great development of enterprises in that era, and promoted the further prosperity of business from the legal and social levels. Gao Pragmatic felt that with the great development of Jinghua, southern businessmen formed a group to compete with Jinghua, and the Ming Dynasty could already consider
A special law should be enacted to make "the production system consistent with the development of productive forces."
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