In the late spring of the fifth year of the Republic of China, although the spring is bright, for some people, this spring does not seem to be very bright, and it even has a bit of "cool cold", especially for tycoons in the Shanghai Concession.

Since Shanghai opened its port in 1844, hundreds of thousands of poor and poor Western adventurers in their country have wandered to Shanghai, which was shortly after its port was opened to make gold. For them, Shanghai is a paradise for adventurers. Among these people, some people left or died in Shanghai in poverty, and some people have also changed from poor to wealthy.

For these Western adventurers, especially for Jews from Iraq, Shanghai has made their wealth. In the past few decades, these Jews have accumulated millions of wealth through the "foreign medicine trade". They then engage in real estate investment business by supporting the concession authorities to cross-border construction of roads. With the privileges of the concession and the speculative skills of renting and not selling, Jewish business consortiums such as Sassoon, Hatong, Haiyim, Madden, and Maibin, they have obtained huge wealth that cannot be imagined by the outside world.

The economic activities of these Jewish merchant groups are mainly concentrated in the highly speculative finance, trade and real estate, and have obviously insufficient investment in industrial and urban infrastructure. This is due to the Jewish national business tradition and self-defense characteristics, but it is also because these Jewish merchants are themselves predatory in terms of economic activities in Shanghai.

This nature had a negative impact on the modern Shanghai economy. For example, although Jewish real estate management brought modern concepts and means to the development of land resources in modern Shanghai and promoted the prosperity of Shanghai cities, the huge difference in land price levels formed by frequent transactions also led to the surge in real estate prices in modern Shanghai and the abnormal development of the urban appearance.

However, in the past year, real estate for Shanghai, at least for foreign companies in Shanghai, was yesterday. First, the central government passed a decree to prohibit the construction of roads in various places from crossing the boundary in the concession. Last year, even the central government sent troops to forcefully recover the Doulean Road, Shigaota Road, Hesger Road, Bai Paul Road, Diesway Road, Bai Baozhai and Oujia Road, which were built by the Public Concession Bureau after the first year of the Republic of China, and the extension of the Baolong Road, Qiqi Road, Fululi Road, Jaerye Ai Road, Enlihe Road, Guba Road, Laphaide Road, Masnan Road, Gaonai Road and Moliè Road. Of course, these boundary roads that were not recognized by the central government.

Due to the forced dispatch of troops into cross-border areas, it even triggered a diplomatic crisis. In the face of external pressure, the government not only retracted the sections of the road, but also confiscated all the buildings on these cross-border sections under the name of "illegal buildings" during the negotiations, causing losses of hundreds of millions of yuan in Shanghai. But in the end, facing the "marching wave" set off in Shanghai and other places and the toughness of the Chinese government, especially the reality that the two combat ships were sent to Wusongkou, the concessions authorities of the various countries finally made concessions. While these foreign ministers understood that "the Chinese government cannot be considered with the old eyes", the foreign merchants led by Shanghai Youshang Group also realized that their "golden age" was over.

As early as the real estate market was hit, another major foreign trade foundation led by the Jushang Group - foreign medicine trade, that is, opium trade, was also hit hard. As early as the late Qing Dynasty, the Qing government also signed a smoking ban agreement with various countries, and countries also supported China's drug control for the need to develop legitimate trade. Therefore, the anti-drug activities in the fourth year of the Republic of China were carried out very smoothly. With the cooperation of the concession authorities, more than 150,000 boxes of opium were collected and investigated in the concession within only three months. Although they were not held accountable, they also took the first step in drug control.

First, the imported opium trade was completely banned, and the subsequent blows in the real estate market made the Youshang Group realize the end of the golden age. They did not have any intention to "leave this land of silver flowing". Instead, due to the prosperity of the Shanghai stock and securities trading market, they turned their attention to the financial speculation industry.

Before the European War, Shanghai's stock market was often engaged in speculation in the foreign stock market. Under the manipulation of a group like Sassoon, Haiyim, Madden and Maibian, it used the Chinese's foreign policy to worship foreign stocks as the main bargaining chips to make trouble. For example, the "rubber stock case" in 1910 caused a severe blow to China's financial industry, thousands of money banks went bankrupt, and hundreds of thousands of Chinese suffered serious losses. In this event, Yushang Nei Village manipulated the stock market and raised prices, which was the main participant and behind-the-scenes planner in the exchange for waves. In this event, Yushang Nei Village manipulated the stock market and raised prices. It was one of the main participants and behind-the-scenes planners in the exchange for waves.

The aftermath of the "Rubber Stock Case" made the Chinese unwilling to talk about stocks again. After the outbreak of the European war, the foreign stock market continued to be cold. However, after the outbreak of the European war, the domestic Daxing Industrial, government and financial institutions in China encouraged companies to develop through stock market financing, and the Shanghai domestic stock market flourished. This is also the fundamental reason why foreign companies and Youshang Group turned their attention to this "land full of opportunities".

In Shanghai's securities trading from the fourth to fifth years of the Republic of China, 98% were public bonds, and stocks were just for short boards, which was far from comparable to Lianyungang's "high stocks and low bonds". The main types of public bonds sold on the Shanghai Stock Exchange include: ten years of long-term, six-li and nine-li government bonds and four-year treasury bonds issued by the central government, four-year treasury bonds are issued, four-year treasury bonds are issued, construction treasury bonds and short-term aftermath.

The rise of the government bond trading business is due to the expansion of the issuance market. In the past year, in order to fully promote domestic industrial construction, under the news of the reclaiming tariffs and exempting likins, the central government officially issued 17 types of government bonds in China, with a total amount of 972 million yuan, far more than the issuance of public bonds in the past years.

With the issuance of huge public bonds, the government provides very preferential conditions for financial institutions that underwrite public bonds in order to promote public bonds. The Ministry of Finance issued public bonds or treasury bonds to the bank at a discount of 50%, and then sent them to the stock exchange for auction. The markets on which the exchange was auctioned are generally about 60% of the denomination of the public bonds, and then settled with the bank at 10% to 15% lower than the market, so that banks can make considerable profits in underwriting public bonds.

In addition, in order to encourage banks to purchase government bonds, the government stipulates that banks can use the purchased government bonds at a certain ratio as a guaranteed preparation for issuance and savings deposits. Therefore, the profits obtained by banks are better than any loan. A large number of government bonds are listed and the active participation of the banking industry has made the secondary circulation market transactions of government bonds very vigorous.

Compared with Shanghai's not a prosperous stock market, Shanghai Foreign Bank has invested huge cash in government bond speculation. At the end of the 4th year of the Republic of China, the main holders of government bonds were the banking industry. Under the rush to buy foreign banks led by Jushang, the banking industry's holdings of government bonds dropped from as much as 500 million yuan to less than 50 million yuan in several months. In this rush to buy, the market price of banks sold on the exchange reached 120% of the government bonds.

By speculating on huge public debts, Shanghai Foreign Bank made hundreds of millions of profits in just a few months. Not only foreign banks were involved, but foreign banks in Shanghai were also involved. Large foreign banks such as HSBC issued more than 30 million loans from January to May, while government bond investments were as high as 10 million yuan...

The rapid prosperity of public debt speculation has long exceeded people's expectations. With the prosperity of the public debt market, more and more people are trying to make huge profits from it under the psychological influence of "buying up", which is exactly what foreign banks and banks want to see, but for them, the current market is far from satisfying their greedy **. They control most of the public debts, trying to make more huge profits by mastering public debts to make back their losses.

When some Chinese people witnessed huge profits of government bonds involved, Youshang Group and foreign banks rely on huge capital to drive the rise of government bonds and promote the enthusiasm of government bonds.

More than 135% of the face value!

This may be unprecedented for any country's government bonds, but this is the goal of Juveniles and foreign banks. But Juveniles and bankers try to get into this high point when Chinese capital gets involved in one of the speculation and then brings Chinese government bonds back to their original form, they obviously forget that the price of public bonds is far more affected by political factors than market factors.

In the Pudong Industrial and Commercial Development Zone opposite Huangpu River, the Shanghai Branch Building of Huaihai Commercial Savings Bank, which is "enough to overshadow all Shanghai Bank buildings", this building has a typical Chinese national characteristics: the roof is a gentle steeple-sided steeple. The four corners are slightly raised and covered with blue glazed tiles, symbolizing the blue sky; the east facade of the building is from high to low, the Chinese coin-shaped hollow window frame; the nine-stage steps in front of the door mean the unity of nine; the pattern of the Eight Immortals crossing the sea on both sides of the ceiling is vast and magical powers; and the gentle steeple-sided steeple-sided steeple-sided steeple-sided steeple-sided steeple-sided steeple-sided steeple-sided steeple-sided steeple-sided steeple-shaped hollow window frames from high to low; the nine-stage steps in front of the door mean the unity of nine; the pattern of the Eight Immortals crossing the sea on both sides of the ceiling is vast and powerful; and the gentle steeple-sided steeple-sided steeple-sided steeple-sided steeple-sided steeple-sided steeple-sided steeple-shaped steeple-shaped steeple-shaped steeple-shaped steeple-shaped steeple-shaped steeple-shaped steeple-shaped steeple-shaped steeple-shaped steeple-shaped steeple-shaped steeple-shaped steeple-shaped steeple-shaped steeple-shaped steeple-shaped steeple-shaped steeple-shaped steeple-shaped steeple-shaped steeple-shaped steeple-shaped steeple-shaped steeple-shaped steeple-shaped steeple-shaped ste

Among the high-rise foreign buildings lined up on the Bund, this Huaiyin Building is considered unique to it. Of course, more importantly, it may reflect its opposition with the Bund. At this time, in this "opposition" building, a meeting was in a tense process.

"I need your support!"

Facing the representatives from Bank of China and Bank of Communications, Zhou Zuomin said this slowly. Now he is in a battle, but in this battle, he has no one in it. The banks in China are extremely unreliable. They are short-sighted and have no sense of confidentiality, so they will never become his allies. Until yesterday, the Prime Minister sent a secret message. At the request of him and Yuan Shikai, Bank of China and Bank of Communications would hand over all the government bonds they hold to Huaihai Commercial Savings Bank.

This is by no means a simple war of capital competition, or even a fair decision! Even the financial resources of these two quasi-central banks in China, plus the Huaihai Commercial Savings Bank, cannot be compared with foreign banks led by the HSBC Empire and the wealthy foreign banks in Shanghai. In the past half century, they have plundered too much wealth in China.

Representatives of the Shanghai Branch of the two quasi-central banks looked at each other, but then one of them asked in confusion.

"Manager Zhou, are you sure those people will stick with it?"

Unlike Yuan Shikai, perhaps Yuan Shikai would make concessions to Li Zicheng for various reasons and support his plan, but as bankers, they must consider the returns. Although selling more than 150 million yuan of government bonds held by the two banks is enough to make them profit tens of millions of yuan, as a quasi-central bank, while considering the returns, they must consider the interests of the country.

"Because, they haven't succeeded yet!"

Faced with other people's doubts, Zhou Zuomin said confidently.

"Have you succeeded yet?"

"We haven't succeeded yet!"

In the Sassoon Garden, Sassoon looked at his nephew, who had just got off the boat for half a month and was on a crutch. He was once a pilot of the British team, but in the battle a few months ago, he lost one eye and broke his leg. As his only heir, he naturally "retired due to injury" and returned to Shanghai from the UK after he recovered from the injury.

Perhaps because he had been away for too long, Victor did not know Old Sassoon's plan. At least he did not understand the essence of this plan.

"Last year, the Chinese government confiscated 30,000 boxes of opium for us, and our losses alone exceeded 30 million. Do you know where the Chinese sent those opium?"

Old Sassoon glanced at his nephew and asked back.

"The Chinese government sent the confiscated opium to Lianyungang Pharmaceutical Company, made morphine needles and morphine pills, and then exported them to Europe..."

Morphine tablets...

Victor is not unfamiliar with the kind of calming medicine that is in the mouth. Not only because he fell asleep with morphine tablets in the hospital, but even on the front line, many soldiers were calming with low-content morphine tablets. As for the disposable morphine needle, it was a necessary requirement for battlefield rescue. If it weren't for the fact that he had given a few morphine needles when he broke his leg. He really didn't know if he could come back from the battlefield alive. Although he knew that the disposable morphine needles were made in China, Victor didn't know that the opium that made morphine was actually confiscated from Sassoon Foreign Company.

It seems that after nearly two years after he left Shanghai, there have been too many changes in Shanghai, or in other words, China has undergone too many changes that he unimaginable. Just like China has completely ended the political chaos after the Republic of China, and the gradually stable political situation. In addition, the new government's emphasis on industrial economy and financial economy directly affects the country's economy. More importantly, the ** company that had already shown its influence back then has a greater influence now. He has a very good understanding of this point, and the reason is very simple. In the Army Hospital in London, he has witnessed hundreds of new Chinese drugs, and all of them are drugs that are widely used.

"And our real estate losses on the road across the border are more than 100 million yuan. This is the loss brought to us by the Chinese government. From that time Li Zicheng entered the State Council, we are suffering huge losses almost every day, and now..."

Taking a deep sip of the cigar, a cold light flashed in Lao Sassoon's eyes.

"Now, Chinese people's government bonds have created an opportunity for us. In order to issue more bonds, the Chinese government uses low-value promotions to issue them. This issuance is of course conducive to its financing, but it is also more conducive to our investment in government bonds. Well, it should be speculation!"

"Uncle, do you mean we want to be creditors of the Chinese government?"

Victor looked at his uncle in confusion, as if he didn't quite understand his uncle's intention. Perhaps, some families in Europe have accumulated a lot of wealth by becoming creditors of the country, but for the Sassoon family, they don't need to do this at all, nor can they do this. After all, this is China. For them, China is just a "river of silver flowing" and their only purpose is to "drain this river". As for the rest, it is not something they need to consider.

"Become a creditor of China?"

After squirting the ashes, Old Sassoon smiled first, then looked at his nephew and shook his head, then said with a smile on his face.

"Unless China becomes Israel, remember that this place is just a river of wealth for us. The purpose of our coming here is to extract wealth here, not to help the barbarians here!"

At this time, Old Sassoon, who had already taken the coat from the servant, said to his nephew beside him when he put on his coat and picked up the "civilization stick".

"You ask why, don't implement the plan immediately to ensure our interests, but, Victor, you know, it's just a trumpet, this battle is just to accumulate ammunition for our next battle, and another battle requires us to get as much ammunition as possible..."

Before his nephew could react, Jacob Sassoon laughed.

"You know, if we succeed, we can get the wealth of a country!"

The uncle's ambition was heard in Victor's heart, but he couldn't help but feel a little worried. Perhaps his uncle did not realize it, but when he heard that the Chinese Expeditionary Force won the first battle in Europe, almost everyone was aware that the Eastern country was undergoing revolutionary changes and could no longer consider this country with the old eyes. However, the uncle not only failed to actively adapt to the changes, but instead tried to "recreate the glory of yesterday" through some efforts. Is this kind of adventure worth it?

Although he was reluctant in his heart, he could not stop his uncle's decision. Just like now, sometimes some dangers are not worth taking, and he could not lobby for unknown risks to give up his attempt.

"Uncle, are you going to the exchange now?"

"No!"

Shaking his head, Jacob Sassoon said with a smile.

"Now we still need help from an empire!" (To be continued. If you like this work, you are welcome to (.) vote for recommendations, monthly votes, and your support is my greatest motivation.)

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Chapter completed!