Taichang Ming Dynasty

Chapter 791 Business of Tianjin Branch

The reception room of the post station was in the front yard, very close to the independent courtyard where the West Factory was staying. Xu Fang only walked along the covered corridor for a short while before she saw the reception room with its door slightly ajar.

Faint sounds of conversation drifted from the reception room. Xu Fang pushed open the door and looked up. Inside, she saw an eight-immortal table with two rows of pear wood chairs beside it. At that moment, Chu Xianzhang, the president of the Tianjin branch of Riyue Bank, and Cao Jiemin, the vice president, were sitting in the two guest seats closest to the door. They were huddled together, heads bowed, seemingly engaged in conversation.

As soon as Xu Fang entered the room, the two stopped talking and looked up at the same time.

Because Xu Fang hadn't specifically changed into a eunuch's official robe, the two didn't recognize his identity at first and didn't immediately get up. It wasn't until Xu Fang walked to the octagonal table that the two saw his fine clothes and upright posture, unlike the commoners he usually encountered, and they got up from their seats and quickly went to greet him.

"I, Chu Xianzhang, the branch manager of the Tianjin branch of the Sun and Moon Bank in Beijing, pay my respects to you." Chu Xianzhang walked up to Xu Fang, stopped, and bowed. "May I ask your honorable name?"

"I am Xu Fang," Xu Fang took half a step back and bowed deeply. "Xu Fang, Deputy Commander of the Second Division of the Western Investigation Bureau, greets Director Chu."

Upon hearing the words "West Investigation Factory," Chu Xianzhang's heart tightened, but a joyful smile quickly spread across his face. "So it's Commander Xu in person! My apologies for not recognizing you in person!"

"President Chu, you're too kind." Xu Fang accepted his greeting, then turned her gaze to Cao Jiemin beside her, feigning ignorance as she asked, "May I ask who this gentleman is?"

"This is Cao Jiemin, the bank's vice president, and also my godson." Chu Xianzhang quickly stepped aside to let Cao Jiemin stand in front of him. "Quickly. Come over and greet Supervisor Xu!"

Cao Jiemin was of the same rank as Xu Fang, and even slightly older than him by two years, but at this moment, he dared not be the slightest bit negligent. "I am Cao Jiemin, paying my respects to Commander Xu." Cao Jiemin quickly stepped forward and bowed deeply to Xu Fang: "I have long admired your esteemed name, Commander. It is truly an honor to meet you today!"

"I wouldn't dare accept that," Xu Fang said, bowing respectfully before gesturing, "Alright, you two. Let's sit down and talk."

"Yes, yes, yes," Chu Xianzhang quickly replied, "Please, Commander Xu as well!"

The two returned to their previous guest seats. Xu Fang did not presume to sit in the main seat facing south, or the second seat next to the main seat, but went straight to the empty seat opposite Cao Jiemin and sat down.

This eye-level posture eased Chu Xianzhang's anxiety, which had been weighing heavily on him because of the "West Depot" reputation. Chu Xianzhang secretly breathed a sigh of relief and was about to say something when he saw the same courier from before enter with two companions, carrying a tea tray.

They tiptoed around behind the three people, first clearing away the cold tea from the table, and then setting out freshly brewed hot tea and snacks for each of them.

Undistracted by the courier's actions, Chu Xianzhang looked at Xu Fang and asked with a smile, "Commander Xu, why haven't Director Gao and the others returned yet?"

Xu Fang took the tea from the constable who had been holding her, and the constable whispered a reminder: "Master Xu, please be careful, it's hot."

Xu Fang nodded, lifted the lid of the cup and blew on it towards Gao Shiming: "Director Gao and the others are still talking to Vice Minister Sun at the yamen. I passed by the yamen on my way back from your bank and found that it was still under martial law. It looks like it will probably be a while before I can come back."

"You're back from the bank?" Chu Xianzhang's heart, which had just settled, instantly jumped again. "You just went to the bank!"

Looking at Chu Xianzhang's suddenly serious expression, Xu Fang couldn't help but smile faintly. He had worked in the Western Depot for more than half a year, and what he was most familiar with, and what he enjoyed most, was the tension and fear these powerful people felt when they heard the words "Western Depot."

However, at this moment, Chu Xianzhang was not yet a suspect in any corruption or embezzlement, so it was not advisable to exert too much pressure. Therefore, he took the opportunity to change his smug smile into a gentle one: "Yes. I originally wanted to go and find out about the recent situation of your guild from you two. I didn't expect you two to come to the post station on your own, so I made a wasted trip."

"Hehe, I'm really sorry." Chu Xianzhang chuckled awkwardly, but his mood didn't relax at all; in fact, he became even more nervous.

Chu Xianzhang had initially assumed that Xu Fang had returned because she had heard he was at the post station and had made a special trip back from the yamen. Unexpectedly, Xu Fang hadn't gone to the yamen to see Sun Chengzong at all, but had gone straight to the bank. This was not a good sign.

He suppressed his inner turmoil and asked tentatively with a smile, "I wonder if Commander Xu went to the bank specifically to see us because there's something he needs to tell us?"

"It's nothing, and there are no orders, just questions." Xu Fang put down her teacup, reached into her bosom and took out an envelope. As she opened it, she said, "This is an order issued by the Directorate of Ceremonial. Please take a look."

"An order from the Directorate of Ceremonial?" Chu Xianzhang's expression changed drastically, and he abruptly stood up. Cao Jiemin, who was standing beside him, also stood up, her face equally grim.

Xu Fang stood up, smiled, walked up to Chu Xianzhang, and handed him the order: "That's right, it has the signature of your head office chief, Chief Wei, on it. Please take a look."

"Commander Xu, what is the reason for this?" Chu Xianzhang's voice trembled, and he hesitated to answer. "We haven't been in Tianjin long, and we've always been law-abiding and have never done anything out of line. How could this be?"

"Oh dear, please don't be nervous," Xu Fang said with a smile. "The inner court sent us here simply to find out about your bank's current situation. We're not here to hold you accountable, nor do we intend to interrogate you."

Chu Xianzhang forced himself to remain calm and took the order from Xu Fang's hand. Upon glancing at it, he discovered that it bore the signatures of three parties: Wang An, the Grand Eunuch of the Directorate of Ceremonial; Yang Songquan, the Grand Eunuch of the Directorate of Ceremonial and concurrently the Director of the Office of Corruption and Materials; and Wei Chao, the Chief Grand Eunuch of the Directorate of Ceremonial and concurrently the President of the Sun and Moon Bank.

Chu Xianzhang's heart, which had been hanging in suspense, was slightly relieved. He stepped forward and handed the official document back to Xu Fang: "Since it is an arrangement of the Directorate of Ceremonial, then if you have any questions, please feel free to ask. I will answer them to the best of my knowledge."

"That's good." Xu Fang took the order, folded it, put it back in the envelope, and tucked it into her bosom. Then she turned around and returned to her seat, gesturing for them to sit down. "President Chu, Vice President Cao, let's sit down and talk. There's no need to stand all the time." Cold sweat had already beaded on Chu Xianzhang's forehead, but he didn't reach out to wipe it away. He simply bowed to Xu Fang, thanked her, and then turned back to his original seat.

Xu Fang gripped the armrests of her chair and straightened her posture: "Do you two still remember when you came to Tianjin to set up the branch?"

"When? In the spring, I think it's around March?" Chu Xianzhang glanced at Cao Jiemin, who immediately nodded in agreement: "That's right. It's in March, mid-March."

"From March until now, that's about four months." Xu Fang nodded. "How have things been going at the branch during these four months? Have there been any obstacles in your dealings with the local government?"

"Thanks to His Majesty's divine authority and the guidance of the Directorate of Ceremonial, everything has gone relatively smoothly," Chu Xianzhang said. "Both the Governor's Office and the Commander's Office have been very supportive of us."

Xu Fang nodded slightly: "I heard that the storefront of your branch used to be under Shen Caiyu's control?"

“Yes,” Chu Xianzhang admitted frankly. “Our current shop used to be called ‘Deshengju,’ which was originally a money exchange. Shen Caiyu took five-tenths of the principal and interest, while the remaining five-tenths were jointly held by several other guards and local gentry. After we arrived in Tianjin, we looked around for a location to build the bank. We found that this place was in a good location and close to the government office, so we decided to set up there.”

Xu Fang picked up her teacup and took a sip: "If I remember correctly, after Shen Caiyu fell from power, his family property, as well as the property of other convicted officials in Tianjin, were confiscated and allocated to the governor's office as funds for widening waterways and building seaports, right?"

"Commander Xu is right," Chu Xianzhang nodded.

"So, you 'obtained' that 'Deshengju' from the governor's office?" Xu Fang emphasized the word "obtained".

Chu Xianzhang was taken aback at first, then smiled and said, "What you say isn't entirely wrong. We did not pay the market price of the shop to the governor's office. We didn't say we would pay, and Governor Sun didn't send anyone to ask for it. However, if the higher-ups want us to pay this amount, we can immediately take it out and hand it over to the government office."

Xu Fang hummed in agreement, offering no further comment, and continued, "What about the other assets?"

"What?" Chu Xianzhang didn't quite understand Xu Fang's meaning. "...Other assets?"

“Those properties, land, or farmland that were confiscated,” Xu Fang explained. “I heard that after you arrived, these assets were also transferred to the bank?”

"Oh. You mean this?" Chu Xianzhang suddenly realized and nodded immediately. "That's right, that's how it is."

"Why?" Xu Fang pressed, then explained, "Although these assets aren't cash, they should still be funds earmarked for widening the river and building the harbor, right? Why were they transferred to your hands?"

"Hmm," Chu Xianzhang glanced sideways, thought for a moment, and said, "This is roughly how it happened. The case the Embroidered Uniform Guard handled in Tianjin was a huge commotion. They arrested more than a dozen officials, practically wiping out the entire Commandery. After the governor's office confiscated their assets, they originally wanted to put them up for sale, but few local Tianjin merchants dared to even inquire about prices. After all, doing business in Zhongwei, it's impossible for them not to have dealings with powerful officials. They're already lucky they haven't been implicated yet; who would dare risk getting involved with 'the assets of convicted officials'?"

Chu Xianzhang seemed to relax a bit, and even subconsciously picked up his teacup and took a sip: "So when we arrived in Tianjin in March, about 70% of the confiscated properties and lands hadn't been liquidated yet, and were just sitting in the hands of the governor's office. After I learned about this, I took the initiative to discuss with Governor Sun, asking him to hand over these assets to our bank for processing. We would help him contact local or out-of-town merchants to sell them at market prices, and the proceeds would be directly transferred to the governor's office's public account at our bank, which could be withdrawn at any time when needed, saving the government the trouble. Governor Sun thought my idea was good, so he agreed."

Xu Fang nodded thoughtfully: "Then will you take a commission?"

“Of course, we take a 10% commission based on the market price of the sold assets. This is a common practice and the rule of the industry.” Chu Xianzhang looked at Xu Fang and, seeing him deep in thought, took the initiative to say, “However, the commission is not what we value most. If the higher-ups want us to take out this money and hand it over to the governor’s office, we can do so immediately.”

Xu Fang remained noncommittal. "If you don't value commissions, then what do you value?"

“Of course, it’s the transaction itself.” Chu Xianzhang leaned forward slightly.

"The transaction itself?" Xu Fang didn't understand.

Chu Xianzhang explained, “Commander Xu, you may not know this, but when we came to Tianjin, there were already quite a few well-established banks and money shops here. Although some of them were confiscated because of Shen Caiyu’s case, many still had deep roots. For example, Xuanchangji and Fuhaitang came from Zhejiang and Zhili. Although these banks also had dealings with the Tianjin government, they were just ordinary transactions, nothing serious. Moreover, after Shen Caiyu fell from power, they also took the initiative to hand over the money that corrupt officials had deposited with them and the property entrusted to them for safekeeping to the governor’s office at a discounted price, which was a way of showing their support. That’s why they are still standing strong.”

"Although we are an imperial shop and also have the responsibility of reforming the monetary system, we are still outsiders without any roots. When we first arrived in Tianjin, only the government knew our identity. Local merchants and people were not familiar with us and did not trust us. If we only rely on ordinary deposits, withdrawals and loans, I really don't know when we will be able to build up our reputation."

"But taking over these confiscated assets is a different story. First, we're working for the governor's office, which means we're associated with the 'official businessmen,' so the merchants will naturally find us more reliable. Second, merchants from other places or the local area who want to buy those assets will have to deal with us, and through this interaction, they'll get to know us, and our reputation will spread. Moreover, when they need to circulate money locally, those merchants and gentry who have bought property from us might open accounts with our bank, which will bring us more customers."

"I see." Xu Fang nodded, then asked, "How's the sale of these properties going? Of the 70% of assets you mentioned that were pending disposal, how many have been sold?"

"Hehe, we haven't sold many." Chu Xianzhang chuckled awkwardly. "We've had those businesses for several months now, and we still have more than half of them in our hands."

"What's the reason?" Xu Fang asked.

“I think the first reason is that the previous case involved too many people. The local gentry and wealthy families were either confiscated and became part of these assets, or they paid a huge sum of money and had no wealth left. As for the second reason,” Chu Xianzhang hesitated for a moment, but still said, “it is possible that Shen Caiyu and his people are not really dead.”

(End of this chapter)