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He knew that this battle was unlikely to take place.

At first, the principal was full of confidence, thinking that he had mobilized so many troops that he could fight the Japanese devils.

However, after only a few skirmishes, they realized that they couldn't win in this kind of positional warfare, and as the Japanese forces gathered, they began to encircle them from all sides.

He then realized he had acted impulsively, having hoped that Commander Li could create another miracle.

Having just experienced the tragedy in Nanjing, they will certainly not allow it to repeat itself.

Just as the Japanese army was about to form an encirclement, he immediately issued a retreat order to Commander Li, ordering the Fifth War Zone to abandon Xuzhou and break out to the southwest.

And so, the campaign ended in a disappointing fashion.

Knowing that this was the outcome, Li Mu didn't intend to waste his time on it; he had more important things to do.

In a while, the battle for Wuhan will begin, and barring any unforeseen circumstances, it will fall into the hands of the Japanese.

Hankou was one of Li Mu's most important channels for external communication and business, and it was also the only exit for the Nanyang waterway to reach the Han River. If it were occupied by the notebooks, this waterway transportation would be cut off.

That's not all. Li Mu usually flies here, then transfers to Kunming, then Hanoi, Bangkok, and Singapore.

If it gets lost, you can't take a plane from here, and you'll have to go north to Luoyang or even Xi'an. Not only will you have to transfer once more, but you'll also have to take a lot of unnecessary detours.

However, according to his understanding, the civil aviation airports in Xi'an and Luoyang would not be able to operate for long before they were bombed by the Japanese.

Does this mean that in the future, if we want to fly, we'll have to travel overland to Chongqing first? Not only will that be inconvenient, but it will also waste time.

He couldn't think of a better solution for the time being, unless he built his own civil aviation airport in Nanyang, otherwise he would really have a headache.

Since no solution has been found, and for the sake of the future, Li Mu plans to make several more trips to Singapore to purchase more supplies while Wuhan is still under control.

Having made the decision and arranged things in Nanyang, Li Mu immediately took a speedboat to Hankou.

On the way, looking at the motorboat beneath his feet and the Han River waterway, Li Mu suddenly had a thought: what if the Japanese sailed their warships into the Han River and drove straight in?

After a long pause, he shook his head. "Warships can sail on the Yangtze River, but they probably can't get into the Han River."

However, while warships can't get in, the smaller gunboats should be fine. Not to mention the Han River, even the smaller rivers and tributaries are easily navigable for the gunboats.

In that case, why not buy a batch of gunboats as a backup? Even if Wuhan falls, the Han River and other inland rivers will still be of great use. We can't let the Japanese swagger around with them.

With sufficient firepower, we could not only block the Japanese from advancing by water, but also ensure the safety of transportation on these rivers and even control these waterways.

Chapter 436 Soaring Prices and People's Livelihood

Arriving in Hankou by speedboat, Li Mu, under the protection of guards, discreetly inquired about the local price levels and sighed silently.

Despite the victory at the front, prices, especially for essential goods, are still on the rise, as expected.

In silver dollars, one shi (a unit of dry measure) of rice cost about twenty silver dollars, and one shi was equivalent to one hundred and twenty jin (a unit of weight).

In terms of conversion, one silver dollar could only buy six catties of rice.

Compared to rice, wheat is cheaper, but still quite expensive, priced in silver dollars; a dan (a unit of weight) of wheat costs nine silver dollars.

One dan (a unit of weight) is equivalent to one hundred jin (a unit of weight), which means that one silver dollar can only buy eleven jin of wheat.

Soybean prices have also risen sharply. Before the war, soybeans cost 6.5 silver dollars per dan (a unit of weight), but now they have risen to 11 silver dollars per dan.

It was equivalent to one silver dollar weighing nine jin, which was a little cheaper than rice but more expensive than wheat.

Compared to pre-war levels, the prices of these major grains have increased by more than 50 percent.

But this is just the beginning; the price will be even higher later. Not to mention that this is priced in silver dollars; if it were priced in legal tender, the price would skyrocket due to excessive money printing and devaluation.

Feeling concerned about domestic grain prices and thinking about the international market, he sent a telegram to the Far East Trading Company, asking them to send him a list of current international grain prices.

Rice costs around $45 per ton; wheat is cheaper, at around $28 per ton; and soybeans cost $39 per ton, almost the same as rice.

Converted to silver dollars at the current exchange rate.

Rice cost 108 silver dollars per ton; wheat cost 67 silver dollars per ton; and soybeans cost 93 silver dollars per ton.

Domestic grain prices are twice as high as those in the international market.

While Li Mu was moved, he also knew this was normal. Even before the war broke out, for so many years during the Republic of China era, international grain prices had always been cheaper than domestic prices.

Whether during the Beiyang period or the reign of Emperor Guo, the government imported foreign rice and wheat to suppress domestic grain prices, with good results. Basically, as soon as these foreign rice and wheat entered the market, domestic grain prices would plummet.

However, importing grain from abroad requires foreign exchange, which the Beiyang government and the Guo government could not afford. They would only import grain when there were domestic disasters and reduced production, leading to high grain prices, in order to suppress domestic grain prices.

……

To this end, Li Mu specifically looked up grain prices from various years during the Republic of China era.

In the early years of the Republic of China, grain prices were relatively stable, with rice prices hovering between 6.42 and 7.40 yuan per shi (a unit of dry measure).

In 1920, the banks of the Yellow River suffered from drought, and in 1921, the Yangtze River basin suffered from floods. Both drought and flood caused the price of rice to rise to NT$9.61 and NT$9.68 per shi (a unit of dry measure) respectively.

Ultimately, it did not break through 10 yuan.

Rice prices continued to rise until the locust plague of 16. Coupled with the impact of the global capitalist economic crisis, silver prices fell, causing the silver-based Chinese currency to depreciate accordingly. By 18, the price of rice exceeded 15 yuan per shi (a unit of dry measure). In 19, grain prices continued to rise, exceeding 20 yuan at their peak, causing social unrest.

A "Food Committee" was formed, composed of representatives from agricultural economics experts, grain merchants, and relevant authorities, to discuss the import of foreign rice and decide to begin selling affordable rice in early May. The process lasted five months, ending at the end of September, with the arrival of the new autumn rice and a easing of rice prices.

After 20, capitalist countries, led by the United States, encountered an economic crisis. In order to get rid of the economic crisis, they implemented dumping policies, and a large amount of foreign rice flooded the grain market, causing rice prices to fall.

In 1932, the January 28 Incident broke out, and the Japanese army invaded Shanghai. The rice market was temporarily suspended, but after the market reopened, a large amount of imported rice flooded in, and the price of rice began to fall again. By the end of the year, the price of rice had fallen to 9 yuan per shi (a unit of dry measure). By the summer of 1934, with the occasional influx of imported rice, the lowest price had fallen to less than 8 yuan.

In July of 1934, Jiangsu and Zhejiang provinces suffered a severe drought, causing inland rivers to dry up, navigation to become difficult, and grain supplies to decrease. The price of rice rose to over 10 yuan per shi (a unit of dry measure). In the first half of 1935, rice prices reached as high as 13 yuan for four months. In November, grain producers from the disaster-stricken Jiangsu and Zhejiang provinces came to Shanghai to purchase grain, causing prices to rise again.

But soon imported rice flooded the market, causing prices to drop. In 25, prices fell below 10 yuan, and in 26, before the outbreak of the War of Resistance against Japan, a shi (a unit of dry measure) of rice cost only 11 to 12 yuan.

Now, less than a year after the outbreak of the War of Resistance against Japan, import channels were disrupted, making it impossible to stabilize domestic grain prices. Coupled with the panic caused by the war, the price of grain rose to twenty yuan per shi (a unit of dry measure).

Between 1 and 5.14 yuan.

民国14～19年，上升到5.73～6.35元。民国20年以后，由于进口了大量洋小麦。小麦供多求少，价格下落2.71元每担的低谷。

That is equivalent to one silver dollar being able to buy thirty-seven catties of wheat.

After July of 1934, influenced by rising international wheat prices and domestic drought, wheat prices rebounded. In 1936, wheat prices continued to rise, and in the winter, international wheat prices skyrocketed.

Last year, in 26, the price of wheat rebounded to a peak of NT$6.07 per dan (a unit of weight).

After the outbreak of the War of Resistance against Japan, import channels were blocked, and with the panic in the country, grain merchants hoarded grain, causing wheat prices to rise further to the current price of 9 silver dollars per dan (a unit of weight).

大豆价格相对稳定，批发价每担一直维持在5～6元之间。民国19年一度超过6元。10月转为下降。民国22年起进入3.5～4.5元的低谷。民国24年，回升到5元以上。到抗战前夕，大豆批发价达到每担6.5元。

Now, the price has risen to 11 silver dollars per dan (a unit of weight).

After spending a day in Hankou, with the business of pig bristles and tung oil shut down and no more goods to be sold abroad, I only brought the proceeds from the previous sales of goods and headed to Singapore again.

Upon arriving at the destination and receiving a portion of the ordered equipment, Li Mu considered for a moment and decided to use half of the space to purchase grain.

Although Nanyang is a grain-producing area, the recent influx of people has greatly increased consumption, and coupled with the military's consumption, it has become necessary to purchase from other places.

This has led to a recent surge in grain prices in Nanyang, which are now approaching the levels seen in Wuhan.

Buying grain from other places incurs significant transportation costs. Even if you can purchase some cheaper grain from the place of origin, the price of transporting it back to Nanyang will not be low.

The population of Nanyang region has now exceeded seven million, two million of whom have moved in in the last year. They have no land and can only buy food from the market.

High grain prices have had a significant impact on the lives and even the survival of these people.

We will purchase some grain from abroad to make money and, incidentally, suppress grain prices in the Nanyang area.

……

One cubic meter of space can hold about 800 kilograms of grain, and 10,000 cubic meters can hold 8,000 tons of grain.

This time, Li Mu prepared 30,000 cubic meters of space to buy grain.

With the assistance of the Far East Trading Company, 10,000 tons of rice and 10,000 tons of wheat were purchased.

Four thousand tons of soybeans were also purchased. Soybeans can be used not only as grains but also to make tofu and bean sprouts, which are considered good dishes in this day and age.

The total amount of grain was over 20,000 tons, and the cost was less than $900,000.

For the remaining 30,000 cubic meters of space, Li Mu spent another $258,000 to purchase 80,000 barrels of 200-liter gasoline, several thousand tons of gunpowder raw materials and steel, plus some machinery and equipment, before he could fill the space.

Before returning to China, Li Mu ordered another batch of inland river gunboats.

Ten ships with a displacement of 30 tons; ten ships with a displacement of 50 tons; ten ships with a displacement of 80 tons, for a total of 30 ships, with a total price of approximately one million and five hundred thousand US dollars.

It's a bit pricey, but it's very useful.

……

After returning to Nanyang, Li Mu established a grain trading company and set up more than a dozen grain stores in Nanyang City and its surrounding counties, selling grain at 85% of the market price.

Upon opening, it caused a great sensation, especially among the lower-class people who had fled from other places or moved here; everyone was overjoyed.

The continued rise in grain prices was a heavy burden for them. Although Li Mu had started many large-scale projects in the Nanyang region, and there was no shortage of places to earn money as long as one had the strength, it was only enough to make ends meet. If grain prices continued to rise, even that would become impossible.

As the war escalated and grain prices soared without any sign of decline, everyone was deeply worried. But there was nothing they could do; finding a stable place in such chaotic times was already extremely difficult.

Now, I suddenly heard that the government is selling grain at 85% of the market price in order to curb grain prices. Although it is only one and a half times cheaper, it is still a rare good thing for the people. It can finally reduce their burden and give them some hope and something to look forward to.

This resulted in huge queues forming immediately outside the doors of more than a dozen grain stores as soon as they opened.

In just two days, more than 6,000 tons of grain were sold, and on the third day, people still lined up in long queues to buy grain.

The public's enthusiasm for buying grain exceeded Li Mu's expectations.

That makes sense when you think about it. In addition to the original local population, more than two million people have poured in from other places in the past year. How much food do more than two million people need every day?