Ming East India Company

Upon hearing Luo Sigong's words, Bai Ye was immediately left speechless, unsure whether to laugh or cry.

It's true that officials in the Ming Dynasty were corrupt, but the extent to which they skimmed off the top left Bai Ye speechless.

However, considering the losses suffered by Fujian officials at all levels after Yuegang was closed off, Bai Ye felt relieved.

Since the opening of Yuegang Port in the Ming Dynasty, allowing merchants to go to sea, the tax revenue from Yuegang Port has become a financial black hole for the Ming Dynasty.

Although the imperial court established an independent tax collection agency for Yuegang merchants, from the first year of the Longqing reign to the twenty-first year of the Wanli reign, the tax revenue collected by the tax collection agency from Yuegang only increased from more than 3000 taels to more than 2 taels.

However, the actual tax rate for goods shipped from Yuegang was at least 30%. The Bai family alone used to pay more than 20,000 taels of silver to the Yuegang Tax Office every year. Adding the taxes paid to those who went to Japan and Southeast Asia, only heaven knows how much silver was lost in the process.

This is also why Emperor Wanli so generously allowed Ryukyu to take over the exclusive rights to Yuegang, since he really didn't care about the annual income of more than 2 taels.

But the officials in Fujian were in a terrible situation. Such a big piece of meat, just thinking about it makes my heart ache for them.

It can only be said that officials at all levels in Fujian have trapped themselves in their own mess.

……

In the early winter of the 21st year of the Wanli reign (1562), the Yuegang Port Chamber of Commerce was established.

This largest chamber of commerce, which has dominated Yuegang for decades and controlled most of the city's overseas trade, used to be bustling with activity. Merchants gathered around long tables made of rosewood, abacuses clicked, and the room was filled with the sounds of merchants quoting prices and chatting.

But now, the huge hall was eerily quiet. On either side of the long table sat the owners and managers of various businesses, all with ashen faces and furrowed brows.

Some people repeatedly rubbed the cold rim of the teacup with their fingertips, staring blankly at the pile of invoices on the table; others propped their foreheads up and sighed incessantly; even Chen Jingshan, the usually most composed president of the chamber of commerce, stroked his beard, his brows furrowed, and remained silent for a long time.

"Chairman Chen, the two thousand dan (a unit of weight) of raw silk I stockpiled in my warehouse are all stuck with me!"

Manager Lin, who traded raw silk, was the first to tear up, his voice choked with emotion.

"I mortgaged three houses for this shipment, and now the merchant ships dare not leave port. The raw silk will mold if left too long. This is going to drive my family to ruin!"

As soon as he finished speaking, Manager Zhang, who traded in porcelain, shook his head with a wry smile:

"These tens of thousands of custom-made porcelain pieces of mine were originally destined for Hong Mao's trade route, but now they are piled up in the warehouse collecting dust. Not to mention making a profit, I can't even recover my costs."

All communication with the caravans from the Red Hair's side has been cut off, and the coastal defense ships are patrolling day and night. Forget smuggling, even getting close to the sea lanes to Japan is as difficult as climbing to the sky.

The other shopkeepers also chimed in with their complaints. As the gateway to the outside world for the Ming Dynasty, Yuegang was not only a trading hub for Japan, but also a gateway for ships from as far away as the Philippines and even the islands of Southeast Asia.

It is currently the time of the northeast monsoon and the departure of the South Seas shipping route. The court's interruption is tantamount to cutting off the livelihood of the shopkeepers in Yuegang.

"Mr. Chen, among everyone here, you have the most connections and the widest network. Now, we're all counting on you!"

Chen Jingshan shook his head and sighed:

"This is an imperial decree personally issued by His Majesty. Even the governor is helpless against it. What can I, a mere scholar without any official position, do?"

Chen Jingshan was one of the few merchants in Yuegang who had achieved official rank. He spent half his life taking the imperial examinations and barely managed to pass the provincial examination, but he had no energy to pursue an official career.

He simply stayed at home and used his status as a scholar to act as a "protective umbrella" for maritime merchants.

A few years ago, his son was extremely lucky and passed the imperial examination, becoming a magistrate in a county outside the area. As a result, his family had a high "political status" in Yuegang, and the magistrate and the tax office would do him a favor.

As a result, the maritime merchants of Yuegang all believed that his family had a "promising future" and invited him to take up the post as the president of the Tonghai Chamber of Commerce, receiving a large "sit fee" every year to represent the maritime merchants in dealings with government officials.

He is also a first-hand source of any important news.

"It's all the fault of these corrupt officials. They collect so much tax every year, but they don't catch a bunch of private merchants who go to sea without permission. Now they can't even maintain the status of Yuegang Port... What a bunch of good-for-nothings."

Manager Lin said indignantly.

"yes!"

Chen Jingshan sighed and said:

"What else can we say now that things have come to this? Let's all try to sell the goods to private merchants at a low price, and break even as much as we can!"

If you've sold all your ancestral property and still can't pay off your debts, come work for me as a servant, and I can save your life.

I'm sorry everyone, this is all I can do.

After hearing Chen Jingshan's words, everyone gradually felt despair. Some of the merchants couldn't help but wail in the guild hall, some fainted on the spot, and some even prepared to buy ropes to hang themselves...

"Sigh, why aren't any of the Bai family from the north of the city here? They used to be the most active in the Chamber of Commerce. Today, all the officials and merchants in Yuegang are facing a life-or-death situation, yet they haven't shown their face."

"Bai Wenzheng used to be known as a kaleidoscope, and he was the most frequent visitor in the Chamber of Commerce. I didn't even notice until you mentioned it. But Bai Wenzheng hasn't come for months. And I haven't heard of anyone seeing him recently. It's like he just vanished into thin air."

"Who knows? Speaking of which, isn't Bai Wenzheng in the silk trade with Japan? Logically speaking, the imperial court strictly prohibited business with Japan at the beginning of this year, and several businesses that did business with Japan went bankrupt. Not only is his family fine, but I see that he recently bought a few more houses and expanded the courtyard. His business seems to be doing even better."

"That's right. Three months ago, his family suddenly bought a large amount of raw silk, which stole a lot of my business. And believe it or not, in the past, when they went to the countryside to buy silk, they would pay half and then pay the other half on credit, and then pay the rest the following year. This year, however, they paid in cash for everything. It's really strange." As Bai's rival in the raw silk business, Manager Lin was extremely sensitive to Bai's business situation.

……

The crowd discussed animatedly, and someone suggested:

"Could it be that the Bai family has some means of operating a private business?"

"Impossible! These private merchants all have their own connections. Why would he go to pay respects to them if he didn't have a relationship with them?"

"Why don't you, Elder Chen, visit the Bai family and learn from their experience? See how they survived before, and give the merchants of Yuegang a way to live as well?"

Chen Jingshan hesitated for a moment:

"If their family really has gone into private business, wouldn't that be a bit inconvenient?"

Chen Jingshan, being a government official, still valued his reputation and didn't want to get too involved with private businessmen.

"Old Chen, things have come to this point, why not lend the brothers a hand? At worst, you can get some information for us, and we'll handle the rest ourselves?"

The people in the chamber of commerce kept trying to persuade Chen Jingshan, and they finally convinced him.

"Well, since that's the case, I'll swallow my pride and go to Bai Wenzheng's house to beg him on everyone's behalf."