Volume 1 Chapter 128 - Security deposit

Volume 1 Chapter 128 Security deposit
This time the Lampuri Kingdom’s royal family suddenly announced that they would hold a public auction for two iron mines near Banta City, it quickly attracted the attention of all the powerful companies in the kingdom.
After confirming that this information was true, the companies gathered in Banta City to participate in this auction were some of the largest companies in the kingdom.
Everyone was clear that this was a very good chance.
This was because before this, all the iron mines in the Lampuri Kingdom were owned by the Jole Family and others couldn’t stick their hand in at all.
But now the king was holding a public auction for these two iron mines. There was no doubt that this meant the attitude the royal family had for the Jole Family had changed and they silently accepted other companies to join the iron ore trade.
As for why the royal family suddenly did this, everyone had different guesses.
The most common guess was that the king finally couldn’t take the Jole Family controlling the iron ore trade in the kingdom and was planning to move against the Jole Family.
The next common guess was one made by people who had some understanding of the kingdom’s finances.
Because the kingdom’s finances have been low in the past few years, even if the king wanted to do something, he would be limited by finances and couldn’t accomplish it.
So being forced into this situation, the king finally decided decided to take out the royal family’s mineral resources to exchange for finances to fund his own plans.
It should be said that this guess was close to the truth and was in the same general field. It was indeed because the king was limited by the kingdom’s finances, so he couldn’t buy the tens of thousands of agricultural magic machines that the kingdom needed, so he wanted to pay with this mine.
But because the contract that between Xu Yi and the agricultural department under the king was a very closely guarded secret, there were very few people who knew about this.
The reason why the Jole Family knew about these two mines was because of their analysis from the king’s actions in the two mines, therefore they asked for a fair bidding for these mines.
As for the role the Frestech Chamber of Commerce played, Seveni promised Xu Yi that the Jole Family shouldn’t know anything, but Xu Yi didn’t dare believe it.
But seeing chairman Fuller Morgan’s expression, Xu Yi was certain. Even if the Jole Family wasn’t completely clear on the facts, they must know that him and the Frestech Chamber of Commerce were involved.
As for how much the Jole Family knew, Xu Yi wasn’t certain.
Thinking about it, Xu Yi directly headed towards chairman Morgan.
Seeing Xu Yi come over, chairman Morgan quickly revealed a smile on his face and raised his glass at Xu Yi, “Hei, dear Xu, for you to appear here today, it really surprises me.”
“Chairman Cruise was saying the same thing earlier.” Xu Yi said with a shrug, “It seems like most people here have the same idea.”
Chairman Fuller smiled, not denying or admitting it at all.
Xu Yi didn’t want to pester him with this question, so he directly said, “Chairman Morgan, your Falcao Chamber of Commerce already controls almost half the iron mines in Banta City. Now that there are two extra, can you just let them go?”
Chairman Morgan rubbed his head of half white hair and said while laughing, “Chairman Xu, is this a joke? Since our Falcao Chamber of Commerce already controls half, why wouldn’t we want to control the rest of the iron mines? Chairman Xu, your Frestech Chamber of Commerce is the exclusive provider of magic machines, so if someone wanted to steal them from you, would you be willing to hand them over?”
“I’m very willing.” Xu Yi said with a nod, “There is only development with competition. Actually I want to create several other companies that deal in magic machines other than our Frestech Chamber of Commerce. If it’s just us, the industry will develop too slowly.”
Chairman Morgan’s face sunk slightly as he said with knit brows, “Chairman Xu, are you serious about this? The reason why your Frestech Chamber of Commerce has this much money is not because of the magic machines, but rather because you’re the only company that produces them. If there were several other companies that also produced the same magic machines, do you think that your company would still earn that much money?”
“There, isn’t there a few over there?” Xu Yi raised his chin and looked at a group of people at the far end of the banquet hall.
Chairman Morgan followed Xu Yi’s gaze before saying with disdain, “Those fellows from Saltan City, they actually want to steal business in our Banta City. They really only know how to seek death.”
That group of people were the representatives of Saltan City’s companies. Among them was a person speaking eloquently, who was the Leo Chamber of Commerce’s chairman Bruno. In the crowd beside him, there was also the Farsak Chamber of Commerce’s chairman that Xu Yi knew very well.
Perhaps they could feel Xu Yi and Morgan’s gaze, but chairman Bruno stopped talking to the people around him and he looked over.
After looking at Xu Yi, there was a cold look that appeared in chairman Bruno’s eyes, but there was still a smile on his face as he even raised the glass of wine in his hand at Xu Yi.
The people around him saw this and they also looked over. Chairman Farsak revealed a sincere smile as he also raised his glass at Xu Yi.
The other people were surprised, they didn’t understand chairman Bruno and chairman Farsak who could raise storms in Saltan City would specially look at this normal looking youth and specially salute him.
If it was said that Xu Yi was a large noble, then the power of the family behind him would be enough to make these two show courtesy. But no matter how they looked at Xu Yi, he didn’t have the special aura of a large noble.
But since chairman Bruno and chairman Farsak both saluted him, naturally the others all revealed smiles as they also saluted Xu Yi.
Xu Yi also raised the glass of wine in his hand as he smiled at them. He said to chairman Morgan, “Since this is a public action held in Banta City by the king and the Mining Union, we don’t have any special advantages over these Saltan City people.”
“We?” Chairman Morgan knit his brows and couldn’t help saying, “Chairman Xu, your Frestech Chamber of Commerce is really participating in the auction?”
“Of course, otherwise why would I be here?” Xu Yi said this very naturally.
Chairman Morgan was silent for a bit before he said with a soft snort, “Chairman Xu, as a friend from the Business Union, I have to give you some advice. It’s best to not do something that exceeds your capacity.”
Xu Yi nodded, “Many thanks for chairman Morgan’s advice, but I know what to do.”
Chairman Morgan gave a stronger cold snort before lifting his glass of wine and walking away.
Watching him leave, Xu Yi rubbed his nose as he gave a bitter laugh, “Why is it that no one is willing to believe that I have the ability to buy these two mines?” Thinking about it, he gave a shrug before saying with a self ridiculing smile, “Alright, actually even I don’t believe it.”
The banquet slowly proceeded as everyone talked to each other. When everyone felt that it was about time, Count Sean appeared in the back of the hall and attracted everyone’s attention.
He extended his welcome to everyone for coming before saying a few pleasantries. Count Sean then introduced the topic and began the climax of the banquet, he started the auction for the iron mines.
“Receiving instructions from his majesty, this auction will be held for the two iron mines that are fifty miles west of the city and sixty miles southwest of the city respectively. According to the exploration of the kingdom’s mining department, these two mines are rich with iron ores, as well as many other kinds of metals……”
Most people under the stage had some understanding of the mine already, but after hearing Count Sean’s introduction, it still caused everyone to be surprised.
According to the results of the exploration of the kingdom’s mining department, these two mines were considered first grade mines. If they could be mined normally each year, the lowest income one would make would be over one hundred thousand gold coins.
If one could buy these two mines, even if they had to invest a lot of money during the mining, they could also earn a large amount.
“According to the instructions of his majesty, what is being sold is not the property rights, but rather the mining rights which is for fifty years. Anyone interested can make a bid.” Count Sean added.
Everyone secretly nodded, not feeling surprised.
This was something expected. Even the iron mines controlled by the Jole Family in name still belonged to the Lampuri Kingdom and not the Jole Family. But since the mining rights had always been in the hands of the Jole Family, it was actually still controlled by the Jole Family.
Mining rights of fifty years, to an iron mine, this wasn’t considered too long, but it also wasn’t considered short.
If one was willing to invest, fifty years was enough to allow one to earn back their investment and earn a large amount.
After basic information on the two iron mines were introduced, Count Sean handed over the task of hosting to a specially invited host and auctioneer.
The host didn’t immediately announce the beginning of the auction, rather the first thing they did was to ask every person and company here to first pay a deposit.
This was not something unexpected.
For large auctions like this, it generally had this custom. It guaranteed that the people participating had the rights of participate and prevented people from causing trouble.
The people who came to this banquet were already prepared. So under the supervision of the people sent by the City Lord’s Manor, everyone paid the deposit that they had already prepared.
According to the customs of the Sines Continent, the deposit was at least 40% of the base price. The base price of these two iron mines added together was one million and two hundred thousand gold coins, so just this deposit alone was a high four hundred and eighty thousand gold coins.
Seeing the merchants going up one by one and handing over their deposits, Xu Yi’s heart couldn’t help filling with doubt.
Based on this current situation, there were quite a few powerful businessmen in the Lampuri Kingdom. So many companies could take out a large amount like four hundred and eighty thousand gold coins.
And the Lampuri Kingdom’s tax revenue was only a pitiful million gold coins. This really was a large contrast.
Looking over chairman Morgan who stepped on stage, Xu Yi narrowed his eyes and was filled with thought.
Very soon it was Xu Yi’s turn to step on stage. When the host called Xu Yi’s name, most of the people under the stage looked over.
Of course the merchants of Banta City recognized Xu Yi and because of the Frestech Chamber of Commerce, the merchants from cities near Banta City had also heard of Xu Yi.
Even if one didn’t know about Xu Yi, based on the rumours that one heard about Xu Yi and the Frestech Chamber of Commerce during the banquet, one would quickly become curious about the Frestech Chamber of Commerce.
But everyone was very clear that no matter how much money this new company made, it was impossible for them to earn five hundred thousand gold coins in just half a year.
So when Xu Yi appeared in front of everyone and walked up to the stage, there were countless eyes filled with curiosity and doubt that looked over.
This Frestech Chamber of Commerce, could they really take out that much money?
Xu Yi had the perfect faint smile as he calmly walked in front of the host. He first revealed a smile to Count Sean sitting on the side before taking out an envelope that wasn’t too thick from his chest.
The host took the envelope and opened it to take a look. He looked at Xu Yi in surprise before announcing in a loud voice, “Frestech Chamber of Commerce has handed over five Chimera Chamber of Commerce’s gold notes worth one hundred thousand each, for a total of five hundred thousand gold coins!”