If this matter was placed in later generations, Hong Tao would never dare to do this. In the incubator, there was no good egg in it, all of them were smelly eggs! This is a problem of the times. In the Song Dynasty, including most of the time in ancient China, the problem of commercial credit was never a social problem. Without credit, it would be difficult to move forward in society. This is a social atmosphere that you cannot not abide by. But I don’t know when it started, credit disappeared from people’s minds and became inferior to farts. Material desires were rippling, and people’s hearts were not the same. Is this change progress or regress? Hong Tao couldn’t tell it clearly. He only knew that the destroyed things were the most essential part of China’s thousands of years of culture. It was easy to destroy it, and it would be enough for a few years, but it would be very, very difficult to rebuild it, and maybe it would not be made up for a hundred years.

The Song Dynasty was such a credit society. Although it was not a complete commercial society, it basically had a credit system that should have in the commercial society. For example, there were many futures, brokers, credit, banking systems, evaluation institutions, etc. in later generations, and even more perfect than in later generations.

The "School Inspection and School Deposit" is the state trust institution of the Song Dynasty. What is it used for? Its main responsibility is to count, manage orphans, property of the household, as well as unowned goods, property of economic disputes, and property confiscated by the government. In the "Qingming Collection of Famous Books of Public Notes", there is a passage: The law of the so-called "School Inspection" is that the so-called "School Inspection" shall be a male orphan. The official shall be responsible for the orphans to be entrusted to the school's property. The person who is responsible for the orphans shall be entrusted to the orphans. The person who is responsible for the entrusted to the relatives shall be entrusted to the entrusted ones, and the officials shall return it to the entrusted ones.

The meaning of this passage is that according to the laws of the Song Dynasty, the government has the responsibility to verify orphans whose parents die, register them, and deposit them in the school database for custody. This property is not confiscated, nor is it donated to an unrelated agency and then ignored, but it is regularly taken out and distributed to the orphan's guardian as living expenses. After the orphans become adults, the government will return the custodial property to them. This method is the same as many trust funds in later Western countries, and is even more stringent. This credit is endorsed by the government.

If this kind of trust responsibility is too primary, it doesn't matter. By the time of Emperor Shenzong of Song Dynasty, the system of inspection and escalation database underwent fundamental changes. In the fourth year of Xining, Wu Anzhi (Wang Anshi's son-in-law), who was responsible for managing the system of inspection and escalation database, wrote a memorial to the court and made suggestions on the system of inspection and escalation database. He said that the property in the library would depreciate over time, so it would be better to take it out and lend it. Not only can it preserve its value, but it can also make money. This suggestion was finally approved by the court, and a set of methods for calculating interest was re-formed. This is a 100% trust investment fund.

In addition to trust funds such as the essay database, the main manifestation of a society's credit system is commercial lending. In the Song Dynasty, there were laws that explicitly stipulated how to conduct commercial lending. "Song Hui Yao Edited Manuscripts. Food and Goods" records that in the first year of Qianxing, the court legislated the law and specifically stipulated that buying and selling credit for credit, which roughly means this. For bulk transactions or buying and selling in credit for credit, a tooth must be a guarantor, and a three-party liability contract must be signed to clearly stipulate the repayment date and liability for breach of contract. In this process, if any party commits fraud, they will be held accountable by law.

Another problem of tooth is involved. The Tooths of the Song Dynasty are brokers, that is, intermediary institutions or individuals. Are they so reliable? Will there be no situation where one party colludes with intermediaries to deceive customers? The Song Dynasty's laws also made clear provisions on this, and there is also a complete set of intermediary management methods and access systems, which fundamentally reduce the possibility of intermediary fraud.

Rent. This is the general term for all brokerage, intermediary, agency, notarization, and guarantee agencies in the Song Dynasty, which is what we call the Yaren industry. This industry was very, very developed in the Song Dynasty, and it was also a by-product of extremely frequent social commercial activities. They were almost every economic activity in every city. Yaren is the real estate agent of later generations, Yass is the housekeeping agent, the old traveler is the human resources agent, Tongya is the foreign trade agent who knows foreign languages, etc.

These people do not have a head, a neat and good-looking person, and can be a good-looking person. The Song Dynasty had a special "Tooth Protection Law" to regulate the behavior of Teeth. If you want to be a Teeth Man, you must go to the government to apply for a card to open a business. At this time, the government will determine whether he is suitable for a person based on the applicant's credit, reputation, ability, and property. After obtaining this card, he is a Teeth Man with legal effect, otherwise it is a black tooth, and the government will not recognize it.

The license plate must be carried with you when contacting the transaction. The front has the name, origin, industry and number of the licensee, and there are three laws on the back. The first is that goods that are not subject to stamp duty must not be traded; the second is that the buyer and seller shall not be hindered from free transactions, that is, they cannot force intermediary; the third is that prices must be raised and delayed merchants. These three are the same as later European and American police investigations, and they must read to merchants in person before they can start intermediary services. Therefore, with the participation of the regular dentist, although some of the remuneration will be paid, the risk of the transaction is much smaller, and there is an additional guarantor, and it is also endorsed by the government.

It is precisely with these perfect commercial credit systems that the economic activities of the Song Dynasty were so developed, and even high-end things like futures appeared. For example, lychee trading was not purchased on-site pricing, but when the lychee tree was just blooming, the fruit merchants would come to the door to sign a forward contract with the grower, and pay a certain amount of deposit to cover all the designated lychee trees. As long as the contract was signed, the lychees born on these lychee trees would belong to the fruit merchants. No matter how much they bear and how high their quality was, you would have to pay the money to take them away as soon as the fruit was ripe, otherwise you could take the contract to sue you at the government. In addition to lychees, many commodities such as rice, cloth, silk, silk, etc. are generally used to purchase them.

The most interesting thing is that Hong Tao also discovered the securities market in the Song Dynasty, called the exchange shop. However, the securities market is not speculating on stocks, but the meaning is similar, and it is various exchanges sold by the Song Dynasty court. Exchange is a bill of lading issued by the government. Since the Song Dynasty implemented a monopoly system, salt, tea, alum, fragrant medicine, rhinoceros horn and other goods, all of which need to be exchanged documents before they can be circulated in the market. When the Song Dynasty government sold exchanges, it adopted a system of buying, and the merchants bid themselves. As long as it was not lower than the government's valuation, they could be traded.

In order to encourage merchants to come and buy and sell, the Song Dynasty government deliberately underestimated the price when valuing, leaving some profit space for merchants. Therefore, the price of transfer is divided into two prices: real estimate and fake estimate, and the space between these two prices has room for speculation. Merchants with agility simply do not do physical transactions. They use these transfers to buy and sell directly to earn the difference. Therefore, transfers became stocks of the Song Dynasty. The prices in the day kept floating up and down all the time, and stores that specialize in buying and selling such transfers are called transfer and sells.

This kind of trading and transfer behavior is not illegal. The Song Dynasty government agreed with the practice of merchants. In order to prevent large merchants from jointly operating the market to short and go long, the court also specially established a banknote buying agency. When the market price of the transaction is too low, the government will acquire the market transfer, causing artificial shortage and raising the transaction price. When the market transfer price is too high, the banknote buying agency will sell the stored transfers in his hands and suppress those who are long. This is definitely the China Securities Regulatory Commission and the Federal Reserve Bank. They all know how to use market means to regulate the macroeconomics. It is no worse than some institutions that have circuit breakers several times a day. This is hundreds of years ago...

"...I've always wondered why there are so many things in your mind. I can't quite understand everything, but I found out later that you are right. Well, you said they are good eggs or good eggs, and I believe it this time." Luo Youde couldn't say that Hong Tao didn't want to work hard in this regard. Since Hong Tao is sure, what else are you worried about? Even the famous Wu family in Guangzhou and a group of Pu family members were easily killed by him. What he said would definitely be successful, and even if he didn't succeed, he would succeed.

"Hehe, I believe in my eternal life! This time I can't escort the caravan myself. There will probably be no surprises for the five ships and two warships of Carl. Guangzhou cannot live without you, otherwise I will definitely take you out and see. This time I will go to the hometown of black people. By the way, Cixi, I will let him take over my work and help you in Guangzhou. He has never been to the Song Dynasty. In some places, Brother Luo has to teach him more." Hong Tao came to Guangzhou this time not to lead these maritime merchants to go to the Cape of Good Hope. Jinhewan built three new salmon-class merchant ships, and brought them to Luo Youde to continue auctioning to shareholders of the Strait Company. This time, the only ones carrying out the escort mission was Carl and Weng Ya. The remaining fleets had to follow Hong Tao to the Cape of Good Hope.
Chapter completed!