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Chapter 980 Strong Enemy

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    The commander-in-chief of water transportation at that time was Gu Huan, the Marquis of Zhenyuan.

    Mr. Gu, who had just taken office, admired Song Xiaoming very much and agreed to his three conditions against all odds.  And for the past thirty years, he has always abided by the agreement and provided strong support to Shopkeeper Song.

    Song Xiaoming also lived up to the kindness of Marquis Zhenyuan. After he took office, he carried out drastic reforms, overhauled Hengtongji inside and outside, and formulated strict rules and regulations, imposing the severest punishment on violators  At worst, it was sent to the canal for fiber drawing, but at worst, it was killed directly.

    The Caoyun Yamen has independent judicial power. Even if it kills someone, it will be over by going to the Governor's Mansion to make up for the process.

    Hengtong Jiben has the most favorable congenital conditions, and shopkeeper Song managed it well. Its image was greatly improved very quickly, and it quickly turned losses into profits.

    Over the past thirty years, Song Xiaoming has relied on the canal to continuously expand territory, acquiring hundreds of large and small banks and pawnshops, and using more semicolons to continuously win the favor of wealthy merchants.  Hengtongji suddenly became the largest bank in the Ming Dynasty, and even surpassed the "Wanyuanhao", the boss of many years who was backed by salt merchants.

    The great success of Hengtongji has brought huge returns to shareholders, and also made Shopkeeper Song's status in the Caoyun Group rise, and he has naturally become the leader of all "Caobao".

    It¡¯s just that the officials and ¡®caobao¡¯ don¡¯t know yet that Hengtongji¡¯s unpopular boss position is facing severe challenges!

    ¡°And the challenge to Hengtongji is not the original boss Wanyuanhao, but Wuji Bank, which was not even ranked in the top ten.

    Oh, by the way, it has changed its name now and changed its name to "Jiangnan Bank".

    While changing its name, Jiangnan Bank also fired three fatal arrows. First, it asked all prefectures and counties in Suzhou to announce that from now on they would only accept silver certificates issued by Jiangnan Bank.  If ordinary people want to pay taxes, they must first take cash to Jiangnan Bank to exchange for silver certificates.

    The common people are very supportive of this, because Jiangnan Bank only charges half of the cost, which is much lower than giving the money directly to the officials.  As for one more process, as long as it saves money, people are not afraid of trouble.

    But for colleagues, this is very disgusting.  Because Suzhou is not only the most prosperous city in the world, but also the economic and financial center of the entire Jiangnan.  Any changes in Suzhou Prefecture will be amplified and transmitted to the coast of Taihu Lake and even throughout Jiangsu and Zhejiang, causing serious impacts.

    What is even more devastating is that this year, Hai Rui actually implemented a whipping law in Jiangnan, and all taxes were collected in exchange for silver!  This increased the amount of silver collected by the government dozens of times!  The government's requirement to only accept silver certificates was not abolished. On the contrary, new states and counties continued to join in.

    This makes other banks very uncomfortable, because many customers will ask if they have silver certificates when withdrawing money.  This forced them to hold their noses and take out a large amount of cash to exchange for Jiangnan Bank's silver certificates, otherwise they would lose a large number of depositors.

    ??~~

    If this is all, the banks will be disgusted at best.  And it's not like a big bank like Hengtongji has never done similar things. Of course, the eldest brother shouldn't laugh at the second brother.

    But Jiangnan Bank¡¯s last two arrows completely changed the rules of the game - they actually announced that depositing with them is free, and they also pay interest on time deposits!

    In addition, the handling fee for long-distance exchange is only 0.05%, which is only 10% of the industry standard!

    This is a dimensionality reduction attack, and all banks, including Hengtongji, were stunned.

    There are fees for depositing money with them, and the larger the amount, the more they charge.  This is also the most stable source of income in the bank business!  It¡¯s much better than charging interest on a loan.

    As for the 'remittance in other places', it is the lifeblood of the bank.  In this day and age, why do rich people prefer to pay instead of depositing their money in banks?  Isn't it just because it is inconvenient to carry a large amount of silver and it is easy to attract thieves on the road?  Therefore, ¡®off-site exchange¡¯ is actually the meaning of the existence of traditional banks.

    And it has higher interest rates than deposits and is not as unreliable as lending. It has always been the favorite business of banks, no one else.

    Now Jiangnan Bank has suddenly reduced the handling fee to one-tenth of theirs. This is a rhythm that will drive them to death!

    Now even Heng Tongji felt in danger of suffocation.  From the opening of Jiangnan Bank on the eighth day of October last year to now, in just half a year, the number of deposits of Hengtong depositors has dropped by 30%, and the most sensitive exchange income has plummeted by 50%!

    This is still enforced by the canal transportation yamen. All canal-related business must be done through the Hengtongji account.  Otherwise, this income may directly drop to zero.

    After all, no matter how rich the customer is, they can¡¯t just ignore the 5% exchange fee and use 5% instead.  Even?Uncle Chengyi is right, water transportation will be out of business within a few years.  "The Marquis of Zhenyuan, who had been silent all this time, finally spoke. "The Ministry of Revenue is going crazy with worry, and we can't stop it from being shipped by sea.  "

    As he spoke, he looked at the crowd and said, "Don't waste any more time talking, just think about how to deal with it."

    "What the Marquis said is absolutely true." Pingjiang Bo Chen Wangmo responded: "Since shipping is inevitable, we have to see what is best for us."

    "Of course we took over the sea transport!" Someone immediately said: "When Ping Jiangbo's ancestor, Ping Jianghou, was the first general officer of water transport, he was also in charge of the two routes of sea transport. He is still there in Jiading County to this day.  Here is the treasure mountain that has been built!¡±

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