Make France Great Again
Chapter 1052 - 1042: The Minister of Finance Yields
Faced with Jerome Bonaparte’s sudden inquiry, Bemini felt at a loss and instinctively glanced at Achille Fuld.
"Mr. Bemini, you’re one of France’s finest bankers!
Do you really need to consult others on such a simple question?" Jerome Bonaparte’s stern reprimand reached Bemini’s ears, prompting Bemini to quickly avert his gaze from Achille Fuld.
Unable to seek Achille Fuld’s assistance, Bemini was forced to muster the courage to answer Jerome Bonaparte’s questions.
"Your Majesty, please allow me to ask Chief Steward Bashirio a few questions!" Bemini respectfully said to Jerome Bonaparte.
"Go ahead!" Jerome Bonaparte nodded in response.
Subsequently, Bemini asked Bashirio in detail about the Northern Industrial Group, including the group’s subsidiaries, its cooperating enterprises, and its annual profits.
Even though Bashirio had left the Northern Industrial Group for some time, he still tried his best to resolve Bemini’s doubts.
After Bemini had asked all the questions he wanted, his gaze turned back to Jerome Bonaparte.
"So what’s your proposal? How much can the Bank of France provide me in loans?" Jerome Bonaparte asked Bemini once more.
"If we consider the Northern Industrial Group alone, the Bank of France is willing to provide you with approximately 60 million francs in aid for the group’s development!" Bemini cautiously stated his estimated amount to Jerome Bonaparte with the eye of a banker.
"What is the loan interest rate?" Jerome Bonaparte pursued further.
"Around 5%, Your Majesty!" Bemini replied to Jerome Bonaparte, "The directors of the Bank of France are keen on offering certain assistance to a well-managed enterprise!"
Upon hearing Bemini’s offer, Jerome Bonaparte couldn’t help but jest, "You bankers always like to lend money to those who don’t need it!
For those who genuinely need the money, you always try to extract every last value from them before outright discarding them.
(Jerome Bonaparte picked up the orange placed on the table, peeled it, and placed the peel in Bemini’s hand)
Like that piece of orange peel in your hand!"
With the orange peel in his hand, Bemini’s expression looked slightly embarrassed.
As a banker, he didn’t refute Jerome Bonaparte’s words. Draining their debtors dry was indeed a "traditional virtue" of 19th-century bankers.
Especially those bankrupt with valuable resources were prime targets for bankers.
After finishing the orange flesh, Jerome Bonaparte signaled to Bemini that he could place the peel on the table, which Bemini promptly did.
"By the way! Bemini, you haven’t told me, if I were to entirely mortgage the Northern Industrial Group, how much could the Bank of France lend me?" Jerome Bonaparte pursued another inquiry.
"Your Majesty, you needn’t mortgage it at all!" Bemini sincerely replied to Jerome Bonaparte, "For a quality enterprise like the Northern Industrial Group, fully mortgaging it would be extravagant!
Take its several subsidiaries, for instance; these companies could individually list on the stock exchange after leaving the group!
Once listed, these companies would surely draw considerable attention from numerous bankers!"
"I was merely inquiring about its value, not really mortgaging!" Jerome Bonaparte cheerfully queried.
Bemini pondered for a few seconds and offered Jerome Bonaparte a figure, "Your Majesty, the price that France can offer is only 80 million francs!"
"80 million francs!" Jerome Bonaparte stroked his short beard and said indifferently, "This figure is quite decent!"
Following this, Jerome Bonaparte half-jokingly continued to ask, "If I add the annual 300,000 francs surplus of the Imperial Palace, could I apply for a loan of 90 million from the Bank of France?"
"Your Majesty, are you... really going to mortgage?" Bemini was stunned by Jerome Bonaparte’s actions.
"Why not?" Jerome Bonaparte shrugged his shoulders, responding helplessly to Bemini.
"Your Majesty, pardon my presumptuousness!" Bemini first apologized to Jerome Bonaparte, then proceeded to ask, "What do you intend to do with the money?"
"Since my dear Chief Steward Fuld won’t approve the plan, I’ll have to fund it myself!" Jerome Bonaparte calmly answered Bemini.
"Your Majesty, I..." 𝒇𝓻𝓮𝓮𝙬𝙚𝒃𝒏𝓸𝙫𝒆𝙡.𝓬𝓸𝒎
Achille Ford was on pins and needles; he stood up intending to explain to Jerome Bonaparte, but Jerome Bonaparte gestured for him to sit down.
Achille Fuld was left to sit back down, but judging from his current expression, Fuld’s heart was anything but calm.
"Your Excellency Fuld, I understand your eagerness to balance the Empire’s budget!
The Empire indeed shouldn’t be so extravagant in spending!" Jerome Bonaparte continued to affirm Achille Fuld’s intention to save the budget, responding sincerely, "However, I hope you can understand me as well!
Renovating the roads and widening the canals in the Alsace-Lorraine Region is truly important.
Even if the Ministry of Finance is unwilling to allocate funds for this, I will find a way to complete it!
If selling the Northern Industrial Group is not enough to cover the renovation costs, I can still sell the Tuileries Palace and the Fontainebleau Palace...
At worst, Augusta, Friedrich, and I will find a hotel to stay in!
When I returned to France, I stayed in a hotel initially!
Just reliving the old days, that’s all!"
Jerome Bonaparte’s resolute attitude moved the three grand officials of the Empire present.
Even Barroso, who proposed this project, didn’t understand why the Emperor was so concerned about the Alsace-Lorraine Region to the point of saying such things.
As for Achille Fuld, at this moment, he realized that he had already been "cornered" by the Emperor.
He had no doubt about the Emperor’s determination to "sell the Tuileries Palace to support the renovation of public infrastructure in Alsace-Lorraine,"
If the Emperor really chose to sell the Tuileries Palace to raise funds, the entire Empire’s face would be utterly lost.
By then, not only would he, as the Minister of Finance, need to resign in disgrace, but he might also face the risk of "Celestial Punishment".
"Your Majesty, you really have given me a difficult task!" Achille Fuld responded to Jerome Bonaparte with a wry smile.
"Fuld, I understand you!" Jerome Bonaparte continued with a supportive demeanor, maintaining an amiable tone, "I hope you can understand me too!"
Then, Achille Fuld cast a murderous glance towards Barroso.
It was this damned fellow who incited the Emperor to embarrass me! Just wait, I will surely have my revenge!
Achille Fuld cursed Barroso silently for a long time before finally asking Barroso, "Minister Barroso, how much does your Department of Public Transportation estimate is needed to complete the road renovations in these two regions?"
"According to the calculations of our transportation department, which worked day and night, it would take about 200 million francs to complete the road renovation!" Barroso cautiously reported the budget.
Upon hearing Barroso’s quote, Achille Fuld’s previously restless heart calmed slightly.
The quote of 200 million francs, though far exceeding France’s annual surplus, was still within controllable limits.
"Minister Barroso, how many years do you plan to take to completely renovate the roads in these two regions?" Achille Fuld pursued further questions to Barroso.
"Three years!" Barroso held up three fingers, confidently assuring Achille Fuld, "According to the transportation department’s estimates, it would only take three years to give the roads in the Alsace-Lorraine Region a complete makeover!"
After hearing Barroso’s answer, Achille Fuld turned his gaze back to Jerome Bonaparte, "Your Majesty, if I may speak frankly!"
"Minister Fuld, please go ahead!" Jerome Bonaparte replied to Achille Fuld with a smile.
"Since you are determined to implement Minister Barroso’s renovation plan, as your minister, I have no choice but to follow your will!" Achille Fuld said with a hint of helplessness, "However, I must remind you, the Empire’s current four-year national bonds need to be redeemed. The purpose is to prevent financial losses for those who wish to sell bonds, ensuring the steady rise of France’s bond market. Some railway bonds also need funds for redemption.
This year might be a particularly difficult year for the Empire, and I hope Your Majesty will be prepared!"
"I understand!" Jerome Bonaparte nodded in response to Achille Fuld, "I promise you, there will be no other budgets this year!"
Although Achille Fuld didn’t believe Jerome Bonaparte—a seasoned "spendthrift"—would abstain from spending, at least the Emperor had given his assurance.
If he intended to "spend" in the future, he would think it over a bit more.
"Your Majesty, it’s great that you think this way!" Achille Fuld sincerely responded to Jerome Bonaparte.
Following this, Jerome Bonaparte and Achille Fuld discussed how to raise the 200 million francs needed for public works.
During their discussion, they set their sights on the state-owned forest area of 80,000 hectares near the Seine Province.
If they could sell this 80,000 hectares of forest, raising the 200 million francs for public works wouldn’t be a difficult task.
Thus, Jerome Bonaparte entrusted the task of persuading the Legislative Corps to agree to their sale of the forest to Achille Fuld and Barroso.