In response to Jerome Bonaparte’s division of tasks, Achille Fuld was not very willing in his heart.

In his mind, Barroso was nothing but a despicable traitor, a capricious scoundrel.

"Your Majesty, I believe that this task only needs to be completed independently by the Ministry of Finance, we are confident we can handle it!

As for the Public Transport Department, (Achille Fuld glanced at Barroso with the corner of his eye and snorted lightly) there is no need for them to get involved!" Achille Fuld said to Jerome Bonaparte with a hint of dissatisfaction in his tone.

"Minister Fuld, it is not that I do not believe in your abilities!" Jerome Bonaparte responded to Achille Fuld in a friendly manner, "This task inherently requires the joint efforts of the Public Transport Department and the Ministry of Finance. Only with cooperation between your two departments can it be completed faster and better!

Please do not let personal grudges interfere with your work. You are both pillars of the Empire, and I trust you have the qualities befitting your positions!

So I do not wish to see you let personal issues affect the project’s progress, alright?"

Although Jerome Bonaparte’s attitude was relatively polite, Achille Ford could discern a few hints of reprimand in his words.

Obviously, the Emperor was determined to have him cooperate with Barroso to complete the plan.

Seeing that Jerome Bonaparte’s attitude could not be reversed, Achille Fuld had no choice but to comply with the Emperor’s will.

"Your Majesty, I am willing to follow your arrangement to discuss the plan with Minister Barroso and then submit the joint plan to the Legislative Corps!" Achille Fuld respectfully replied to Jerome Bonaparte.

"That’s more like it!"

Jerome Bonaparte immediately beamed, grabbing Achille Fuld’s hand, and then pulling Barroso’s hand over as well.

"Ministers should indeed work together! Now shake hands in front of me, and all this will be behind us!"

As he spoke, Jerome Bonaparte brought Achille Fuld’s and Barroso’s hands closer to each other.

Ultimately, under Jerome Bonaparte’s coercive request, Achille Fuld and Barroso "shook hands and made peace."

With Achille Fuld and Barroso shaking hands, the report from the Public Transport Department was formally concluded.

Next came the report from President Beimini of the Bank of France. Beimini first handed the fiscal summary data of the previous year from the Bank of France to Jerome Bonaparte, then waited quietly for him to look over all the reports.

After Jerome Bonaparte briefly skimmed through the documents (he didn’t really finish them, just glanced at the titles and the opening contents of each page), Beimini then recounted the contents of the materials to Jerome Bonaparte.

Overall, the savings amount of the Bank of France in 1858 increased compared to 1857, indicating that the French were more inclined to deposit their money in the bank rather than investing it.

That’s not all. From Beimini, Jerome Bonaparte also learned that the number of domestic companies willing to take loans from the Bank of France decreased to a certain extent compared to 1857.

Logically, companies would seek additional investment from the Bank of France to maintain operations after suffering a severe blow from the economic crisis.

However, the reality was quite the opposite, which made Jerome Bonaparte wonder if companies were financing from private banks.

After all, the Bank of France was more stringent in approving additional investments compared to certain private banks.

Thus, in order to clarify whether it was an issue with the Bank of France or a general problem across France.

Jerome Bonaparte solemnly asked Beimini, "President Beimini, may I ask you a private question?"

"Your Majesty, please do!" Beimini respectfully replied to Jerome Bonaparte.

"Did the foreign investment amount by your private bank increase or decrease compared to 1857?" Jerome Bonaparte asked.

Organizing his thoughts calmly, Beimini replied to Jerome Bonaparte, "Your Majesty, according to a report submitted by my assistant a few days ago!

The foreign investment amount by the bank under my control last year was not only less than the previous year, but the majority of investments were also abroad!"

Upon hearing Beimini’s report, Jerome Bonaparte turned his gaze to Achille Fuld, "Lord Fuld, how about your bank?"

"The situation of the Fuld Bank is the same as the Beimini Bank. Currently, foreign investments dominate, and recently very few domestic companies are willing to take loans!" Achille Fuld responded to Jerome Bonaparte.

Hearing the responses from Fuld and Beimini, Jerome Bonaparte vaguely guessed the foreign investment projects of both Fuld and Beimini Banks.

To verify his suspicions, he asked once more, "Then... may I ask, what is the main focus of your two banks’ foreign investments?"

"Government bonds!" Achille Fuld and Beimini responded in unison.

I guessed right!

Jerome Bonaparte muttered to himself.

No one is more passionate about the business of government bonds than the French bankers.

No matter how unreliable a government bond might be, they could always turn decay into magic in their hands.

Although only Beimini and Fuld’s banks were sampled this time, this already represents the situation of medium and large banks within France.

Subsequently, Jerome Bonaparte turned to the Bank of France’s foreign investment amounts.

As expected, the Bank of France’s main foreign investment business is likewise government bonds.

Chief among these are United States Treasury Bonds and bonds from the German Region (including Austrian Empire bonds), and they show an upward trend.

Clearly, the economic crisis of 1857 did not dampen the Bank of France’s enthusiasm for investing in government bonds.

Jerome Bonaparte lowered his head and silently contemplated, while Fuld and others dared not utter a word.

After a while, Jerome Bonaparte lifted his head again.

He cast his gaze once more towards Beimini, "Beimini, why do you think domestic companies are unwilling to borrow money from the Bank of France?"

"Your Majesty!" For Jerome Bonaparte’s question, Beimini had long anticipated, "The reason domestic companies are unwilling to borrow from the Bank of France fundamentally lies in the fact that the vast majority of France’s companies are medium and small enterprises!

Their risk resistance ability is higher than that of large enterprises, and many of these medium and small companies operate under a family system in a workshop model, naturally wary of banks, thus following an economic crisis, they always choose to withstand it.

As a result, after the economic crisis, those companies that managed to survive on their own funds are even less willing to borrow from banks."

"If banks were to lower the interest rates, would there be more companies taking loans?" Jerome Bonaparte asked.

"No, Your Majesty!" Beimini shook his head, responding to Jerome Bonaparte, "For those companies seeking financing, the Bank of France’s interest rate of 5% is low enough!"

"What if the Bank of France lowered its audit standards?" Jerome Bonaparte proposed another solution, "I recall that you (the Bank of France) are always generous in financing, but stringent in lending!

Could the lending standards be relaxed to allow more companies to thrive!"

"Impossible!" Beimini’s expression changed, and he quickly said to Jerome Bonaparte, "Your Majesty, the reason banks maintain strict connections in lending is to prevent certain incompetent companies from undermining the bank’s stability!"

"Indeed, Your Majesty!" Fuld also earnestly persuaded, "The reason the Ministry of Finance can smoothly issue public bonds every time is all thanks to the support of the Bank of France!

If the reputation of the Bank of France is tarnished, the Empire’s public bonds would be hard to issue as smoothly as before!"

Under the dual objections of Achille Fuld and Beimini, Jerome Bonaparte had to give up his idea.

Subsequently, Jerome Bonaparte inquired about the amount of gold reserves held by the Bank of France and the issuance amount of Bank of France notes (franc banknotes).

Beimini told Jerome Bonaparte that the Bank of France currently reserves and has issued nearly 5 billion francs (roughly 145 tons) of gold (about 2 billion francs more gold than the same historical period), and has issued over 4 billion franc notes.

After hearing Beimini’s report on the data, Jerome Bonaparte couldn’t help but exclaim.

"You are indeed the richest bank in all of France... no, I should say all of Europe!

I remember the Bank of England’s reserves are only about 16 million British Pounds, converted to francs, that’s about..."

"4 billion francs, Your Majesty!" Beimini promptly replied.

"Since you already own so much gold, are you afraid you can’t exchange the banknotes you issued?

The ratio of banknotes should be increased; France still needs them in many places!" Jerome Bonaparte hinted to Beimini to continue injecting money to stimulate the economy.

"Your Majesty, I will thoroughly discuss this with the bank’s directors!"

Beimini casually said, as he really didn’t want the Bank of France to also fall into the "predicament" faced by the Ministry of Finance.

The Emperor spends money way too fast!

...

The lengthy Imperial Council lasted from 3 p.m. until about 7 p.m.

The nearly four hours of discussion left all four attendees feeling both mentally and physically exhausted.

"Thank you for your hard work!" Jerome Bonaparte expressed his gratitude to the three attendees.

"Your Majesty, this is what we ought to do!" The three attendees almost simultaneously responded to Jerome Bonaparte.

Shortly thereafter, Empress Augusta appeared in the room.

"Thank you all for accompanying Jerome to work until this hour; I have already had dinner prepared by the kitchen!

If you don’t mind, we can dine together!"

Under Empress Augusta’s warm invitation, Achille Fuld and others headed to the dining room.