Chapter 97: Zhao Mingju

Rongsheng Draft Bank, headquarters.

In the bookkeeping room of the rear courtyard, a slightly plump, fair-skinned middle-aged man was leafing through the ledgers.

This man was Zhao Mingju, the proprietor of Rongsheng Draft Bank, and also the proprietor of the Changlong Gambling House.

Rongsheng Draft Bank was one of the major draft banks in the Xinzhou and Heyang region, though it still lagged behind Sihai Draft Bank in both scale and strength.

Zhao Mingju wore a constant frown, and his expression grew only darker as he read.

Two men who looked like stewards stood in the room as well, silent and deferential, heads slightly bowed as they waited.

After a while, Zhao Mingju shut the ledger and tossed it onto the table.

“What is going on? Why have deposits over these past few days fallen by more than thirty percent compared to before?” he asked with a frown.

One steward said, “Sir, Sihai Draft Bank recently cut its rate. After hearing about it, many people went there to deposit their money.”

Zhao Mingju looked surprised. “They cut the rate? When did that happen?”

The other steward hurriedly said, “Seven days ago, sir. Sihai Draft Bank lowered its custodial fee by ten percent.”

It should be noted that, unlike in modern society, depositors in the Liang Kingdom did not earn savings interest when they placed money in a draft bank.

On the contrary, the people who deposited money had to pay a custodial fee to the draft bank.

That was because the draft banks did not mainly serve ordinary households; their customers were usually merchants and wealthy men.

“By ten percent?” Zhao Mingju’s temper flared at once. “Why did no one tell me?”

The first steward said bitterly, “Sir, we wanted to tell you as soon as possible, but weren’t you in the capital a few days ago? We had no way of reaching you.”

The second steward also hurriedly said, “Exactly, sir. As soon as you came today, we meant to tell you, but we hadn’t had the chance yet.”

Zhao Mingju frowned and waved them off impatiently. “Enough, enough. Spare me that nonsense. Send out my order at once: our Rongsheng Draft Bank will also lower the custodial fee by ten percent... no, cut it by fifteen percent. I refuse to believe we can’t beat Sihai Draft Bank!”

The first steward was startled and glanced at the second before saying, “Sir, isn’t fifteen percent a bit much? Sihai Draft Bank is, after all, a major bank in the capital, with branch offices everywhere in the country. We cannot compare with their financial strength.”

The second steward also nodded hurriedly in agreement.

But Zhao Mingju snapped, “Do you two have any brains at all?”

“Sihai Draft Bank took advantage of my absence and suddenly cut its rate. Isn’t that clearly an attempt to catch us off guard?”

“They’ve already seized the initiative. If I don’t cut ours by even more, will customers still come to Rongsheng Draft Bank to deposit money?”

“If the customers don’t deposit money, where is our bank supposed to get the funds to lend out and earn interest?”

After Zhao Mingju went on in this vein for some time, the two stewards no longer dared to argue.

“Do as I say. Though Sihai Draft Bank is a big bank in the capital, don’t forget this is Xinzhou County. Rongsheng Draft Bank is the headquarters here! Am I, the rightful headquarters, supposed to be kept beneath some little branch office?” Zhao Mingju said, unable to swallow the insult.

The two stewards nodded repeatedly and said they would post the notice shortly, lowering the custodial fee by fifteen percent.

Only then did Zhao Mingju feel a little better. Then he asked, “By the way, that newly opened Tianli Gambling House in the city—while I was away these past few days, were there many gamblers there?”

As soon as the two stewards heard their proprietor ask about this, they immediately looked at each other.

Then Steward One surreptitiously signaled Steward Two to speak, but Steward Two refused and immediately motioned for Steward One to say it himself.

The two of them exchanged furtive glances and little gestures back and forth for quite a while, yet neither was willing to speak.

Zhao Mingju lost his patience and pointed at Steward One. “You speak!”

With no choice, Steward One steeled himself and recounted what he knew about Tianli Gambling House.

Before he had even finished, Zhao Mingju slapped the table. “What did you say? So many of our gamblers have run off to Tianli Gambling House?”

Steward One hurriedly said, “Sir, don’t be anxious. People only go to a newly opened gambling house for the novelty. Once the excitement wears off, they’ll come back.”

But Zhao Mingju was far less optimistic. He rose and began pacing back and forth in the room.

After a while, he suddenly stopped, turned around, and said, “Listen well. Pass on my order: starting tomorrow, for the money lent out on the gambling-house side, reduce the monthly interest by three-tenths of a percent first!”

“By three-tenths of a percent?” Steward One was shocked and turned to look at Steward Two.

Steward Two was equally astonished, but he said nothing.

Zhao Mingju went on, “And have someone bring Xu Tong to me in a moment. I have something to ask him!”

After the two stewards agreed, they withdrew from the room.

Zhao Mingju then resumed pacing inside.

What he was thinking about now was how to lure more wealthy households in the city into depositing money at his Rongsheng Draft Bank, while also bringing Sihai Draft Bank to its knees.

At that moment, a servant hurried in to report, “Master, a man surnamed Xu is outside. He says he wants to see you!”

Zhao Mingju did not much want to see anyone at the moment, so he asked, “Did he say what it was about?”

The servant replied, “He said he has a sum of money on hand and wants to deposit it with our Rongsheng Draft Bank. But because the amount is rather large, he would like to speak with you in person.”

When Zhao Mingju heard that the man had come to deposit money, his spirits instantly rose. He thought to himself that this was just like someone handing him a pillow the very moment he was about to sleep.

“Show him to the back hall. I’ll be right there!” Zhao Mingju said.

In the back hall, Xu Mo sat alone, drinking tea.

He had only taken a few sips when Zhao Mingju entered.

Seeing that Xu Mo was so young, Zhao Mingju could not help but feel a flicker of surprise, though he did not show it on his face.

He clasped his hands courteously. “I am Zhao Mingju. I apologize for making Mr. Xu wait.”

Xu Mo did not rise to return the greeting. He did not even set down his teacup. He merely cast a light glance at Zhao Mingju, then took another sip.

“Mr. Zhao, your tea is rather ordinary,” Xu Mo remarked after drinking, then set down the cup.

Zhao Mingju was instantly displeased. Who was this fellow, to act so grand in front of him?

But for the sake of money, he still kept a polite smile on his face.

Then he turned and called out toward the doorway, “Someone! Replace Mr. Xu’s tea. Bring the finest tea!”

Very quickly, someone outside responded, “Yes, sir!”

Zhao Mingju turned back to Xu Mo and said with a smile, “Mr. Xu, my servants have not attended you as they should. Please forgive them.”

Xu Mo nodded in satisfaction. “Mr. Zhao, before I came, I heard from others that you have a rather fiery temper and are prone to losing it. But now that I see you in person, it does not seem nearly as exaggerated as they made it sound.”

Zhao Mingju smiled and said, “Rumors and slander. It is best not to believe them, Mr. Xu.”

Xu Mo nodded again. “Very well. Then I won’t beat around the bush.”

“Mr. Zhao, I currently have a large sum of money. I have been wondering whether I should deposit it with Sihai Draft Bank or with your Rongsheng Draft Bank. Every time I think about it, it gives me a headache...”

As he spoke, Xu Mo shook his head in apparent difficulty.

Still wearing a smile, Zhao Mingju asked politely, “Mr. Xu, may I ask exactly how large a sum you are speaking of?”

Xu Mo did not waste words. He raised his right hand and held up a single finger.

“One hundred thousand strings of cash!”