"Master, it's rumored that the railway has lost tens of millions of yuan, and it's really that much?" Zhao Shu widened his eyes and asked foolishly.

"Not that much, but there is still an interest rate of 6 million jin per year!" Wang Ning'an replied.

Han Zongwu added, "Also, in five years, the principal will be returned, and at that time there will be more than tens of millions of dollars a year!"

Zhao Shu was really stunned!

During this period, all kinds of news have been said to be good things about railways. Zhao Shu also thinks this thing is a good thing, with fast speed, large transportation capacity, and strong driving ability, which is much more effective than the canal.

In Zhao Shu's opinion, the best way to enrich the country and strengthen the army is to build roads, but now he suddenly heard it and fell a huge deficit, which he really couldn't accept!

"Master, you have to answer my doubts. Are there any benefits to building a road? Is it more benefits or more disadvantages?"

"Your Majesty, of course, the benefits of building roads are increased, and they can also increase the wealth of society. If we want to enrich the country and strengthen the army in the Song Dynasty, we must take this path!" Wang Ning'an said confidently.

"Then? Then why did the railway fall into a deficit?"

Sima Guang stood up and said, "Your Majesty, let me explain this matter... After the railway is repaired, what you earn is only the cost of freight and passenger transport. How much income is there every year is placed there. However, merchants and people transport goods through railways, traveling between north and south, and having any interoperability. Their transaction tax belongs to local finances, and some of them belongs to the Ministry of Revenue. However, this money cannot be directly included in the railway income, and the people do not pay the railway income to increase, so the railway is in deficit in the accounts."

"oh!"

Zhao Shu finally breathed a sigh of relief. It turned out that it was not a prodigal son... The railway still had a huge driving effect, and it was ten times a hundred times, but these effects could not be directly reflected in the railway account!

"Then, wouldn't it be enough to just count it into the railway?"

"No!" Wang Ning'an shook his head flatly, "Your Majesty, the local fiscal deficit is very large now. Your Majesty still remembers Zhou Feng's case back then! That is the problem caused by local financial inadequateness. Now we need to popularize education and develop industry. All of them need to collect land, set up schools, and build bridges and roads... all point to the increased taxes! If all this money is taken away, the local area will lose the enthusiasm for building roads and the railway projects will not be able to be pushed forward."

Zhao Shu was really confused, what should I do?

"Master, do you have a good idea?"

Wang Ning'an spread his hands, "I am preparing to discuss with you, and Your Majesty let us come."

Zhao Shu immediately said: "Okay, let's be here, openly and have a good talk. I want to hear how to solve it!"

Sima Guang and others nodded together. The first thing they said was Han Zongwu. He put forward the plan of the Ministry of Revenue, "Your Majesty, the Ministry of Revenue currently takes the lead in building roads, and the Ministry of Works and local governments cooperate. If the railway is completed and handed over to the Ministry of Revenue to operate, the taxes of the Ministry of Revenue will be used to fill the deficit, it may be possible!"

As soon as he finished speaking, Han Wei shook his head, "That's what your Ministry of Revenue thinks is OK. Who can agree with the other departments?"

Don’t think it’s your uncle and nephew, so I won’t argue with you!

Han Wei is responsible for comprehensive finance, which involves the balance of various departments, so he naturally cannot take care of the ideas of the Ministry of Revenue.

If the railway is handed over to the Ministry of Revenue, they will build railways, operate railways, buy tickets, and taxes, they will all be managed internally, and then other taxes will be used to fill the railway deficit... I can't figure out how many disadvantages there are on my toes, and it will definitely not work. Han Zongwu didn't dare to fight. Even if he really gave it to the Ministry of Revenue, the other departments would definitely tear him away.

Wang Ning'an said: "Your Majesty, I think the railway operation and management should be proposed separately. Lu Yan is still a cadre. He has put a lot of effort into promoting equal fields and building railways. Let him be responsible for the railway operation!"

"Okay, I think it's OK."

Although the railway was brought out separately, the deficit has not been resolved.

"The Ministry of Revenue can squeeze out 30 million guan a year." Han Zongwu said: "But these 30 million guan have to be used to build a new railway. The gap is not enough, and I really can't come up with too much to fill the gap!"

After everyone discussed for a long time, Sima Guang suddenly spoke.

"Your Majesty, I have a suggestion, I don't know whether to say it or not!"

"Tell me!" Zhao Shu said: "Open and honest, don't worry!"

Sima Guang took a deep breath, looked at his master again, and then said slowly: "I think the deficit of the railway is actually a temporary problem."

"How to say it?"

"Your Majesty, the benefits brought by railways are unparalleled, but this benefits are long-term... It takes twenty years, or even thirty years to fully recover, and then there will be profits next. But our railway bonds are five years, eight years, and at most ten years! The repayment cycle is short and the interest pressure is high, so there will be a deficit."

Zhao Shu was puzzled, "Sima Xianggong, why can't we extend the cycle and issue 20-year or 30-year bonds?"

Wang Ning'an smiled and shook his head, "Your Majesty, this matter does not work. The cycle of private lending is very short. It is even calculated in ten days or one month. Even if it exceeds one year, it is very long. The court has better reputation than the private ones, so it can only issue bonds worth more than five years. However, if it exceeds ten years, merchants are unwilling to be occupied. The risk in the middle is too great, and even if it is issued, it cannot be sold."

"oh!"

Zhao Shu nodded, "Sima Xianggong, do you have a way to solve the problem?"

Sima Guang hesitated for a moment, "Your Majesty, the prince explained just now that the merchants are unwilling to accept long-term bonds because the risk is too great. If the risk can be reduced, they may agree."

“How to reduce it?”

"Make the railway shareholding, allow private equity to subscribe, or simply turn bonds into shares! Let bond holders become railway owners and enjoy dividends, so they will agree!" Sima Guang's voice became louder and louder, and he seemed confident. "If it is true, fully mobilize the power of the people, it will be no problem for the imperial court to build more railways!"

Zhao Shu was very excited to be said and even couldn't wait to agree, but when he thought that his master was still here, he habitually solicited Wang Ning'an's opinions.

"Master, what do you think?"

Wang Ning'an took a deep breath, "Junshi's idea is good, but this matter is very important. I have first issued six ministries and asked all the important officials in Beijing to discuss it together. If it is feasible, it will not be too late."

"Okay, that's it!"

...

After the imperial meeting was held, Sima Guang and others withdrew first, but Wang Ning'an stayed and talked with Zhao Shu for a while... Then Wang Ning'an went back to the mansion directly and did not go to the Political Affairs Hall. Sima Guang waited in the Political Affairs Hall for an hour, but did not wait for Wang Ning'an!

"The teacher is really dissatisfied with Sima Jun!"

Zhang Dun waved his fists and angrily shouted: "This Sima Guang is too greedy. He just built the railway and wanted to jump down and pick peaches! He didn't think about it. The people in the southeast were just trying to share the benefits with the court, invest in the railway, and fight for their own benefits... The master refused to agree, and fought with them so much that he could destroy all the gentry in the southeast. Sima Guang was defeated and sent out the benefits the teacher had worked hard to win for nothing. What did he want to do?"

Lu Huiqing grinned, "Brother Zihou can understand that Sima Jun has taken a chess move. I think this is the case. If you talk to your master, you must not agree!"

Zhang Dun snorted, "Brother Jifu, you are smart, but don't treat me as a fool. Master doesn't even want to see Sima Jun. It's clear that he wants to see who is the same as him... and whether he is sincere, don't look at what he says, but look at the actions!"

Lu Huiqing frowned and his voice increased eighth, "What does Brother Zihou mean?"

"You are all in charge. If something happens like this, why not impeach or correct it?"

"Me!" Lu Huiqing almost choked. He went there and went to impeach! Sima Guang just made a suggestion. Besides, as the senior brother of a big guy, after years of friendship, you, Zhang Dun, are so unkind that you, Zhang Dun, are so unkind!

"You are also the Minister of War, why don't you write to me?"

"Of course I can't write a letter!" Zhang Dun shook his head and said, "Sima Junshi is the prime minister in charge of military affairs. I am the Minister of War. If you write a letter to you, it is also a good man. If I write a letter to you, it is also a bad thing. So... Brother Jifu, I have a self-knowledge anyway. I can't beat Sima Junshi. At most, I can pretend to be a grandson. But you brother, who is in charge of supervision, has no way to do anything. It really makes our Jiayou year-old cold!"

Lu Huiqing kept rolling his eyes. Zhang Zihou had no good intentions at all. He clearly wanted to force himself to fight with Sima Guang. He would come to watch the wall and watch the tiger fight. The most important thing is that this guy put everything on the table. You are so shameless!

Old God Zhang Dun is here. The biggest skill he learned when he went to Jiangnan this time was the shamelessness of Wen Yanbo! He has decided to take Wen Kuan as an example everywhere. Without the old fox’s cultivation of looking at face-to-face, he really doesn’t want to keep going in the dangerous world. The gang of turtles around him are all about to eat people!

No!

Before they could do anything, Zeng Bu, the Minister of Works, wrote a letter, and he refuted Sima Guang's idea.

Zeng Bu pointed out in his memorial that building a railway is not only a financial investment, but also a result of unity... For example, the people along the way actively cooperated with the land acquisition, and the court saved a lot of expenses... There were also engineers involved in the construction who contributed their talents free of charge and overcame many difficulties. Several of them were injured and killed during the construction process, not to mention that so many slaves were arrested by the court in war.

How do you calculate these efforts?

If, according to Sima Guang, merchants are allowed to participate in shares and give them dividends... Don't forget that the people and engineers are working for the imperial court. They are for the Song Dynasty, not for the money bags of some merchants. If the imperial court does this, it is to squander the loyalty of the people, which is morally unreasonable!

Zeng Bu's views were very representative, followed closely by Fan Chunren, Minister of Personnel, Jia Zhang, Minister of Justice, Chen Xiliang, Chief Censor of the Censor, Fan Chunli, and Ouyang Fa, Lu Tao, and Chen Qing all wrote to him... For a moment, the civil war under Wang Ning'an's party was about to begin...

History is full of dust
Chapter completed!