, and he received about 25,000 yuan in cash. Today, it is different from the past. Now the price of cotton has dropped from the sky-high price of 175 yuan/tonne of the East Coast. When he sold it today, the purchase price given by the East Coast people was only over 140 yuan. Although the profit was still good, he was still a little disappointed.

However, this price is still high and unbearable for old countries such as the Netherlands, France, Sweden, and the United Kingdom, which are currently trying to develop their own cotton textile industry. They can only tolerate that the price of cotton is within 100 yuan/ton. Any cotton purchase price higher than this price will lead to their excessive cost and losses. Why do they sell the cotton harvested in their estate to the east coast instead of selling it to their own manufacturers nearby? There is no other reason, because the purchase price given by the East Coast people is high enough!

In order to avoid risks, Mr. Hill's industry was relatively scattered. In addition to retaining some of the shipbuilding and fishing industries located in the Massachusetts Colonial, he also planted a lot of tobacco in Virginia's plantations. The mainstream export of tobacco is England, but a considerable part of it is exported to the East Coast, because many consumers here recognize the tobacco produced in Virginia. It is said that the tobacco tastes very special because of the special local soil and climate. The tobacco grown in other places cannot change the preferences of people in the East Coast.

However, he encountered some minor trouble when trying to sell tobacco leaves, because the officials on the east coast of Luoqia Port told him that all small batches of goods have been temporarily moved to Qingdao Port for trading. There are some wooden trests there to moor ships and unload goods. Hill did not hesitate after hearing this. He asked a captain of his subordinates to pack bricks, lime and other building materials in Luoqia Port, and then he drove another ship along the current to Qingdao Port for trading.

On August 25, just as the Genoese were still in the final details of the East Coast people, they then traded with the East Coast people's trade officials. Forty thousand pounds of Virginia tobacco leaves sold about 30,000 yuan, and after paying about 5,000 yuan in the customs office, how to use the money made him scratch his head.

It is definitely not OK to bring cash back. But it is not very suitable to buy goods. Because the amount of money is really large at present, no matter what goods you buy, it will be a huge amount. If it is shipped back to Virginia, it will definitely not be able to digest. Even if it is transported back to the Massachusetts region, which has a large population and strong consumption capacity, it may still be difficult to digest. Could it be that it is necessary to purchase it and then transport it back to the local English locality in the midst of war? The local situation is unclear now, and he is worried that if he cannot sell a large amount of goods back, he will lose his capital.

But no matter what, let’s first buy some daily necessities. Nowadays, Virginia, Massachusetts and other places are quite short of all kinds of supplies. Although some smuggling merchants from home and the Netherlands will bring some daily necessities from time to time, the quality is low and the price is high. The quantity is difficult to fill the gap, which makes the English immigrants who have moved to the local area helpless. So, Mr. Hill decided to purchase a ship of lime, red bricks and other building materials on the East Coast to return to Virginia to build his own new manor and warehouse. There is no way, now the local area is a mess. Except for many immigrants who hate war, the officials have no time to take care of the colonies.

Leather goods, soybean oil (extremely lacking butter in North America), agricultural tools, hardware, high-quality steel, textiles, wine, soap and other commodities were purchased in a large number of ways, making themselves like a grocery merchant. The trader told him that the total price was 29,670 yuan. Mr. Hill agreed with the price of the goods, but when he asked the sailors to move out the box to pay the money, he was rejected. The trader pointed to a brick building next door and said, "We only accept checks, bills or promissory notes from commercial clearing banks, and do not accept cash transactions. You first need to open a current account in the bank, and then trade with our business through bank transfers."

Mr. Hill naturally understood bank account transfer transactions, because even in England, this cashless transaction method is quite popular. It’s just that he got used to cash transactions in the New World and gradually forgot about this. However, people from the East Coast have actually established a clearing bank specially set up for port trade, which is a great progress.

, all non-block import and export trade are concentrated in one port, and then all merchants involved in the transaction are forced to use the commercial clearing bank system opened by the East Coast people to conduct transactions. This allows the East Coast people to occupy a considerable amount of trade surplus interests - because not all merchants will require withdrawal of trade surplus; secondly, it also greatly facilitates everyone's trading process.

For example, everyone comes from various countries or regions and has different currencies. At this time, you first need to go to the commercial clearing bank to exchange currency, and then everyone uses a standard currency to trade (bill transactions). After the transaction is completed, you can withdraw cash depending on the situation. This kind of commercial clearing bank actually undertakes several functions such as currency exchange, transfer transactions, etc. Of course, Qingdao Commercial Clearing Bank opened by people from the East Coast also undertakes foreign currency deposits and foreign currency acquisition business (with certain types, quotas, used for foreign trade imports), but does not provide credit support to customers, that is, the current account they open is not allowed to overdraft.

After figuring out the situation, he ordered the sailors to move 30,000 yuan of East Coast silver dollars into Qingdao Commercial Clearing Bank, opened an account on the spot, and deposited the 30,000 yuan in. However, there were two numbers of deposits in his account, one of which was "30,000 yuan" (East Coast silver dollars), and the other was marked "".

Captain Hill is not unfamiliar with two numbers in one account, because anyone who is a little involved in international trade knows that when banks absorb deposit business, they usually record two data, one is the circulating currency account number, and the other is the accounting currency account number. There may be a certain premium or discount between the two accounts due to changes in the external market. This so-called "circle" should be the accounting currency launched by Qingdao Commercial Clearing Bank, and its value should also be fixed.

To this end, Captain Hill asked the bank's employees at the counter, and the answer he received indeed confirmed his guess. The bank employee explained to him that "circle" is a newly launched accounting currency unit with a value of 2 grams of gold. Because it is denominated in gold, "circle" is also called "golden round" or "golden yuan".

Regarding the East Coast goods purchased by Captain Hill, because all of them are produced by factories on the East Coast, he can use "yuan" to trade, and of course he can also use gold yuan to trade. The total amount of goods that Captain Hill needs to pay is 29,670 yuan. The bank staff wrote more than ten checks of all sizes for him, and the value of each one corresponds to the payment for a commodity. As for the remaining 330 yuan (because it is priced in gold, according to relevant East Coast policies, gold yuan cannot open spot bills or checks, and can only issue forward notes).

The bank staff who handled his business also reminded Captain Hill that the Ministry of Trade of the East Coast Republic and other units will hold the first Qingdao Autumn Commodity Expo in Qingdao Port in May next year. At that time, every factory in the East Coast will send representatives to set up exhibition points in the Expo Hall (under construction), to have face-to-face exchanges with merchants who come to participate in the Expo, and sign commercial contracts at the same time.

Of course, merchants from all over the world who come to trade can also trade between themselves. They can first convert the currency they bring into gold yuan, and then settle through various commercial papers issued by Qingdao Commercial Clearing Bank. The bank also undertakes the functions of foreign currency deposits and foreign exchange trading markets, and can provide the most convenient exchange service for every merchant who comes to participate in the expo, provided that you have a special account in Qingdao Commercial Bank. This means that merchants who do not have an account in Qingdao Commercial Clearing Bank are not qualified to participate in the large-scale autumn commodity fair held in May next year. I believe that every merchant will have his own judgment on the pros and cons of this.

At present, Qingdao Commercial Clearing Bank is said to have reached a package of cooperation agreements with Saint George Bank/Commercial Bank, Palermo Bank, Sao Paulo Bank and the upcoming La Plata Bank. Everyone will recognize each other's acceptance bills issued by the merchants. That is to say, if someone comes to Qingdao Port with a bank lira worth 10,000 yuan issued by Saint George Bank of Genoa, and he has an account in the Commercial Clearing Bank, then Qingdao Commercial Clearing Bank must recognize that the bills issued by Saint George Bank have legal circulation effect.
Chapter completed!