Regarding the doubts raised by other departments about whether they can raise so much money, people from the Ministry of Industry said that because of the recent stimulation of the successful research and development of high-pressure steam engines, investors' enthusiasm for investing in the train industry is also very high.

However, the empire did not open the right to operate the railway to private capital, and the Datang Railway Company was not a listed company, nor did it accept direct investment from foreign capital.

Therefore, it is impossible to directly engage in the railway transportation industry, and it is even impossible to obtain shares in the railway company, so providing loans to the railway company and buying corporate bonds in shares has become the only channel for private capital to enter the railway transportation industry.

Therefore, recently, many investors in the outside world are waving checks to ask to buy the bonds of the Zhili Railway Branch, which is currently the only company that has issued corporate bonds!

At present, the price of the corporate bonds of the Zhili Railway Branch has continued to rise in the securities market.

Therefore, it is feasible to expand the scale of the issuance of bonds of railway companies, and there is no problem with borrowing from banks, when the prospects of the railways were not clear, under the influence of the policy, they all obtained bank loans of one million yuan, and now the prospects of the railway industry are already there, and the banks will naturally not let go of this opportunity.

Whether it is the Royal Bank, which directly belongs to the Imperial Assets Section, or the Imperial Bank and Datang Development Bank, which are owned by the Ministry of State-owned Enterprises, or the Northern Bank and Guangnan Bank, which are joint ventures between the Ministry of State-owned Enterprises and private capital, or the Zhili Textile Bank and the First Bank of Shanghai, which are purely private capital.

Although the shareholders of the above-mentioned banks are different, according to the relevant laws and regulations of the empire, these banks are all standard commercial banks, and there will be no change because the shareholders behind them are the Imperial Assets Division, the Ministry of State-owned Enterprises, or private individuals.

As commercial banks, making money is their job.

Seeing that the railway transportation industry is about to explode, they will naturally not let go of the opportunity to make money, provide loans, and then earn interest, isn't it beautiful, and they don't have to worry about what problems with the principal.

Because behind this is the Datang Railway Corporation, the only railway company in the territory of the Datang Empire, an absolute monopoly, you want to say that such a monopoly can lose money, those bankers dare to jump off the building to show you!

Just like the Datang Western Trading Company, as the enterprise with the highest market value in the Tang Empire, its market value has reached 70 million yuan, and its operating costs are absolutely high, because the company has to raise an army, and it is fighting every year.

But the benefits are also huge!

They monopolized this company in the Western trade, and the annual income was extremely rich.

And in addition to these normal trade revenues, the company actually had a large income, and that was the colonial tax share income and the war revenue.

Colonial tax share revenues are well understood.

And the war income, what, in fact, the war is also profitable, sometimes quite profitable, the booty income is a part, and the Tang Western Trading Company recently invented the way of war reparations, attacking an indigenous country, and then forcing them to sign an armistice treaty, which is accompanied by war reparations.

Otherwise, why do you think the Tang Western Trading Company is so keen on fighting in India, fighting this prince today and another prince tomorrow, in addition to expanding the colony and controlling the local political situation, economic benefits are also one of the major factors.

When a company treats war as a business, and spoils and reparations as profits, you don't expect them to stop the war!

In the eyes of many businessmen, although Datang Railway Corporation is different from Datang Western Trading Company in many aspects, there is one core but similar, that is, monopoly!

Throughout the empire, there are few industries that have a complete monopoly, and even the weapons industry now has three major weapons companies competing with each other, and many new defense enterprises have been established one after another.

Even in the grain industry, Datang Grain Corporation has not been able to achieve a complete monopoly, at most it is the largest grain merchant in the country, and there are many other grain merchants engaged in the grain business.

However, only railways and Western trade have one thing in common, that is, it is expressly forbidden to operate only one enterprise!

So, if you want to say that the Datang Railway Corporation will lose money, those bankers will not believe it!

But if this idea of theirs was known by Li Xuan, Li Xuan would definitely have a look of contempt, a group of frogs at the bottom of the well, who said that monopoly enterprises would not lose money.

Although the railway is profitable, it costs more money to invest in the railway!

Because of the Datang Railway Corporation, the railways that make money must be invested, and those that do not make money or even lose money must also invest.

If it is an ordinary railway enterprise, it must only invest in a profitable railway line, but the Datang Railway Corporation under Li Xuan's planning needs to undertake the construction and operation of railways across the country, whether it is profitable or loss-making, it must be built.

For example, in the future, the railway that will penetrate into the northwest region will definitely be a loss from a commercial point of view, but the future railway company will still have to be built, because this is a national defense need and is related to the northwest strategy of the empire.

When there are too many unprofitable railways, it will be easy for the railway company to have hundreds of millions of debts in the future.

Otherwise, why did Li Xuan let the Datang Railway Corporation completely monopolize the railway operation of the empire, because like the Xiyang Trading Company, this is not an ordinary commercial investment behavior at all, but an investment behavior that overlaps the economy and national defense.

However, investors really don't have to worry about whether the railway company will lose money, anyway, they are not directly investing in shares, but only providing loans or buying corporate bonds, and what makes money is interest, not dividends!

Take 10,000 steps back and say, even if the railway company is really bankrupt to the point that it can't even pay back the interest, the imperial government must make a guarantee, because the empire will definitely not let the railway company go bankrupt, and will always find a way to let it run, after all, the national railway cannot be stopped.

In the eyes of those businessmen, no matter how you look at it, it is safe to provide loans to the railway company or buy corporate bonds, which is a sure way to buy *** and provide loans to those local yamen.

In the past two years, however, many local yamen have taken out loans for infrastructure construction, but then they cannot afford to exchange the money, resulting in the bankruptcy of local finances, and even the office buildings of the government yamen have been seized and then auctioned.

First of all, the bankruptcy case of Tongzhou Yamen, and then the Anqing arrears case, even Fuzhou, the capital city of Fujian Province, caused a local financial crisis, and a group of local foolish officials misjudged the situation and actually set up a huge textile industrial zone to compete with Shanghai and Guangzhou.

However, the Fuzhou Textile Industrial Park, which cost a lot of money, was built, but few enterprises settled in, and finally became a wasteland.

Without enterprises moving in, there will be no taxes, and the funds for the construction of the industrial park are also borrowed from the bank by the Fuzhou Yamen, but without taxes, the loan cannot be repaid.

Needless to say, the officials who ran this textile industrial park at the beginning, including the governor of Fujian who supported this industrial park at that time, counted one as one, all of them were overwhelmed, and they were all sent to overseas territories, and they probably didn't expect to return to China to serve in this life.

In order to increase their income, they even rented out several newly built office buildings, and a group of officials went back to the Yamen of the pre-Ming Dynasty to work.

In order to reduce expenses, there is not a single cleaner or coachman in the huge government yamen, so he works as a coachman and cleans.

Tongzhou sold the office building, and Fuzhou rented out the office building......

It can be seen from these two cases that in fact, in the early years, because the authorities attached great importance to local economic development and regarded economic development as the main criterion for judging the performance of officials, many officials took risks in pursuit of political achievements.

At that time, there was no mechanism for holding people accountable, and many local officials were in charge of one place for two or three years, engaged in a large number of projects, and were promoted to higher positions with political achievements, leaving the local government in debt.

In the end, Li Xuan had no choice but to issue a ban, ordering that when local yamen at all levels raised funds from the society through loans, construction bonds, and other means, they must obtain the approval of the Central Finance Department and not raise funds privately.

At the same time, the accountability system will be adopted, and the official will not be shut down with him after leaving his original position!

In any case, lending money to local yamen is actually a very risky thing nowadays, and if you are not careful, you will be dragged into the water by those officials who are high-eyed and low-handed, and their officials will certainly be unlucky, and finally end up with a distribution overseas, but these bankers are no better off there.

Granting loans regardless of risks is a dereliction of duty, a serious crime committed in the course of duty, and it is appropriate to be ruined or even imprisoned.

It is better to give loans to local yamen than to give loans to enterprises, especially a monopoly enterprise like the Datang Railway Corporation, which does not have to worry about not being able to exchange money, and there is no political risk.

Bankers and ordinary investors still just want to get a piece of the pie through loans and bonds, but there are still many people who are not reconciled, and in order to catch up with the industry of railway transportation, which is about to explode, some people even try to lobby the top of the empire, saying that since the government has no money to build railways, then it should liberalize the right to operate railways and allow private enterprises to build and operate railways.

As long as the permission is released, many people are patting their chests and guaranteeing that funds are not a problem, and that the entire Zhili Sidao and One Prefecture will be paved with railways within five years, well, only limited to the Zhili Sidao and One Prefecture, or a small number of other places, as for the economically underdeveloped areas such as the northwest and the north, don't expect them to invest.

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