If the bank is a bank, the inspection library is a trust institution, and the exchange library is a securities exchange. See, the three giants of the modern financial industry have all been gathered, or a thousand years ago.

"Then I can understand where the money came from...... I also know what I'm going to do or not! ”

Fuji's answer is yes, the cross-reference library and the inspection library do exist, and they are older than the checkpoint. At this time, Hong Tao didn't need Fu Ji to explain to himself little by little where the funds for the welfare system came from.

The money is generated by itself, whether it is the emperor's internal funds or the imperial treasury, they only pay the capital, and it is not the capital that maintains the operation of the welfare system, but the interest derived from the capital.

The specific process is very simple, that is, the capital is deposited in the state-owned bank, and then the state-owned bank lends or invests externally, and the interest is returned to the welfare system after making a profit, and it is a continuous injection. As long as the state-owned banks do not fail, the stock exchanges do not bear all the year round, and the trust institutions have nothing else to do, the welfare system will not lack capital injections.

In fact, this system is working very well, according to Fu Ji, the idle funds of the six Shang will also be deposited to offset the interest, not only the six Shang, but also many court institutions will do this.

This is not a black-box operation, as long as the emperor and the prime minister agree, any government department can deposit idle funds to offset the interest.

If you have more money, you will get more, and if you have less money, you will not let the money rust in the box anyway, and more is one article, this is the attitude of the officials and people of the Song Dynasty towards money.

So if all the money is deposited in the bank, can the bank lend it? Or can banks find so many profitable investments?

At this point, we have to ask the Treasury and the Municipal Shipping Division, as state-owned banks, most of the investment in the Treasury goes to these two departments. The former is the Stock Exchange, and the latter is the Overseas Trade Department of the Customs and Commerce Department.

What is a cross-reference library for? It is responsible for the distribution of salt, iron, tea and incense. These bulk commodities are prohibited substances that are purchased and sold by the state, and private individuals cannot buy and sell them without a license.

However, the government of the Song Dynasty was more economic-minded, and they knew that if they were all bought and sold by the government, they would have to lose their pants, so they flexed around and came up with several references. With these documents, merchants can go to government warehouses to pick up goods and sell them wherever they want.

From ancient times to the present, it is an eternal truth that all materials controlled by the government must be profitable, and it is the same in the Song Dynasty. Since salt, tea, iron and spices do not worry about sales and profits, businessmen must come to compete for these kinds of certificates, and only with the certificates can they be qualified for legal sales.

Then the government of the Song Dynasty played a very clever commercial trick, they said, it is okay to want the certificate, but everyone has to do the court a favor. It's not a white gang, it's just a lower profit and a higher risk. What's the hurry? Logistics of the army!

Since the founding of the Song Dynasty, the army of the Song Dynasty has had to fight a war with the northern countries every once in a while. The cavalry can carry supplies by themselves with two or three horses in battle, and the infantry is not so lucky, and their supplies must be sent up by the logistics department. If the army attacks for 50 miles, the logistics troops have to follow and send it forward for 50 miles.

However, with so many materials being mobilized from all over the country by the army, it is difficult to control the wear and tear on the road, and if it is not well controlled, all kinds of greedy phenomena will appear. In the end, 100 catties of grain will be transported north from the rear, and it will be good to save 50 catties when you get to the front.

What can I do? Not to mention that one of the monarchs and ministers of the Song Dynasty was born as profiteers, their ability to fight is very ordinary, but their talent for trading is indeed much better than that of people in previous dynasties.

They pinched the veins of the merchants' pursuit of profit and promulgated a compromise law. The imperial court was no longer responsible for dispatching supplies from all over the country to the northern front, and instead merchants voluntarily transported them to the front at government procurement prices.

After the delivery is made on time and in quantity, no money is given, but a cross citation is issued, mainly salt introduction, tea introduction, incense introduction, alum quotation and rhino introduction. With this government-issued delivery certificate, merchants can go to various places to pick up the goods, and then pull them to sell them as they see fit, and make a profit.

In this way, although it is not profitable to help the imperial court transport materials, once you get all kinds of exchanges, it is obviously a good deal to make money. Everyone is not stupid, and they don't try to benefit anyone who gets up early. But the saying is the other way around, is it wrong to get up early?

Apparently yes. It's a win-win situation. In order to make money, the merchants would treat the goods a hundred times more seriously than the van army, try their best to reduce the loss on the road, reduce the delivery time, and transport the military materials to the front line with quality and quantity.

Then they can get the exchange of forbidden materials to make money, the country does not suffer, the businessmen do not suffer, and the logistics of the army are also effectively guaranteed, it is not a win-win situation, but a win-win situation!

In fact, it's not just a win-win, it's not clear how many wins Hong Tao has. Originally, it seemed like a simple workaround, but it allowed securities trading and stock exchanges to appear in the Great Song Dynasty. How much domestic demand and how much economic growth has been stimulated, Hongtao can't calculate it anyway. He couldn't see the chain reaction of this as a whole.

Whether it is a salt citation, a tea quotation or a fragrant medicine citation, it is anonymous and does not report loss, which means that this thing can be transferred! The person who designed this method really made Hong Tao curious, could this grandson also travel from the afterlife? Bao Buqi is still a financial background.

Just such a small detail that can be transferred made the original simple delivery voucher instantly worth a hundred times and turned into a valuable securities of the Song Dynasty.

The merchants quickly reacted, and instead of taking this voucher to pick up the goods at the store, and then going to the hard-working sales, it was better to sell it directly at a higher price to the merchants who needed it more. This is less profitable, but it speeds up the flow of money and saves time.

It must be a good thing for money to flow quickly, and the saying that time is money is shouted every day in later generations. As a result, some businessmen soon began to specialize in reselling.

They buy at a higher price with one hand and sell at a higher price with the other, and the specific amount of money they should buy and how much they should sell depends on the prediction of the value of such goods in the future. Spending money on the expectation of future value is not just having futures stocks.

In the big cities of the Song Dynasty, similar securities trading was very developed, and there were exchange shops in the capital of Chongyao. Fu Ji described that a lane in Nantong in Bianliang City, called the 'boundary body', and is the place where gold and silver color silk are exchanged and traded, the house is majestic, the façade is broad, the look is forested, every transaction, the movement is tens of millions, and it is appalling.

Roughly speaking, cross-quotation transactions are large transactions, and buyers and sellers must be wealthy, and the shops will be tall and majestic.

In order to show that they have sufficient funds, many cross-introduction shops put piles of gold, silver and copper coins at the door, saying that they are looking at the stacks of money, just to make potential customers feel at ease.

This is similar to the stock exchange in later generations, the building is magnificent, and there is no exchange hidden in a small bungalow in the alley, next to the public toilet.