Before Tamara arrived in Krasbourg, Roland had already begun to negotiate the Crystal trade with Parnia, and it was going well. To read the book ???· But he must also be soberly aware that relying on Parnia alone as an import channel cannot guarantee the energy security of the kingdom of Kolas.

The only import channel is in the hands of the Parnians, and the price of the magic crystal is, of course, up to the Parnians, and for the importing side, this kind of taste is not pleasant. If a second channel for importing magic crystals can be established through Tamara and the Naluo Order, the supply of magic crystals will no longer be a simple seller's market, and when necessary, Roland will not mind taking advantage of the conflict between Parnia and the Naluo Order to lower the price of magic crystals.

It is not easy to govern a country, and as a leader, you often have to wear a mask, abandon your personal likes and dislikes and focus on the overall situation. Since Roland had decided to join the group, he had to risk offending Parnia, which was the source of his unease. Fortunately, Mrs. Theodora was very self-contained, and after Roland brought Tamara into the venue, she did not show any overreaction.

Roland was still a little uneasy, so he wrote a note at the venue to explain his distress, and handed it to Lady Theodora to apologize.

Lady Theodora looked at him and turned to him with a sympathetic smile. Roland breathed a sigh of relief, savored her smile carefully, and couldn't help but think of Veronica, the mother and daughter looked alike, perhaps after a long period of cultivation, Veronica will one day lose her innocent smile, no longer as lively and naughty as now, become as dignified and graceful as her mother, and her joy and anger are invisible...... As soon as he thought of this, he added a little worry to his heart. Want to read a book ??· ｙＫＡＮＳＨＵ·ＣＯＭ

According to the international practice of the world of Vares, there are usually two ways to sell treasury bonds: first, a large number of bonds can be packaged and sold to private bankers (institutional investors), which is called "wholesale"; Or it can be sold directly to the public, which is called "retail".

Generally speaking, wholesale treasury bonds are of course more efficient than retail, and the transaction cost is also lower, and the ability to convert all bonds into cash in a short period of time is the preferred method for issuers.

In this case, the Far Eastern government issued treasury bonds, and invited five institutions, namely the Lighthouse Bank, the Parnia Investment Agency, the Yangbo Chamber of Commerce, the Fogel Bank, and the Twilight Fund, to form an underwriting syndicate. Chancellor of the Exchequer Zahar also thought it would be easier and more convenient, but Roland insisted on spending a small portion of the treasury bonds directly on retail sales to the nation. After some haggling, Roland's plan was finally approved, and the interest rate was settled after a long day of bickering.

According to the agreement reached, the government of Kolas will issue five-year bearer treasury bonds with a total face value of 100 million gold coins and an annual interest rate of 6% to a syndicate of five institutions; Interest is paid once a year; Principal payment after five years at maturity; These bonds will be printed with green pigments, hence the abbreviation of "green coupons".

In addition, the Kolas government will issue a set of bonds with a total face value of 50 million gold coins, also maturing in five years, but with an annual interest rate of only 5%, which will be retailed to the public through the windows of the financial departments of the provincial, municipal and town governments, and printed in blue pigment to distinguish them from the "green coupons", called "blue coupons".

Representatives of the various institutions within the syndicate were quite unimpressed by Roland's stubbornness, and in the words of Tamara, not without sarcasm: "How much of the 50 million bonds issued by the public can be sold, and when they will be sold, I am afraid that only God knows, and it is purely self-inflicted." ”

Giving up wholesale instead of retailing, obviously there is an underwriting group This "Yangguan Road" does not go, and has to go back to the "single-plank bridge" with a long payment cycle and high transaction costs, of course, Roland is not doing this to ask for hardships, nor is it all to save the 1% debt interest, and the main factor is based on political considerations, and he does not want to put all his eggs in one basket.

The fiscal capacity of a regime is mainly manifested in two ways, first, of course, national tax revenue, and secondly, national debt credit. The Far East is now poor and white, and Roland is strongly advocating cutting half of the agricultural tax, and the remaining pitiful tax revenue cannot support his huge budget, and the issuance of debt is an inevitable choice. But bond issuance is not without risk, and if the government's debt is too high and the bonds are concentrated in the hands of a few bankers, then the bankers have the incentive and the ability to hijack the government through debt, force the government to adopt policies that are favorable to them, and even turn the government into a slave to the financial consortium.

Roland did not want to leave the fate of the country to the bankers, even friendly bankers - not to mention the not-so-friendly banker Tamara in the syndicate, so he insisted on issuing a part of the treasury bonds to the public, and the fate of the government and the interests of the people were firmly tied to the interests of the people through debt relations.

From this point of view, the people's purchase of government bonds is a manifestation of patriotism.

On 2 November, the Treasury Bond Subscription Fair continued to be held, and today's topic was how the five institutions would divide up the pie with a total price of 100 million gold duga, and how and in what currency they would trade.

Perhaps because of the fierce quarrel yesterday, the mood of the representatives of the five institutions today is much more stable, and only Zahar is still as excited as yesterday, scurrying around the venue, not letting any of the guests be left out in the cold, but it can also be called a long-sleeved dance, and all sides are exquisite.

After another whole day of talking, the underwriting share was basically determined. In principle, the five institutions will be evenly distributed, and one will subscribe for 20 million. Bonds can be held to maturity or traded on the secondary market, and Zahar asked institutions not to sell "green coupons" in the kingdom of Kolas as much as possible, so as not to suppress the sales of "blue coupons", and all institutions readily agreed. This incident made Roland's impression of the Chancellor of the Exchequer a great change, although this fat man has the habit of playing clever, but as long as he is given the opportunity to perform, put aside his selfishness and use his cleverness in the right place, he can also be called a shrewd and capable official.

On behalf of the family bank, Anthony Fogel attended the fair for the subscription of Far Eastern government bonds and signed a large order for a total of 20 million yuan, but his name and Fogel Bank did not appear in the minutes of the meeting, which later appeared in the newspapers. The reason for this was that the Reich authorities had not yet recognized the legitimacy of the Kolas regime in the Far East, and the financial institutions in the Reich could not directly participate in the syndicate formed by Roland, and the Fogel Bank needed to take a long detour and follow a "curve".

PS. The process of issuing and selling treasury bonds in reality is more complex than described in the text, and it has been appropriately simplified.