Chapter 123: Capital Sets the Rules
"What has happened... where... where do I even begin?" Nina became nervous again, stammering for a long while, unsure of how to start. "Let me think."
(Where did that shrewd, capable power-woman go—the one who just asked me if I was here for contract signing, bond purchase, investment negotiation, or loan application? At this rate, how does she communicate normally with customers?)
Egger felt a bit worried for her, though he vaguely understood it was likely his presence making the girl frantic. But... was speaking to him really that terrifying?
Unwilling to make things difficult for her, the Watchman took the initiative. "Forget it, I'll ask and you answer. When did you come here to take charge?"
"A few days after you left. Lord Tyrion kept me by his side for over a month... teaching me everything before finally letting go. I've only been managing things alone for less than half a month..."
"I see. When I walked in, what were you working on?"
"Calculating accounts... the income and expenditures for the various Night's Watch industry workshops, the wages for the Logistics Security Department members, and so on."
"Various workshops?" Egger was taken aback. "How many workshops do we have? And how many men has the Security Department recruited?"
"The second workshop is currently under construction. The investment came from that merchant you dealt with before you left... the one who bought grain and fodder but ended up paying you a penalty fee. As for the Security Department, we have nearly a hundred members. Following your instructions, we only recruit locals under thirty with good character and clean backgrounds." Nina reflexively went to scratch her head in embarrassment, but fearing she would ruin her hairstyle, she lowered her hand again. "Each workshop has a designated person to calculate their own accounts first, then they are summarized and sent to me for auditing. It looks like a lot, but it's not actually tiring. The most troublesome part is the startup loan applications. Lord Tyrion ruled that any application for a startup loan must provide as much detail as possible, including an explanation and a budget down to the last silver deer... I judge the risk level and profitability. Only those I deem qualified and feasible are passed to him for the final decision."
"What? Loans?" Egger sat bolt upright, moving away from the backrest. He had only been asking casually, yet the news he was hearing was becoming increasingly startling. He had heard the word loan when he entered, but due to his travel fatigue, the realization was only just sinking in. His eyes widened. "You—no, we have started lending? Is our capital really that sufficient?"
"No—" Nina was startled by Egger's sudden movement and quickly waved her hands to explain. "Not officially. The capital is currently just barely enough for our needs; there's no surplus yet. However, Lord Tyrion analyzed the net profits and expects surplus funds to appear by next month. He said, 'We cannot let gold dragons lie in the warehouse and rot; we must find channels to consume them and let money beget money.' So, he created the startup loans... specifically to help people like my brother and me used to be—those with good ideas and new inventions but no money to scale up."
Egger took a breath. This was not part of his original plan. He had only mentioned the concept of lending as an example to Tyrion; who knew the Imp's initiative would rival even Robert's. He straightened his posture and began flipping through the stacks of loan applications on the desk.
...
There was everything: people wanting to open snack stalls, clothing shops, even those following the trend to open bookstores... those weren't much to look at. The interesting ones were in the stack for new inventions and novelties. In an age where literacy was scarce, those who could describe something in simple, concise language were one in a hundred. Egger read for a while and found that the first application he picked up described solid soap. Detergents in this era were basically powders or pastes; this improver had turned detergent into a solid block and proposed an idea: adding fragrances and medicine so people could carry a pleasant scent or even remove invisible filth while bathing—scented soap and medicated soap! Westeros had no concept of germs yet; this was already a very advanced idea.
The second application was similar to the first; the writer had improved the formula for lipstick. By using juices from fruits and vegetables combined with the pigmented fats of certain insects, the toxicity of makeup dyes—originally mineral-based—was greatly reduced. Not only that, he used gypsum, wax, and oils to solidify it and shape it into a stick... Egger's heart stirred. He pulled the first application over to compare and found that both applications were indeed from the same person.
Looking up at the young office lady before him, Egger had a bold guess. "Nina, where did the lipstick you're wearing come from?"
"It's... a sample sent by this applicant..." The girl looked at Egger with wide, innocent eyes. "I only wanted to test the effect! The item is still in the drawer; I didn't steal it!"
"What's the panic? I didn't say you couldn't use it." Egger smiled. "You look beautiful, but don't overdo it. Just because the inventor wrote 'non-toxic' doesn't mean it's truly harmless. Try not to get it in your mouth."
"Yes... My Lord."
"Approve these two immediately. Tell Tyrion this will definitely make money. As for the capital, don't wait two months; it will be in place shortly." Taking the opportunity of discussing lipstick, Egger openly admired Nina's made-up appearance once more before looking down at the next file.
It was a motley collection: someone proposing the most primitive concept of a lottery; someone hoping to use special fabrics to create loose, comfortable underwear, allowing commoners to move past the current state of having no distinction between inner and outer clothing... After reading several, Egger realized almost all of these ideas were actionable. Since when did this gods-forsaken place called Westeros have so much talent?
The girl seemed to read Egger's thoughts and whispered an explanation: "There were many unreliable ones; I threw those in the trash... If you want to see them, I can go get them."
"No need. If you threw them away, there must be a reason. I trust you." So that was it; the applications he was looking at were the "crème de la crème" that had already been screened and filtered. "For those that pass the audit, disburse the funds quickly. Is there a specific plan for this step?"
"There is. Lord Tyrion divided the loans into three major categories with specific rules for each. I can give you a brief introduction..."
After chatting with Egger like family for a few minutes, Nina gradually shed the embarrassment and panic of suddenly facing her boss and idol without preparation. The flush on her face faded, and her mind finally returned to its usual sharp state. Under her clear and methodical narration, Egger quickly learned about more recent changes in the Night's Watch industries.
The first factory was in full operation; Egger already knew this. As the technology matured and improved, the cost of papermaking had dropped further, now less than half of the original cost... Paper was actually becoming less valuable, but the public perception of it as a luxury item had not changed. Since no competitors had appeared yet and the order prices hadn't dropped, the business was in a state of several-hundred-percent profit in the short term. Last month, three production lines operated non-stop for the first time, bringing in a total of over four hundred gold dragons for the Night's Watch industries. Since they had just recovered their initial capital, it was hard to say exactly how much was pure profit.
The Night's Watch bonds had passed their initial difficult phase. After surviving the test of the last large-scale redemption, their reliability was recognized, and the reputation of cold, hard returns was spreading by word of mouth... With buyers now proactively coming to them, Tyrion decisively announced a reduction in the rate of return to maintain the stability of the capital chain and highlight the even higher returns of direct investment and partnership. Lord Buckwell had not yet even returned to King's Landing, and the first investment of over a thousand gold dragons had already been born.
As for the loans—Tyrion divided them into three types: short-term micro-loans under five gold dragons, which were issued with a low threshold to any King's Landing citizen who could provide identification and an address (outsiders were temporarily excluded); standard shop-opening loans, which required collateral or a guarantor and faced appropriate interest.
The last category—venture capital for new inventions and novelties—was not, strictly speaking, a loan. The rule was: once an application was audited and approved, the Night's Watch industries would directly buy out the invention. All subsequent costs for research, promotion, and market development would be borne entirely by the industry. In exchange, the inventor had to provide all information—formulas, principles, and manufacturing methods—without reservation to the project manager appointed by the industry. In return—half of the income from the first related workshop and storefront would belong to the inventor permanently!
In other words, the ownership of the new invention would belong to the Night's Watch; the inventor would only enjoy a portion of the benefits!
Why does this clause feel so familiar? Egger was dumbfounded. Before he transmigrated, weren't the studios and websites in modern society that specialized in supporting creators doing exactly this? The works created by the authors belonged to the studio and the website, and the authors themselves only took a portion of the sales revenue!
Inventors and creators faced two choices: either keep their inventions and novel ideas hidden at home or in their heads until they took them to the grave, or hand them over to the Night's Watch industries... Egger and Tyrion would eat the meat, and they could follow along and have some soup!
It seemed very unfair, but this... was the rule set by the controllers of resources—otherwise known as capitalists!
If you don't like it, don't participate; since you've joined, don't curse the black hearts. Without the possibility of extremely high returns, which rich person would engage in such risky ventures where they could lose everything?
Beyond this, there were many, many more changes that couldn't be explained by word of mouth alone. Egger's current feeling was like playing a team video game with friends: he had disconnected right at the start, and after finally reconnecting, he found his team had already pushed to the enemy's high ground—he had been away from King's Landing for two months, a ghost player for nearly sixty days, and as a result, the Night's Watch industries had developed at a speed he could hardly imagine!
Fortunately, his trip to the Vale had not been without its own gains. Otherwise, he wouldn't have the face to see Tyrion... in his capacity as the Number One of the Night's Watch industries!
He had intended to rest for a day, but after hearing so much news, Egger couldn't stay still—he couldn't wait to see exactly what his self-made commercial empire had grown into.
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