The Lushan Conference in 1928 was about a week longer than before. It was only at the end of August that Song Biao sent away the last group of middle and lower-level officer representatives from the Northern Military Region. He then rested in Lushan for a week before returning to Kyoto County with the royal family.

The Central Palace.

It has been half a year since he left the Central Palace. When he came back, he continued to preside over the overall situation of the empire. Song Biao also had a lot of feelings when he was not in Beijing. He felt that the central cabinet was still operating very well.

The cabinet also handled all the things he ordered before leaving.

Therefore, Song Biao unexpectedly did not immediately convene the Central Secretariat after returning to the Central Palace, but continued to stay in the Central Palace, idle outside the cabinet and the Central Military Department, and quietly thought about some long-term issues and

Answer.

People always envy "existence" when they are "not", and sigh "not" when they are "existence". At this time, Song Biao sighs his life like this.

He once envied Shu Gaoli's big family with three wives and twelve sons. Now that he has a real big family, what he feels is a different feeling.

Some people say that women will only love one man, while men will love many women.

What this said may be correct, or maybe it is not correct.

After the Lushan Conference, Song Biao really made time to accompany his family and savor the value of life with them.

That night, Song Biao accompanied more than a dozen of family members to have dinner, and carried her little daughter and Shu Xuan, and Ning Fei was walking in the imperial garden outside. Ning Fei knew her identity. When her daughter asked her mother to hug her,

So they left on the grounds of taking their daughter back to take a shower. Only Song Biao and Shu Xuan sat down in the pavilion, brewed a pot of tea, and talked about the beautiful memories of their youth.

Although they are the emperor and queen of a country, their gossip are generally similar to other couples. Their age begins with the growth of children. As the children grow up, they are also moving away from their youth little by little.

What is talked about in words is basically just children.

After a long conversation, Shu Xuan talked to Song Biao about another thing and asked: "Where is the emperor trying to rest at night? Shufei always tells me these days that the emperor has not walked around her for half a year.

It's because she's worried and missed her very much."

Song Biao still knows Shu Xuan very well. He generally would not persuade him to favor other women with such kindness, or he would not care about such things. He was nothing more than to give Shu Concubine a favor. He also took the opportunity to mock Concubine Shu Concubine and complain now.

Chattering like a woman.

It's a woman.

Song Biao understood their feelings and thought for a while before saying, "Go tomorrow. There are a lot of accumulated documents to read tonight. If you are too busy, stay in the imperial study room to rest. You also want to calm down and organize it.

Here’s a thought.”

Shu Xuan persuaded: "The emperor should take care of the dragon body."

Song Biao nodded and did not answer.

He knew that he had not been to Shufei and the Queen in the past six months, most of whom were in Ning and Rong Fei. The sisters always had a special interest in sleeping with them. These two were also very quiet and pious young people.

Beautiful women have less gossip and no matter what politics is.

When a man reaches this age, he generally pursues women like this. He is young and beautiful, quiet and silent.

Since he had explained to the queen, Song Biao did not plan to go to Xining Palace again at night, so he simply stayed in the imperial study room to pursue his tranquility. When it was getting late, he got up and went to the imperial study room and continued to search for the various departments of the cabinet.

Recent official documents submitted.

Late at night, a light rain suddenly started at night, and the sound of rain rustled and gently hit the banana leaves outside the window.

Song Biao was looking up official documents in his study alone, and he gave priority to reading all the important official documents of the Ministry of Finance, the Ministry of Agriculture, and the Ministry of Land and Resources and the first half of the year summary communiqué.

One of the greatest benefits of the imperial constitutional monarchy is that the operation of the cabinet is largely restricted by the emperor and operates outside the imperial power. Even if Song Biao does not preside over the Central Commission for Training and Administration, the cabinet can maintain normal operation.

And every cabinet prime minister will have his own thoughts and characteristics.

After Ouyang Geng came to power, he has been committed to promoting the "Field Limit Act" and agricultural production increase, which has led to the increase in the per capita output value of the Empire very quickly. According to the latest statistics from the Ministry of Agriculture, the imperial agricultural population is currently at the level of 43.71 million households, and the total number of cultivated land in the country

The area increased to 2.48 billion mu compared with the early days of the founding of the People's Republic of China, and there are still about 550 million mu of arable land available for development, with an average of 56.74 mu of arable land per household.

With the promotion of the Land Limit Act, the national arable land has been greatly uniformized in the past seven years. The farmers' families with own arable land of more than 30 mu reached 33.28 million in October 1927, with an average grain acre of grain in the average statistics of the country in October 1927.

Yield increased to 433 kg.

Although domestic and foreign grain prices were nearly 30% cheaper than in the early stage of the World War, the significant increase in actual per capita arable land and per mu yield also led to an increase of more than 40% of the average income of the agricultural population compared with 1920.

During this same period, the average income growth of the industrial population over the past seven years exceeded 55%.

These basic figures submitted by the Ministry of Finance and the Ministry of Agriculture are enough to show that the growth level of the actual income of the people is very good. The people generally have become richer. Although the per capita wealth is still far behind that of Britain and the United States, as

In an internal market, China's total domestic demand market is already the second largest in the world, second only to the United States.

China is now a gold standard monetary policy. The gold standard and the later credit standard have completely different situations. In this great era of gold standard, every currency is linked to gold, and the income growth of ordinary people is absolutely unhealthy.

, the decline in prices is not definitely a tightening.

One advantage of the decline in grain prices is that it has greatly lowered the prices of other resources and commodities. The amount of commercial grain and industrial grain has increased rapidly. The scale of the domestic food industry has also increased accordingly. The people are no longer satisfied with eating enough.

We must further pursue good food, clothing, and housing. The strong domestic demand has promoted the development of other industries, especially the textile industry, real estate industry, animal husbandry, and fruit forest industries.

Compared with the international situation after World War I, China's overall tax rate is relatively low. The market economy behavior is also very prosperous. The current situation is completely opposite to China's is Japan. Its tax level is too high, national income is low, and the domestic demand market is

It's in a relatively low state.

Japan's economic situation is still very simple. It uses the advantages of high tariffs, high taxes, low income and zero welfare to maintain the competitiveness of the country's fiscal. The national fiscal can compete with the European and American powers and China, but in the long run

, its policy will inevitably lead to the rise and dominance of militarism.

If Tang Shaoyi's cabinet was the ten years when the empire laid the foundation for industrial and agricultural economics, Ouyang Geng's cabinet was the ten years when the empire caught up with the economic levels of Europe and the United States. In the past seven years, the gap between the empire's agricultural and animal husbandry level and Europe and the United States has gone from a long seventy years.

To reduce to ten years, the industrial level will be basically in line with Europe and the United States, especially in emerging industries such as the electrical industry. The empire has in some special fields such as motors, electrified railways, high-voltage power grids, welding technology, stamping technology, special machine tools, electronics industry,

Metallurgical industry, aircraft manufacturing industry, etc. are already at some leading levels.

Even in the field of education, the gap between empire and Europe and the United States is rapidly narrowing.

Song Biao spent the whole night reading the government report of the cabinet in the first half of the year, feeling tired and exhausted. He was also quite relieved. Fortunately, the central government finances of the empire were ready to deal with the economic crisis.

In the gradual adjustment in the first half of the year, the Central Reserve Bureau significantly reduced its holdings of securities assets in the US capital market. Some of the assets were stored in the San Francisco branch of China Merchants Bank in the form of US dollars, and some were transferred to the European market to hold francs and French debts. The rest were cashed out.

It is gold, used to increase the gold reserves of the country's central bank.

Ouyang Xi's financial report has a professional tendency to be too rigorous. The specific functions of many words and professional terms are still a little unfamiliar to Song Biao. After taking a nap until the next morning, Song Biao asked someone to call the Minister of Finance Ouyang Xi over.

.

During these years, Ouyang Xi has long been the most powerful cabinet minister in the empire. He controlled the economic lifeline of the empire. Although the Ministry of Finance led by him did not have the function of hematopoietic production, it ensured the normal operation of the empire like a heart.

In the evil capitalist society, money is not only omnipotent, but also the most important thing, just like human blood.

Compared with previous years, Ouyang Xi, who was middle-aged, has also gained much weight significantly. After going through hardships in his career, he is more steady and sophisticated in his work than in the past. It took him half a year to have the opportunity to meet the emperor again. He seemed particularly cautious and wore a navy blue suit.

Wearing a golden slanted tie, he walked into the office and bowed respectfully to the emperor.

Because she got up late, Song Biao had just finished her breakfast and was using a black ink pen to tick out all the words and sentences that were not very clear in the report of the Ministry of Finance. Seeing that Ouyang Xi had arrived in the office, he looked up and looked at him.

Then he signaled Ouyang Xi to sit opposite him and talk to him, and he asked someone to change a pot of hot tea.

When Ouyang Xi sat down, Song Biao took a sip of the newly brewed hot tea slowly, and after savored for a moment, he said: "I have not asked about the dispute over whether you and Zhang Kangren will increase their holdings of silver assets.

My point of view is very simple. No matter who is right or wrong, since you are the Chancellor of the Finance Department, you will naturally be responsible for this kind of thing, because the ultimate responsibility is also you. So here, I don’t want to listen to you about academics and

Those professional explanations, I just want to know if you firmly believe that the Empire should not increase its silver assets?”

Ouyang Xi immediately replied firmly: "Report to Your Majesty, no matter what happens, silver assets cannot rise. Since my country abandoned the silver standard, the world's silver price has dropped from 1.71 yuan per ounce to 0.82 yuan per ounce, and the price of gold is against gold. It also fell from 22 grams to 1 grams to 43 grams to 1 grams. Even so, without my country's support, the silver price can only continue to decline. If the world economy continues to improve, the silver price will steadily decline. If the world economy deteriorates, the silver price will be It will further decline sharply. On the safe side, reserve gold is our unchanging financial policy."

Song Biao nodded slightly, but in fact he didn't agree.

He didn't know whether the silver price was high or low after the Great Depression, but what Ouyang Xi said made sense. No matter what, increasing gold reserves was the kingly way in the past 30 years. Considering that the US dollar could no longer form world hegemony.

Under the premise, it is nonsense that China's increase in holdings of the US dollar, and only increasing holdings of gold is the only option.

Song Biao thought about it roughly for a while and continued to pick up the financial report in his hand to check the data, then asked Ouyang Xi again: "According to the report of the Ministry of Finance, if the special reserves are calculated, the empire's current gold reserves have exceeded 4,500 yuan.

Hundred tons, about 6 billion yuan?"

Ouyang Xi replied cautiously: "Report to the emperor, this is true. In the past six months, the gold reserves of Britain and the United States have dropped significantly, while the gold reserves of France and my country have shown an upward trend, calculated based on the total amount of actual currency issuance in my country. We The currency reserve rate is at 10%, which is already the highest level in the world. However, in name, we cannot confirm this and have not announced the gold reserves prepared by our country to avoid foreign investment institutions increasing their holdings of our country's currency. , resulting in financial tightening in my country's currency. The total circulation of the British pound and the US dollar is large. The main reason is that this is a global circulation and trade currency, and foreign institutions hold a large scale. In order to avoid domestic deflation, they have to issue more currencies. Therefore, the actual monetary reserve ratio of the British pound is seriously insufficient, roughly only 2%. The US dollar is between 3.5% and 4%, and the franc remains at around 7%, but the franc has been significantly increased in foreign holdings and domestic shares recently. The tightening state, especially the Central Reserve Bureau of my country has also increased its holdings by 1.2 billion francs. If the emperor agrees, I would like to arrange for CITIC to continue to cash out francs. But from the perspective of the general environment, francs are relatively hard currency. The ability to resist declines is only second In the middle circle.”

Speaking of this, Ouyang Xi slightly supported the glasses with gold wire round edge frame and added: "Of course, the ability to resist declines is not a good thing for currency itself. The market has its own objective laws, and the rise and fall itself are

It is a normal and objective manifestation of the economy. For example, for the pound, the UK's foreign trade has been at a deficit level for a long time, the pound has been severely outflowed, and the gradual decline of its national wealth is an objective reality. Relying on the current interest rate hike policy alone cannot change the fact that the pound is overvalued.

If the pound depreciates in accordance with market laws, it will be a good thing for the British economy."

Song Biao thought for a while and said, "But Britain won't do that."

Ouyang Xi said: "The price of Britain not doing this will be very heavy. Violating objective laws will never lead to good endings. We are also violating objective laws. For us, we either adopt additional currency issuance or reduce gold reserves.

, otherwise they will also face greater economic risks.”

Song Biao didn't speak and thought silently for a moment.

He understood the inner meaning of Ouyang Xi's words. The empire is indeed in a stage of excessive reserve of gold reserves. Although the empire does not publish this specific number, there is no absolute secret in the international financial market. Most investments

Both institutions and governments know that China's gold reserves are already higher than those of the UK, but compared with the United States, it is still difficult to say whether it is high or low.

Unlike Britain and the United States, the issuance scale of China Yuan is much smaller, which means that China Yuan is absolutely no possibility of depreciation.

In order to maintain the current financial austerity policy implemented by the Empire suppressed the bubble in the securities and real estate markets, the Empire has been adopting a policy of interest rate hikes in the past six months and has successively issued a number of regulations and tax increases bills to curb the proliferation of speculation in the securities and real estate markets. Some of these policies have

It is beneficial to the Empire to increase its gold reserves, and some are not conducive to it. Therefore, the Empire's official gold reserves have been in a state of no increase or decrease in the past six months, but in the entrusted accounts of China International Trust Corporation and Far East Bank, the Empire holds it

Gold reserves have been increasing rapidly, corresponding to the decline in the UK and the United States.

One hundred million pounds worth 732.24 tons of gold, one hundred million US dollars worth 150.46 tons of gold, and one hundred million meter worth 75.35 tons of gold.
To be continued...