Ting He knew best about the money in her private treasury.

Zhao Hanzhang immediately returned to ask Ting He.

Upon hearing the question, Ting He reported an enormous figure. Seeing no particular expression on her face, she said quietly, “Three merchant caravans haven’t yet submitted their accounts. Among them, Wu Erlang’s caravan has the highest value. Last year it brought in twenty-four million six hundred eighty thousand coins. This year has been prosperous and the roads much smoother, so it should bring in even more.”

Zhao Hanzhang clicked her tongue. “How did it become so profitable?”

Ting He explained, “The young master divided their routes. Each caravan handles one region and they’re forbidden to cross boundaries. They distribute goods in Luoyang. Previously, Wu Erlang’s caravan required a year for one journey—buying goods in the north to sell in the south, then buying southern goods to sell in the north, earning profit from these price differences.”

“But starting two years ago, because you became allied with Xiliang, the young master had Wu Erlang handle only Xiliang and regions north of it. He has Wu Erlang trade in furs, medicinal herbs, cattle and sheep from Xiliang and other places. He also sent many assistants there and established paper mills and wool workshops in Xiliang.”

“Xiliang greatly values goods from the Central Plains. Paper sells very well, and the books he brings also sell extremely well. The thread and blankets woven from wool by the wool workshop sell excellently in Xiliang, among the Qiang and Xiongnu, and the Xianbei. They also sell well in the Chang’an area. Unfortunately, people in Luoyang don’t care for them much, so they’ve never been sold here.”

Ting He explained further, “Last year, Wu Erlang encountered Western Region merchants from Dayuezhi. He bought many gemstones and spices, earning considerable money just from selling those gemstones and spices.”

Zhao Hanzhang nodded. “I know about this. When I married last year, he sent a box of gemstones and a box of spices.”

Then she’d kept a few stones and given the rest to Wang Shi. She rarely had use for them.

Ting He smiled. “Those were the finest batch. What he sold were what remained after selecting for you. Wu Erlang hasn’t returned to submit accounts this year because he should have gone toward Dayuezhi. If he can fully open this Western Region route, money won’t be a problem in the future.”

Zhao Hanzhang lowered her eyes. “Copper coins are ultimately inconvenient to carry. We still need to find more silver and gold mines.”

Ting He nodded as well. “Wu Erlang also says money is hard to transport. Xiliang has quite a bit of silver, so he often exchanges glass, tea, and other goods for gold and silver from there.”

Zhao Hanzhang’s heart blazed with enthusiasm. With this much money in her private treasury, this battle could absolutely be fought.

She asked Ting He, “Do you know how much money Tinghan has?”

Ting He shook her head. “Only Fu’an would know that.”

She paused briefly before saying quietly, “But it should be quite a lot. I’ve heard Fu’an say the young master has two extremely profitable merchant caravans. Moreover, Seventh Great-Uncle loves involving the young master in business ventures. The young master has shares in many workshops, so he’s earned quite a bit.”

Zhao Hanzhang understood and felt relieved. She asked Ting He with a smile, “Do you find managing all this difficult?”

Ting He replied, “It’s just that we don’t have enough staff. Both Chengbo and Zhao Tong are getting old. These past couple years they’ve lacked energy and pushed many matters onto me.”

That’s why Ting He now only occasionally accompanied Zhao Hanzhang, who used Ting Yu and Zhao Ya instead—Zhao Ya when going out, Ting Yu when at home.

After thinking, Zhao Hanzhang said, “When you have time, you can visit the academy or look around outside. Places like weaving workshops and embroidery workshops should employ more women. Find women with initiative, capability, and loyalty, then promote them. Let each workshop have its own manager to handle their subordinates’ affairs well. You can manage them. You can also keep two assistants to help—they should get some training too.”

Ting He acknowledged this.

Zhao Hanzhang mentally reviewed the various managers who earned money for her. “Bring Hu Zhi to Luoyang. Over the next year I may need large amounts of money. Have him assist you.”

Ting He noted this.

Only then did Zhao Hanzhang say, “Have the managers of workshops in various locations begin purchasing and stockpiling grain. Store it in each workshop’s warehouse. Every workshop must fill one warehouse, but they mustn’t drive up prices.”

“Store this grain batch properly—I’ll have use for it. Have them do it quietly, without fanfare or leaking information.”

Not leaking information was impossible. So many places, so many people simultaneously buying so much grain, all being Zhao Hanzhang’s properties—how could it not attract attention?

This was the time when annual tax grain had just been collected—when farmers began tallying the year’s harvest and selling surplus grain. Grain prices were much lower than during the rest of the year.

No—they were extremely low.

Previously, grain shortages, locust plagues, and warfare—various natural and man-made disasters had kept grain prices extremely high.

This year brought abundant harvests, and Zhao Hanzhang had reduced many taxes. Suddenly the market had much more grain, so prices naturally fell.

With grain shop prices falling, grain merchants paid farmers even less when purchasing. Many had already begun selling grain, but most common people, having experienced severe hunger, were much more cautious and unwilling to sell.

Seeing this, grain merchants began collaborating with local gentry. They purchased grain from the gentry at prices slightly above market rates while discussing with them how to push prices even lower.

Though they’d bought little grain from the countryside, grain merchants kept lowering prices every three days. Each drop wasn’t large—just a few wen per dan—averaging perhaps a few li per jin. But for common people, even these few li were painful enough.

With gentry leading grain sales and saying, “This year’s abundant harvest means grain isn’t valuable. If you don’t sell now, prices will only keep dropping,” some held firm: “Let it drop—I’m not selling anyway.”

“If you have surplus grain at home but don’t sell it, what will you do with it? I think next year will also bring abundant harvests. Keep it and it becomes old grain, worth even less,” the gentleman said. “Besides, without selling grain, where will you get money to repair your house, buy farming tools, or exchange for seeds? Does your family need to marry off a son? You’ll need to buy pots, pans, and utensils for daily life. After working hard all year, shouldn’t you buy some meat to eat?”

To trade, you needed money. Where did rural money come from?

Naturally from selling agricultural products.

Moreover, people inevitably faced birth, aging, illness, and death. Medical treatment required money. When children were born, various things needed purchasing, which also required money. When people died, money was still needed.

Thus people began panicking, watching grain prices drop daily, and started selling.

Soon county magistrates noticed this unusual situation. Remembering cases from the academy about “gentry-merchant collusion and hoarding for speculation,” they immediately prepared to intervene. But just as they’d met with several gentry and merchants and before they could persuade them, people began buying large quantities of grain in the countryside.

To obtain grain from merchants, the newcomers even raised prices to match what grain shops charged for sales.

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