Chapter 434: The World Industrial Exposition
Strong financial support, in turn, can further boost industrial development and the construction of new territories. Given that France's industrial technology, policies, and financial systems are ahead of other European countries, Joseph estimated that within three to five years of rapid growth, France's overall industrial power would surpass that of all Europe.
Yes, even Britain might find itself trailing behind France at that point!
Of course, Britain, with its vast colonies and years of accumulated wealth, would still hold the title of the world's most powerful nation. But it would only be a matter of time before France dethroned it.
At the same time, as the benefits of industrial development continue to grow, France's chronic fiscal problems would inevitably be resolved.
When that time comes, Joseph would lead France to recreate the glory once achieved by Napoleon. And with the knowledge of the future at his disposal, Joseph was confident he would surpass even Napoleon!
Joseph then announced the reopening of the French Stock Exchange—anyone could now invest in stocks, with the exchange open every day except weekends. Companies could also start applying for public listings.
For the first time since the Mississippi Bubble, France's stock trading was fully revived!
Of course, to allow investors time to familiarize themselves with the process, only a handful of companies' stocks would be available for trading initially, and the trading volume would be strictly controlled.
The new Stock Trading Law was in its final stages of drafting, and a Securities and Exchange Commission was being established.
Once these two pillars of market stability were in place, the French Stock Exchange would gradually open up to more companies, expanding its capacity for raising capital.
Joseph's approach to the stock market incorporated various modern principles, ensuring that fraudulent companies and market manipulation—such as pump-and-dump schemes—would have no place in the French Exchange.
The stock market is like a "turbocharger" for industrial development. Properly regulated, it can greatly benefit industrial construction.
To win the race of the industrial revolution, a stock market was essential.
Finally, Joseph solemnly declared that the Bastille was officially renamed the "Paris Financial Center." Pointing to the cannons embedded in the Bastille's thick walls, he quipped, "This will be the safest bank and stock exchange in the world. I doubt any robber would dare target it."
Amid the deafening laughter and cheers around him, Walsh couldn't help but squint thoughtfully.
As a shrewd businessman, he could sense that France's monetary policies had now surpassed Britain's.
The most straightforward example was that pounds could only be exchanged for gold at the Bank of England. In other words, if the Bank of England went under, the paper pound would instantly become worthless.
In contrast, the franc was backed by the French state. Even if the Banque de Réserve collapsed, the French government would find other ways to maintain the currency's value.
This was the difference between a full-fledged gold standard and the tentative gold standard Britain was experimenting with. It wasn't until 30 years later that Britain officially implemented a national gold standard.
Since coming to France last year, Walsh had been debating whether to shift the focus of his business here.
Indeed, the British market was large, the nation wealthier, and the business environment better.
But France's momentum was undeniable, with strong policy support for industries. France had also recently expanded into the Southern Netherlands and North Africa and secured access to the German market through the Seine-Rhine Trade Agreement. The future promised plenty of opportunities in France.
Now, he had made his decision—France it was.
He turned to his wife and smiled, "Maybe we should buy a French noble title."
"Whatever you say," Mrs. Walsh replied, rubbing her cold hands together and playfully complaining, "But if we don't head to the Royal Palace now, we'll miss out on the preview tickets."
"Besides, the Exposition officially opens in a few days. We can still visit then," Walsh said, tugging at his collar. "It's so cold. Let's get lunch first. I heard La Pérouse has added some new dishes…"
"The Exposition will be crowded once it opens," Mrs. Walsh grumbled. "You know there are pavilions from more than a dozen countries. I don't want to be packed in with all those dirty, rustic folks."
Unable to resist his wife's wishes, Walsh agreed. After the crowd at the Bastille—no, the Paris Financial Center—began to disperse, they drove to the Royal Palace.
This former residence of the Duke of Orléans had remained vacant after being confiscated, and now, in front of its main entrance, stood a three-person-high iron tower with the words "First World Industrial Exposition" engraved on it.
Yes, Joseph had been planning this World Exposition for a long time and finally extended invitations to over 20 countries once the situation in North Africa had stabilized, inviting them to the Royal Palace for this grand event.
Of course, another factor was the hefty war reparations collected from Algiers, which removed the financial obstacles to hosting the Exposition.
Thanks to the success of the previous Paris Fashion Week, the event had piqued some interest from other nations. However, since such an exposition had never been held before, a few more frugal countries declined the invitation. In the end, 12 countries agreed to participate.
After all, unlike Fashion Week, this Exposition required sending delegations and showcasing their best goods, which cost money.
Thus, the glory of hosting the first World Exposition, which historically belonged to Britain, was snatched by Joseph over half a century earlier.
And unlike the British, who spent a fortune building the Crystal Palace for their Exposition, Joseph's expenditure was minimal.
(The British Crystal Palace)
The Royal Palace only needed a bit of tidying up to become a grand and luxurious venue.
France had many unused palaces, like the Louvre and Fontainebleau, which could also be used. Even Luxembourg Palace was waiting in line. Hosting such grand events was a perfect way to make use of these properties.
On the opening day of the Exposition, Joseph had another huge surprise planned for all the European visitors: 40% of Paris's streets would simultaneously light up with gas lamps, illuminating the night sky.
…
India.
Northern Canara, the northwestern front of the British-Mysore conflict.
Marquis Wellesley looked through his telescope at the "pah," a type of rudimentary fortress, and frowned. "These makeshift forts are truly disgusting."
Cornwallis, however, seemed accustomed to it. He shrugged and said, "It's your first time dealing with these things, but I've 'chewed through' more than 20 of them. Oh, and according to my information, there are at least 50 more ahead."
"I'll figure out how to deal with these," Wellesley said, putting away his telescope, a cold glint in his eyes. "And then we'll cast a net so wide Tipu Sultan won't be able to escape."
(End of Chapter)
Friends, if you want to read chapters in advance, subscribe to my patreon.
Read 20 Chapters In Advance: patreon.com/johanssen10
Friends can now purchase any novel with a 30% discount. This promotion ends on October 7th.