Even with Gramme on board, electrification alone wouldn't be enough.
Spain needed a sufficient reserve of mid-level talent in electrification and internal combustion engines to drive the Second Industrial Revolution in Spain.
Currently, Spain's most critical problem is the scarcity of low to mid-level talent, with illiteracy accounting for the majority of the population.
Before Spain could cultivate its own talent, the best approach was to continuously poach from Europe.
However, before that, ensuring one's wallet had sufficient funds was paramount.
It was August 1870, four months after the Royal United Bank was established.
Carlo finally turned his attention to his finances, asking Laurent, the butler, about the bank's development.
Laurent, the butler, was well-informed about the bank's progress. Hearing Carlo's inquiry, he quickly replied, "Your Majesty, after four months of development, our bank has become one of the largest banks in Spain."
"We have already established branches in Toledo and Valladolid, and the banks in Madrid have expanded to two."
"Currently, our total number of depositors has exceeded 57,000, with total savings of approximately 46.12 million pesetas, and an average deposit of 809 pesetas per person."
"The bank's next expansion plan is to establish at least one branch in each regional capital, such as Seville and Barcelona, to become the largest bank in Spain."
Carlo nodded.
With the help of the nobles, the Royal United Bank's development was quite rapid.
With 57,000 depositors already, who would have thought this was a bank founded just four months ago?
Once the Royal Bank's branches opened in every regional capital, the number of bank depositors would see a significant expansion.
However, the average deposit per person would certainly decrease, as most people in Spain still had relatively low incomes.
The reason the current average deposit is still above 800 pesetas is due to the large number of noble and middle-class depositors, which inflates the average deposit figure.
Once a large number of commoners begin depositing in the Royal Bank, the income level of ordinary people will become visible.
What attracted Spaniards to the Royal United Bank more than other banks was the word 'Royal' and its unification of the entire aristocratic class.
It concerned Carlo's credibility, which was more convincing than that of private banks.
Carlo himself, along with several major nobles, promised instant redemption at any time and stated that as long as the Royal family existed, the Royal United Bank would not go bankrupt.
Bank bankruptcy has always been a topic that makes people change their expressions. People worry that banks will go bankrupt, so they rush to withdraw their deposits from banks.
But such a run on the bank can cause a run crisis in a bank that was originally fine, making it possible for it to go bankrupt.
After all, the way banks operate is by collecting a large amount of depositors' savings to form a large sum of money and then investing it to earn income.
This income will be used to pay depositors' interest and the bank's operating costs, with the remainder being the bank's income.
This also means that banks cannot pay all depositors' deposits at the same time. When the deposits that need to be redeemed exceed the bank's existing funds, the bank will experience a crisis.
How did the capitalists solve this?
Declare bankruptcy.
This era did not have as many safeguards as later generations. After capitalists declared a bank bankrupt, most depositors basically could not get their deposits back.
Only a small number of powerful nobles and politicians could retrieve their funds, or even receive a larger share—this was the privilege of the upper class.
This is also why it is said that the lives of European commoners in this era were very miserable because they could not escape the exploitation of capitalists, working like oxen and horses their whole lives, only to die early in their thirties or forties.
"How is our steel mill doing currently?" Carlo continued to ask.
Currently, Carlo's two most profitable enterprises are the Royal United Bank and the integrated steel mill.
Finance and Industry are definitely the most profitable businesses of this era, and Carlo certainly wouldn't overlook the income brought by Industry.
"After the integration, we have become the largest steel mill in Madrid. Currently, we have 1,453 workers, with an average weekly wage of approximately 3 pesetas," Laurent continued to answer.
Spain was not strong in Industry to begin with, so it's not surprising that several small and medium-sized steel mills integrated to become the largest steel mill in Madrid.
After all, Madrid was not the main area for industrial development in Spain; the true industrial base was in Seville.
"An average weekly wage of approximately 3 pesetas?" Carlo silently calculated in his mind.
A weekly wage of 3 pesetas means a monthly income of approximately 12 pesetas and an annual income of over 144 pesetas.
Although there is still some distance compared to the wages of workers in other countries in Europe, it is at least much higher than Spain's per capita annual income of 87 pesetas.
Moreover, Carlo's factories don't have to worry about salary deductions. The daily working hours are only 12 hours, and there is one day of vacation per month, which is much better than in other countries.
"How is the agricultural tax reduction policy being implemented? When can we expect to see results?" The per capita income being among the lowest in Europe gave Carlo a headache, and he looked forward to a change.
"It is estimated that next year's per capita income will increase to around 100 pesetas," Laurent, the butler, quickly replied, "Your Majesty, please rest assured, the agricultural tax reduction and the abolition of the tithe are effective, and farmers' incomes will definitely increase."
"This is the long-term exploitation of Spain by the Bourbon Family, and it has nothing to do with Your Majesty. Your Majesty is the chosen one for Spain, and Spain will regain its former glory under Your Majesty's leadership."
Carlo smiled, not paying much attention to Laurent, the butler's flattery.
Being the chosen one was a bit exaggerated, but Carlo was at least not one of those incompetent monarchs. He knew that if he treated the people as human beings, they would support him.
"While increasing the per capita annual income, we must also increase the income of our employees," Carlo instructed, "The Royal family's enterprises are the benchmark for all enterprises in Spain, and there must be no problems in this regard."
"I understand, Your Majesty." Laurent, the butler, nodded, indicating his understanding.
"How are the profits of our steel mill? How is the construction of the steel mill in Seville progressing?" Carlo inquired.
"Your Majesty, our steel mill is expected to earn approximately 2 million pesetas this year, and maintaining a balance of payments is completely fine."
"Currently, about 1.5 million pesetas have been invested in the industrial base in Seville to build a new steel mill, which is expected to begin production in the second half of next year. By then, our number of workers will exceed two thousand, and our annual income will also increase to over 3 million pesetas," Laurent, the butler, replied.
Ultimately, Carlo had underestimated the earning power of Industry in this era.
Coupled with the fact that Spanish workers' incomes were already low, and Spain's infrastructure construction required a large amount of steel, the steel mill in Spain at this time was completely profitable without loss.
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