A few days later, an envoy from the Iron Bank's White Harbor branch arrived at Winterfell.
The envoy wore a red and white robe. He had a kind face, a fiery red beard, and a plump build.
"Duke Ed, I am Saul, the head of the Iron Bank's White Harbor branch. I heard you have a need for a loan, and I immediately rode here on horseback."
With Klar's assistance, the two sides quickly agreed on the loan amount and when the funds would be disbursed. The Iron Bank agreed to lend five hundred thousand Gold Dragons to Winterfell. Then, they began to haggle over the interest rate.
Klar said, "Saul, this is the Duke of Winterfell in the North. He rules the vast lands between the Neck and The Wall. I'm sure you've seen the projects in the Winter Town, haven't you? Workshops, large markets, and farms are all being built. Duke Ed will have plenty of opportunities to borrow from you in the future, but you must show some sincerity with this interest rate. It must be favorable."
Saul looked humble.
"The interest rate I'm offering is the lowest you'll find in the Seven Kingdoms. If you don't believe me, you can ask any wealthy merchant or noble south of the Neck."
Saul even produced a ledger detailing the interest rates wealthy merchants and lords across the Narrow Sea paid when borrowing from the Iron Bank. Based on those rates, the interest Saul offered Winterfell was indeed quite favorable.
Klar tossed the ledger aside with disdain: "How many nobles in the Seven Kingdoms would borrow half a million Gold Dragons at once? Saul, I worked for the Iron Bank for many years. Do you think I don't see through your tricks? I'll be honest, I've pulled the same stunts myself."
"If you're unwilling to offer a good rate to Duke Ed, I can easily send someone to Braavos to find another Iron Bank envoy. I even know some Keyholders, and I have friends close to the Sea Lord. We came to you because you're the Iron Bank's representative in White Harbor. If you don't value this opportunity to make money and lose such a large order, then I'm very sorry!"
Saul was clearly unnerved. There was competition among the Iron Bank's employees, and he didn't want to lose this order, especially losing a client like the Duke of the North.
After a heated discussion, Saul was forced to lower the interest rate. At this point, Klar kissed the Cat's Eye Stone ring on his right thumb.
This was the signal Klar and Ed had pre-arranged. Klar kissing the ring meant the Iron Bank envoy had set the interest rate at a very low level, and Ed could announce the deal was done.
To Klar's surprise, Ed said, "I think the interest rate could be even lower."
Saul forced a wry smile: "Duke Ed, the rate really can't go any lower. Your financial advisor, Klar, is a former Iron Bank employee, can I even try to deceive you? With this rate, I'll be reprimanded by management when I return to the Iron Bank, and my colleagues will laugh at me."
Ed said slowly, "How about this? If I include timber from the North as part of the deal, offsetting the interest, would you consider lowering the rate?"
Saul licked his lips. Klar immediately realized that Ed had introduced a condition into the transaction that would be hard for a Braavosi to resist.
The vast lands of the North were covered in large forests, the most famous being the Wolfswood. Timber wasn't valuable in the North, but it was extremely expensive in Braavos.
Braavos was a city built on islands, riddled with mudflats, salt marshes, and shallow waters. The outer islands were covered in forests, but because Braavos had no city walls, these forests served as a "windbreak," and the Sea Lord forbade their felling.
The land around Braavos, Andalos, was mainly hills and plains, with few forests. The shipyards could build a purple-hulled galley every day, requiring a large amount of high-quality timber. As one of the busiest ports in the world, Braavos had an astonishing demand for wood.
Therefore, Braavos' wood supply was heavily reliant on imports, making it expensive. Firewood was one of the most expensive daily necessities in Braavos, and its price increased even more in winter, drawing complaints from many travelers.
Much of the timber from the North was sold to Braavos. The people of Deepwood Motte, the Forest Clans, and the residents near Winterfell would fell timber and transport it to the White Knife River, where it would be loaded onto ships and sent to White Harbor, then from White Harbor to Braavos.
In the end, Saul further lowered the interest rate under Ed's timber offensive.
The two sides signed the contract, and Saul said, "Lord Ed, the Iron Bank looks forward to our next collaboration. Let us warm each other with Gold Dragons and timber!"
After Saul left, Klar gave Ed a thumbs up.
"Lord Ed, I truly admire you. You know how to use the wood that the Braavosi covet as a bargaining chip. You understand how to pinpoint the other party's needs and seek benefits for yourself. You are truly a commercial genius."
Ed rubbed his forehead with both hands. "This commercial genius is getting poorer and poorer."
Klar chuckled. "At the very least, the stables, barracks, factories, warehouses, and farms in Wintertown can continue to be built. You can't just abandon these buildings halfway through construction, can you?"
Ed sighed deeply. "After Wintertown is expanded, I can only rely on the factories and farms in Saltpans, Honeycomb, and Wintertown to make money for me in the future. Otherwise, I won't even be able to pay the interest."
Klar frowned. "Lord Ed, I know you have ambitious plans for Saltpans, but as a financial advisor, I must remind you that your Saltpans plan can easily be exploited by lords and merchants. If Winterfell buys at market price, how can we guarantee that the lords and merchants won't mix private salt into the Saltpans salt and sell it to Winterfell for profit?"
Ed said, "It's okay for the vassals to get some benefits. What's the big deal if the cat catches a mouse and steals a bit of meat?"
Klar laughed exaggeratedly. "But what if the cat causes more harm than the mouse? Lord Ed, you have already summoned the vassals, and they will recruit soldiers. War will make them poor and corrupt. Sooner or later, these vassals will set their sights on Saltpans."
Ed examined the ledger. "We'll deal with the Saltpans situation later. I can proceed with the next phase of my plan now. Klar, when you go out, tell the guards at the gate to fetch the shipwright, Marin."
By the time Marin arrived at the study, it was already dark. Ed and Marin, illuminated by honey-wax candles, examined the shipbuilding blueprints. Marin displayed a model of a future Northern warship.
Marin said, "Lord Ed, as you instructed, the Northern warships will be modified based on the Sea Lord's ships of Braavos. During naval engagements, the catapults, ballistae, and archers on the top deck will be able to strike the enemy from a superior position, delivering devastating attacks. Give me the funds and enough manpower, and I estimate that the first ship can be launched in a month."
Ed was somewhat disappointed. "The shipyards of Braavos can build a war galley in a day. You need a month?"
Marin sighed. "Lord Ed, I worked in the shipyards for many years. Their efficiency is high because they have plenty of skilled shipwrights, and it's a fully automated assembly line. How many such workers can you find in White Harbor? A month is actually optimistic."
"Lord Ed, with all due respect, spending so much money on shipbuilding to deal with the Ironborn is a waste. This money could be used to hire a mercenary fleet from the Free Cities to fight for you. You could even go to the Sea Lord and pay him to send troops. The Sea Lord's fleet is unparalleled in its combat effectiveness."
Ed said, "I don't trust mercenaries. As for paying for the Sea Lord's fleet, I'd rather spend the money to build my own fleet. Marin, we Northerners are descendants of the First Men. The First Men aren't good at sailing, but I believe we can slowly improve. We don't have the desire to conquer the sea, but we must defend our own seas and rivers.
Otherwise, we'll be at the mercy of the Ironborn."
....
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