Chapter 100
Chapter 100
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Translator: MadScientist
Chapter: 100
Chapter Title: Transportation Reform (6)
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Kim Man-deok had risen from the lowly ninth rank to the eighth rank in just over a year.
His eldest son, Kim Man-seok, was sailing his father's junk ship, the Manseokho, toward Uiju.
"Damn that brother-in-law of mine. Hope he steps in dog shit on the street."
Thanks to Kim Dae-bung, he had inherited all of his father's foundations in Jinhae, allowing him to become the top merchant in Jinhae County at a young age.
His father had advanced to Hanyang, securing a spot in the market guilds and even entering government service, causing the family's fortunes to skyrocket in just four years.
As a result, Kim Man-seok, who had rarely visited temples before, now went every week without fail. He prayed for Kim Dae-bung's safety and promotions, as well as success in the family's business and his father's official career, and he donated generously without holding back.
But right now, he wasn't entirely grateful toward his brother-in-law.
He had reportedly promised the king, without even asking or informing his own father, that he would invest the entire family fortune into a national endeavor.
Of course, he knew it was a sure bet that would bring back massive profits in the end...
Still, promising the king to pour the entire family fortune into this—without even telling his father on Jeju Island—left him deeply annoyed.
'Our whole family fortune, squandered on that brother-in-law's whim.'
"I get that it's a chance to make a fortune, and that having more junk ships is good for maritime transport... but why treat our family money like your own?"
As Kim Man-seok muttered curses at Kim Dae-bung, the captain approached and struck up a conversation with feigned nonchalance, as if he hadn't heard a thing.
"Master Do-bang, what's got you so worked up?"
"It's nothing."
The captain had heard every word of Kim Man-seok badmouthing Kim Dae-bung.
But hearing it was nothing, he decided not to pry further.
Kim Dae-bung was scary from afar, but the man standing right in front of him—the head of this trading company—was even scarier.
"Still, buying up brushes, inksticks, inkstones, and silk in Hanyang and hauling it all in one go on this massive ship didn't leave us with a huge profit? It cost 1,500 seom of white rice to buy, but back in Jinhae, it fetched 2,000 seom right away. One trip covered almost the entire cost of this ship. Anyone can see it was a killer deal."
"Who doesn't know that?"
"And now heading to Uiju to buy tiger pelts, leopard skins, deer antlers, and deer hides, paying with the white rice we're carrying—it'll rack up another massive profit. So cool your anger and think positive."
"You're right. Every word."
This was exactly why Kim Man-seok thought Kim Dae-bung was sly but hadn't stormed off to Hanyang just yet.
Still, dumping the entire family fortune without full forgiveness weighed on him.
But having experienced the junk ship's enormous capacity and speed firsthand, he was convinced that buying and selling with it would recover their investment in no time.
Plus, he'd received word from his father explaining why they had to monopolize the junk ships.
'I'm grateful for growing the family fortune, but he should've given me a heads-up first.'
"And truth be told, Father and my brother-in-law are aiming even bigger."
Before King Sejong, Kim Dae-bung had pledged to use his "private funds" to build the ships.
Thanks to that, Kim Dae-bung and Kim Man-deok had become two of only two people in Joseon—excluding the court—owning junk ships.
Of course, this edge would vanish once others started acquiring junk ships too.
But exploiting this brief "advantage" could rake in insane profits short-term.
By monopolizing a hugely valuable market, even if just for a while.
"According to Father's letter, once we pocket massive profits with our junk ships, others will line up to buy them just like us."
"...People can't stand seeing others succeed; jealousy alone will make them follow suit."
"How much profit do you think we can make buying up tiger pelts and other valuables cheap in bulk in Uiju, then selling in Hanyang? And how long before word of our success spreads across Hanyang?"
One of the stories that always grabs people's attention is, "Someone did this and made a killing."
Suppose word got out that a guy stumbled on a wild ginseng patch in Samgaksan and made a fortune, buying a tiled-roof house in Hanyang like a whale.
Ginseng hunters would flood mountains nationwide, starting with Samgaksan, in droves short-term.
Most folks would just listen with interest and not bother climbing mountains themselves, but the gullible few would swarm.
How much more if it was a million times surer and just as lucrative?
Greedy merchants wouldn't be able to resist junk ships even if they tried.
"Heh, brilliant. Folks desperate for big money will pay top dollar to get junk ships faster than the next guy."
As the two conversed, the crew suddenly bustled about.
"Uiju's almost here! Uiju!"
"Prepare to disembark! Unload all 2,000 seom of white rice!"
"Aye, Captain!"
Soon after, the junk ship docked at the harbor near Uiju.
It was a massive Ming-style vessel, but since the passengers were Joseon people, there were no docking issues.
As soon as Kim Man-seok disembarked, he produced documents proving they were Joseon men and that this was a genuine Joseon ship built by the Warship Division.
"We sailed here from Jemulpo on a newly built ship, so please don't bother informing the Uiju Prefect."
The dockmaster checked the papers, nodded, and permitted them to land.
Onlookers immediately crowded the dock, staring in awe.
"Whoa, how does a ship unload this much rice?"
"And it didn't sink under all that weight?"
Traditional Joseon large ships displaced about 140 tons, while Kim Man-seok's junk ship exceeded 200 tons.
This ship was far larger than any previous Joseon vessel.
No wonder the Uiju locals were stunned.
"Tiger pelts at 3 seom of white rice each—sell 'em quick! Also buying deer antlers, ginseng, whatever. Bring it now!"
It was an absurdly low price by Jeolla or Hanyang standards.
But this was Joseon's northernmost region, where rice was extremely scarce.
Everyone knew Joseon folk would sell anything for rice here.
The problem was coastal hugging took forever, and small ships meant huge labor and costs for transport.
That's why rice prices were sky-high.
But that common wisdom had just shattered.
Courtesy of Kim Man-seok and his new junk ship.
Soon, local hunters heard of the great prices for tiger pelts and rushed in with their stockpiles to sell to him.
In short order, Kim Man-seok swapped all his white rice for pelts, leopard skins, and the like.
Then he headed straight for Incheon.
To sell off the most crucial prize: the "right to receive a junk ship before anyone else"—at a premium price.
*
Kim Man-seok headed to the Incheon Inspectorate to sell his precious cargo like tiger pelts.
No sooner had he arrived than the local luxury goods merchants felt their worlds crumble.
"Tiger pelts, 9 seom of white rice each."
In Hanyang, a single tiger pelt cost at least 10 seom.
That barely broke even; deals usually went for 11 seom.
For some lunatic to sell at 9—20% off—was basically screwing every competitor.
Incheon merchants, tight with Hanyang guild traders, even considered dragging him out at night for a beating as a lesson.
But they realized messing with the first guy to get a new Warship Division ship meant they'd be the ones bobbing in Incheon Bay.
So they scrapped that idea.
The established pelt dealers could only click their tongues at him.
"That damn punk."
Then they hurried over to Kim Man-seok anyway.
Hating the guy aside, if word spread he was selling at that price, Hanyang's entire pelt market would tank...
And their own stockpiles would lose value, guaranteeing huge losses.
"Take it all."
"Payment in what?"
"Silk. Ming silk's flooding in lately; it's common now."
Kim Man-seok agreed and instantly pocketed a massive haul of silk.
Turning 2,000 seom of rice into 6,000 seom worth in three days? He whistled a tune.
The merchants eyed his smugness and caught on.
This bastard had profited as much as they would at that price.
After frantic investigations—heads together—they concluded:
He'd minimized transport costs and labor by hauling with that monstrously huge, fast ship, raking in big margins.
True to a savvy merchant, they realized similar trades elsewhere would yield the same fat profits.
And oddly enough, the very fact they'd hoped to suppress—that "cheap pelts still meant huge profits"—spread across all of Hanyang.
Kim Dae-bung's doing.
The pelt sellers would suffer, but for him selling junk ships, it'd boost demand.
*
Right now, the head of the Silk Guild—one of Hanyang's biggest market guild bosses—is on his knees, begging me.
"Please, Inspector Kim! Sell us a junk ship too!"
I chuckled at his plea.
"1,500 seom of white rice."
"...Pardon?"
Business isn't shameful.
Scamming to squeeze extra profit is.
Like cutting costs with imported chicken but labeling it "100% domestic," or faking dates to offload unsellable ingredients.
"The junk ship out in a week? Yours for 1,500 seom."
"...Commissioning one from the Warship Division costs 550 seom, doesn't it?"
"It does. But you'd wait at least half a year. By then, can you match my brother-in-law's profits so easily?"
By then, junk ships would be common, ocean voyages widespread.
My exclusive honey pot would dry up.
Sharing it means my cut shrinks too.
"No? Fine. Plenty of other buyers."
"...You really mean it? 1,500 seom for the one in a week?"
"Yes. Oh, and if you're serious about profits, how about three? All out this month. Bundle 'em for 3,900 seom."
"...Deal."
"Good."
I mean it.
Work those ocean routes hard, sail well, boost trade—he'll recoup fast.
Once principal's back, pure profit.
Sure, less than my flipping three pre-bought at 550 each for 3,900 seom.
"Won't regret it."