Wings of Freedom #2: The King's Dilemma in Smoggy London
Edward sat in a room thick with cigarette smoke, in a London choked with smog.
The Anglo-French negotiations had succeeded. Though not everyone in the cabinet trusted France, they all nodded at the necessity. Yet he, the vital link, was lost in deep contemplation.
The Korean Empire was now too big to be just another jewel in the crown, like India. But giving up on it? The investments Britain had poured in so far were far too precious.
"Your Highness, China has ultimately refused to resell Hong Kong. The treaty ports are the same."
"In this situation, they're saying they'll carry that massive debt as is?"
"From what I hear, Korea has deferred payments until they fully repay the Hong Kong sale price, tied at 2% annual interest. They've also offered to handle all new railway construction, maintenance, and repairs under that umbrella. And if desired, they said they'd convert the bonds to stocks."
"They're insane. Someone else spat out Hong Kong after swallowing it, but Korea gobbled up all of China in one go."
He brought the cigarette back to his trembling lips.
"Why can't we do that?"
"Frankly, it's not very democratic."
It was something only possible in Korea, where they wielded the vast wealth of the exploited masses like a sword. After all, "concession" required someone to concede to. If Britain's king just handed over Hong Kong, impeachment proceedings would start tomorrow.
"The most we could concede was repurchasing Hong Kong."
"Indeed."
"How long do you think?"
"Pardon?"
"Until Korea reaches the sea."
"They've already built a submarine fleet. Rumor has it they have submarines the size of battleships."
"Submarines... Short range?"
"Yes. They're weapons for coastal defense at best, and easily detected near shore."
"What about that ship?"
"Pardon?"
"The one the Korean Empire built."
"If the rumors are true, isn't it too big? Could it even conduct military operations at that size?"
"Probably not, if they did it directly."
The king exhaled smoke quietly.
"But they won't do it directly."
"Pardon?"
"It's a 'king.' Swarms of small submarines will attach to it. A submarine fleet, as you said."
"Even so, they can't reach Britain."
"Really?"
He tapped the Arctic on the map.
"As far as I know, this place is covered in pack ice—floating chunks of ice."
Was it truly impossible? No way. Korea was probably researching it right now—just like they'd hidden that massive ship from Britain's eyes.
"Circumnavigate the Arctic, anchor 'kings' deep in the Atlantic everywhere, and use small submarines to attack our cargo ships... Am I imagining the impossible right now?"
The king pulled out enormous submarine blueprints "transferred" from America yesterday.
"That's a supply ship. And supply lines are what make war feasible."
"London won't bend to something like that."
"They don't even need to subdue us. Look at what happened in China this time—India will fall from the crown in months. Or maybe the very next day."
And then, the British Empire would be finished. Britain lacked the power to reconquer India. They couldn't even perform saber dances amid the Indians' endless demands anymore. As if he didn't know that.
Then the offense and defense would reverse. Whether reclaiming India or punishing Korea, they'd have to send massive battleships along fixed routes swarming with torpedo boats and submarines.
At that point, if there was a decent pretext, granting India independence might be the better financial choice. What was left of Britain without the Royal Navy? Beef?
"A preventive war?"
The king pondered briefly but shook his head. He believed Korea wouldn't attempt anything against Britain while he lived. Korea was a growing nation, but Britain was already a superpower. Fighting shouldn't even be on the table.
They simply couldn't lay hands on distant Korea because Germany and America were causing chaos on both flanks. That's why even Korea didn't dream of military threats against Britain.
He was certain. The Supreme Leader never struck first without the calculations adding up.
And the British Empire, while he lived, was precisely that "uncalculable" opponent.
Without him, how could they have negotiated with France, and later Russia through France? He knew Russia desperately wanted reconciliation with Britain too.
So, regardless of military balance, neither side could calculate the other. For now, that was fine.
Just—
"We still need to negotiate."
"More concessions here?"
"They have no regrets, so nothing to negotiate?"
"...Yes."
"No way. We still have something to offer. More precisely, we can force that Supreme Leader to shift his stance and desperately want to negotiate with us."
"China?"
"What? China is already half in their mouths. China itself wants to crawl in."
"So they have the money to swallow China whole?"
"..."
"They're getting indigestion. I'm certain. And we can make it worse."
Japan was different. Yes—China was too big for Korea to swallow. Especially without water to wash it down.
Britain planned to negotiate from exactly that angle. While Korea struggled to digest China, Britain's gentle interference would make it excruciating.
He intended to make Korea feel the same resentment toward Britain that he felt toward Korea.
The Supreme Leader wouldn't be able to stay away from the negotiating table.
Exactly half. Secure exactly half, and it was pure profit.
If the Supreme Leader—who had no plans to swallow or scheme over China—heard that, he'd be outraged. A story that only benefited the damn British.
He had no intention of sharing a single precious Korean pound with the Chinese. Never.
The Paris stock exchange was on fire.
"A fire?"
"Boom times!"
An unexpected surge. When Nanjing was first threatened, people who'd jumped into the Thames—no, the Seine—crawled out, wringing water from their clothes.
Whether Nanjing was threatened or not, Paris had skyrocketed because Korea shouted "buy and double up" on the China it had buried. The value of China's rights that Paris had bid on first exploded.
No—Korea was guaranteeing it. Qing threats be damned; if Korea sat on it like a mattress, even old man Qing couldn't defy them.
"Isn't this just undervalued interests?"
Everyone in Paris realized it and rushed in. They all believed without doubt that "Korea, trying to swallow China, would pay a premium to buy back rights from France."
Man or gentleman, they hoarded the Chinese interests Yuan Shikai had scattered. Bonds, mining rights—everything sold like hotcakes.
After all, they'd poured that massive sum into Chinese railways. Let someone else reap the benefits? No way.
They knew. Railways were a means to extract even greater interests, not the goal itself.
Thus, naturally, Paris's interests had to be bought back by Korea at a premium for the railways to mean anything. Otherwise, what? Just let the railways sit idle?
London thought the same.
London's capitalists, loosening their purses in Paris for the first time in ages, went on a buying spree. They'd bought first, thanks to faster information.
Amid everyone going mad over Chinese interests, only Korea held back. Even hearing the news, they said, "Take the narrow territory yourselves."
Korea lacked money, not resources. But as prices kept rising, Korea felt an obligation, as the source of this absurd rumor, to quash it.
It felt like something would go terribly wrong if it continued.
The Supreme Leader announced to the press, regardless of European chatter: "Railways will be limited to passenger lines for the time being."
At least, that was the plan for now.
Why? Simple. With so many people, passenger lines alone were always packed—pure profit.
China overflowed with resources. So naturally, transport people first, right?
"Hold on tight!!!"
The Chinese speculation boom, starting in Paris and spreading to London, Berlin, Vienna, and Rome, ended with Korean news: "All self-trades."
No backing capital from Korea.
...If not for London's intervention, it would have ended there.
"Korea."
"Yes."
"Let's... talk business. One thing."
Dragged to the Chamber of Truth by Britain, Korea endured 24 hours of brutal persuasion before issuing a correction.
The news spread: from Korea to America, America to Britain, Britain to France—
The market blazed up again like fireworks.
London, who swept up in the crash and went long, was the biggest winner.
"Korea, let's keep it like this, yeah?"
"Yes."
Korea's reward for this operation was modest: a bit of Korean pounds deposited steadily in London. Even that was borrowed at preferential rates.
But Korea nodded. Mutual defense pacts be damned—their bloodshot eyes suggested they'd bring real battleships next time.
On second thought, Britain was the kind of country that pulled gunboat diplomacy on allies too.
The Supreme Leader berated himself for momentarily forgetting that fact.