章 288: Chapter 288: On Credit—First Give Ten Million Dollars
Victor sent a telegram to Hardy, seeking a meeting to provide a detailed report on his activities in Hong Kong over the past year. Hardy agreed, and Victor flew to England.
Upon arrival, Victor was thrilled to see Hardy. He owed his current status and success in Hong Kong largely to his boss.
"Boss, it's great to see you again. I have so much to update you on," Victor said eagerly.
"Sit down and tell me everything," Hardy replied.
Victor began his report, covering topics such as Hardy Auctions, Penicillin Trading, Global Times, the construction of the Penicillin Pharmaceutical Factory, housing and land storage, and various companies in the industrial zone. He ended by discussing the recent deal with Mr. Xu.
"I acquired over $60 million in drafts and savings slips from Mr. Xu, including more than $26 million in HSBC notes," Victor explained. "Mr. Xu is seeking a large amount of medicines and weapons. Here's the list he provided," he said, handing it to Hardy.
Hardy reviewed the list, noting the extensive range of requested items: medicines, medical equipment, weapons, ammunition, aircraft, battleships, cotton, grain, cloth, and machine tools.
Victor continued, "I exchanged the bills at a rate of eighty to one, paying over $700,000. The amount of materials they need is so large that the money is insufficient, so they requested credit."
Hardy examined the list and reflected on the challenging conditions of the time. The country was unstable, with frequent local wars and future conflicts looming.
He handed the list back to Victor. "Give them credit. Provide everything on the list. Contact Bill for transportation. He has smuggling channels that can handle these shipments."
"Anti-aircraft artillery and heavy artillery should be routed through Africa or the Middle East to avoid detection. Once landed, the customers can handle the rest. For aircraft engines, provide 160 sets from our stock."
Hardy recalled the extensive number of engines he had purchased previously and how he had planned to discard half. Now, he intended to put them to use.
Victor looked at Hardy, noting his growing list of conditions.
"Boss, is it wise to extend such a large credit given the current conditions?" Victor asked cautiously.
"Let them owe the money. Once they win, they'll be able to pay. Business isn't just about immediate gains but about long-term prospects," Hardy responded.
Victor nodded, impressed by Hardy's foresight. "I'll handle it as instructed. You can count on me."
Hardy then inquired about Yezhen.
"Miss Han is making rapid progress with the museum construction. She's very busy but visits the auction house regularly. The volume of antiques from Mr. Kong has been increasing, and she spends time studying the new arrivals," Victor reported.
"Good. Ensure you cooperate with Yezhen," Hardy instructed.
Victor assured him, "I'll make sure everything is managed properly."
Hardy planned to visit Hong Kong soon and looked forward to seeing the progress in person. Victor returned to Hong Kong the next day and met with Mr. Xu that evening.
"Mr. Xu, the boss agreed to extend credit and provide the supplies," Victor announced.
Mr. Xu was ecstatic. "How much credit are we talking about?"
Victor held up a hand. "Ten million dollars."
Mr. Xu was stunned with joy. This amount far exceeded his expectations. It was as if he had been given a lavish cake instead of a simple bun.
He asked about the conditions for the credit. Victor hesitated, unsure of the terms as Hardy hadn't specified any. He suggested Mr. Xu propose what guarantees he could offer.
Mr. Xu was taken aback by the flexibility, not accustomed to such leniency from capitalists. He agreed to consult and provide a guarantee proposal.
Victor assured him that the requested materials were available, including anesthesia needles, morphine, penicillin, and more. The company could supply an unlimited amount of medical supplies and some aircraft components. Cotton, cloth, and machine tools could be ordered as needed.
Mr. Xu, amazed by the offer, left to discuss guarantees with his superiors.
Back in England, Hardy monitored David's negotiations with HSBC. David aimed to acquire more shares at a better price, capitalizing on the bank's troubled situation.
David confronted Daville Sassoon about HSBC's financial troubles and the methods used to inflate the bank's valuation. Sassoon defended the bank's actions, claiming temporary issues rather than outright refusal to pay.
The negotiations failed to reach a resolution, but the situation worsened the next day. The public, frustrated by HSBC's inability to honor deposits and acceptance bills, became increasingly agitated. Protests turned violent, resulting in injuries and damage.
HSBC was forced to suspend operations, deepening the crisis.
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