William began explaining the details of his deal with the lord's steward. The plan was to present the sugar at a party in the royal capital, and depending on the response, there could be a sudden increase in demand. Sugar has a wide range of uses. It's commonly used in tea, but it's also used in large quantities in confectionery.

"The nobility often have very urgent demands. If I fail to meet them in time, my head could very well end up like this..."

"Whoa, your life is on the line? Even if you don't have something, you can't just make it appear."

"Exactly. Some nobles are wonderful people, but many are quite ruthless when it comes to dealing with those beneath them."

William made a gesture of chopping his neck with his hand. Although he tried to keep the conversation light with a smile, the reality was likely much harsher. Wataru took a deep breath, realizing how serious the situation was.

"So, what you're saying is that there might be a need for a large amount of sugar?"

"Yes. When the time comes that a significant amount of sugar is required, how much do you think you could provide?"

"Depending on the amount, I could probably manage... around a hundred sacks?"

"A h-hundred sacks!? Are you sure you don't mean ten?"

"Yes, I'm sure. It might take a little time to transport them, though."

Wataru tried to give a conservative estimate, as he was worried about running low on his Japanese yen reserves. He figured he needed to start making money soon; otherwise, even securing a significant amount of sugar would be difficult. However, William, who had maintained a smile throughout the conversation, widened his eyes in shock. It was the reaction of someone who had just heard something completely unexpected.

(Oh no, I might have messed up...)

Wataru thought he had given a conservative number, but in this world, that much sugar would likely be worth a small mountain of gold coins.

"I'm reluctant to doubt you, but are you absolutely sure you can supply that much?"

"I believe so. I can't guarantee against unforeseen accidents, though."

"Well, we can't avoid encounters with monsters or bandits, even if we try. It's something that can't be helped."

(There’s no way to guarantee when the gates to the Jizo shrine might close. It’s frustrating not to be able to give a firm promise, but it seems he understands the situation well enough.)

Wataru and William had slightly different concerns in mind, but the outcome was the same, so there was no need to correct anything. What mattered more was the information that there was a risk of being attacked by monsters or bandits.

(This makes securing a weapon for Eir even more crucial... I need to get at least a decent stick right away.)

Taken from Royal Road, this narrative should be reported if found on Amazon.

"Hmm, I see. With that amount, we should be able to fully meet the client's demands. This is a big opportunity for me to expand my market."

"Is sugar really that much in demand?"

"Yes. Nobles care a lot about appearances, and that’s an important part of political power. They won't hesitate to spend money on it. However, as I mentioned before, it's very difficult to pay for everything in gold coins all at once."

Since gold is used to mint coins, there is naturally a limit to the amount of cash that can be produced. Even with paper currency, a hundred million yen weighs about ten kilograms. Wataru also realized that being handed several hundred gold coins at once would be too cumbersome to carry or store.

"It seems there's no issue with procurement. That brings us to another problem."

"Is it about securing cash flow from purchase to sale, like we talked about yesterday?"

"Yes. With sugar at ten gold coins per sack, this deal will be far bigger than anything I've handled before."

If the previous deal was worth ten million yen, this one would be in the range of one to ten billion yen. The figures were so large that Wataru, who had been worrying about a few tens of thousands of yen for city taxes just a few days ago, couldn't fully grasp the scale.

"Usually, such large transactions are only handled between merchants or nobles. In those cases, it’s common to use promissory notes issued by guilds or the government, but Wataru-sama operates independently, correct?"

"That's right. I'm not affiliated with any guild in this country. I've also never dealt with promissory notes before."

Though Wataru hadn’t revealed everything to William, he had shared enough for the merchant to have a general understanding. He figured it was better to be open to avoid any misunderstandings.

A promissory note is like an IOU, stating when payment will be made. The trust is built not between individuals but through banks or commercial guilds. For merchants, using promissory notes allows them to continue doing large-scale business without carrying around large sums of cash, which is a huge advantage.

However, not just anyone can engage in promissory note transactions. In modern Japan, banks would evaluate someone's financial situation before allowing such transactions. In this world, guilds play a similar role. Essentially, it's a form of third-party verification of trust.

"So, if I were to receive the goods, I would need some time to convert them into cash."

"Is it difficult for individuals to use promissory notes?"

"No, issuing them isn't particularly difficult. The issue is that cashing them in might take time and effort for someone like Wataru-sama."

"I suppose that's just the way it is."

For Wataru, the standard way to cash in a promissory note would be to take it to the commercial guild that the Welcome Trading Company belongs to. However, this can only be done on or after the specified date, and advance payment is generally not possible. So, from the perspective of the Welcome Trading Company, it’s essentially a request to wait a bit longer for the promised payment.

If Wataru needed the money urgently before the due date, he could use what’s called 'discounting the promissory note.' This involves handing it over to a guild or money exchange company in exchange for cash immediately. The guild would then take on the risk of collecting the payment, but a fee would be deducted from the payment to Wataru.

Unless Wataru suddenly needed a large sum of money or if he learned that the Welcome Trading Company was facing financial difficulties, there wouldn’t be much reason to cash in the note early.

If the company couldn’t prepare the promised money by the due date, it would result in a 'default,' severely damaging the guild’s trust in the company. This could lead to loans being denied or withdrawn, with serious consequences for future business. Therefore, in this case, it’s highly likely that the promissory note would be successfully cashed.

"Are you considering joining a guild, Wataru-sama? If necessary, I could put in a good word for you."

"I’m not thinking about it just yet. While the benefits, like increased trust, seem significant, I’d like to enjoy my freedom a little longer."

"I see... In that case, for this initial transaction, would it be possible to pay with what you can manage now, and for future transactions, continue to pay as much in cash as possible, while requesting some patience for the remaining balance?"

William looked at Wataru with a determined expression, awaiting his decision.