[EDWARD’S POV]
July 4, 1338
As the resonating footstep drew nearer, I lifted my gaze from the parchment, already anticipating the impending visitor. The door swung open just as I registered the approach.
"Your request has been approved, milord," Osbert announced, a tinge of concern etched on his weathered face. "But are you certain about this decision?"
"Absolutely, Osbert. No doubt about it," I reassured the old man, a faint smile curving my lips.
"And how long until the construction is finished?" I inquired further.
"About a week, give or take. The pace of construction is quite unprecedented. Hard to imagine such a structure coming together in such a short span," Osbert replied, a sense of contentment coloring his features.
Acknowledging the update, I nodded as Osbert took his leave. The royal approval had finally arrived from London, and currently, I found myself in Norwich, seated in my study, poring over the financial statements of the past month. It had been a couple of month since my return from Yarmouth, where fortification was partially done beforehand, especially in the areas adjoining the land. My intervention focused on reinforcing the walls along the seaside, fortifying our defenses comprehensively. Adequate fleet deployment accompanied by seasoned naval officers and enlistees had been arranged, detailed training regimes outlined, and security protocols documented in a comprehensive manual distributed among the influential merchants governing a majority of the fleet.
Observing the power wielded by wealth during my stay in London and Yarmouth, I couldn't overlook the adage that a wealthless noble is indeed a worthless one. And among the wealthiest figures loomed the Italian merchant princes, with the Datini Family reigning supreme, reportedly amassing wealth exceeding a couple of million pounds—an astonishing tenfold of my own amassed fortune and I freaking derived it from cement production!
However, a striking commonality among these Italian merchant houses persisted: banks! This revelation spurred my decision to establish a prominent bank, strategically located hundreds of miles away from those God-forsaken sunburnt lands of Italy. To ensure its prominence, I orchestrated its construction on a grand scale, both in size and significance. I embarked on the creation of a village near Norwich to accommodate this colossal bank, the structure itself sprawling across a sprawling two-acre expanse, while the encompassing village spanned an additional seven acres.
Come month's end, I planned to unveil this grand establishment to the public—a monumental event that I was certain would make headlines far and wide.
I had already committed £55,000 to this ambitious project, and I estimated the grand total would hover around £90,000 by completion. The endeavor involved a substantial labor force, with thousands of workers tirelessly contributing to its realization. The stockpile of cement, accumulated over the past year, finally found purpose in the ongoing construction. To safeguard against potential sabotage, I stationed a formidable force of a few hundred soldiers around the perimeter of the village, ensuring the uninterrupted progress of the endeavor.
Careful provisions were made for the laborers, providing them with accommodation, meals, and clothing—all within the confines of the village. A directive was in place, compelling them to remain within the village until the construction reached its conclusion. While their needs were adequately met, I also ensured that their remuneration was substantial enough to incentivize their continued commitment, although the ample provisions alone were sufficient to retain their presence.
The undertaking involved the construction of the main branch of the bank, destined to be an imposing structure in its own right. Simultaneously, plans were underway for multiple branches across the nation. While these branches wouldn't match the grandeur of the main establishment, they were designed to captivate attention. However, I am pretty sure that the scarcity of banks in the kingdom made any such establishment noteworthy, amplifying the potential for widespread attention and interest.
—---------------
July 10, 1338
Today marks the culmination of this monumental endeavor, as the final brick was ceremoniously placed. Standing before this imposing structure, I marveled at its grandeur—a domed edifice adorned with intricately designed, colored windows spaced at regular intervals. It stood as a testament to ambition realized, an architectural marvel that commanded attention and reverence.
However, the awe-inspiring magnificence of the structure was accompanied by an equally staggering realization of its cost. My initial estimate of £90,000 paled in comparison to the actual expenditure incurred. The final tally, encompassing everything from labor wages to the procurement of materials, reached an astonishing £125,000. This overwhelming disparity between projection and reality left me reeling with disbelief.
Deciding against divulging the actual expenditure to my father, I forwarded only half the financial statement for his perusal. Even this truncated figure, exceeding £60,000, elicited a stern rebuke from him through his letters. Fearing the consequences of him discovering the true extent of the expenditure, I found myself trembling at the prospect of his reaction upon learning the actual cost.
"Osbert," I exclaimed with a surge of excitement, "dispatch messengers far and wide across the kingdom. Inform all the merchants and lords that the grand inauguration of the 'Bank of Britannia' will coincide with St. James’ Day. I intend to extend invitations to everyone for this momentous occasion, right here in my domain."
Osbert, nodding in earnest acknowledgment of my directive, swiftly pledged, "It shall be done as you command, milord." With a respectful bow, he swiftly hastened toward the city, tasked with organizing and dispatching a contingent of messengers to various corners of England.
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The anticipation for the inauguration of this prestigious financial institution surged within me. The forthcoming event not only symbolized the realization of a visionary endeavor but also held the promise of attracting the attention and attendance of esteemed figures from across the realm. With the messengers conveying invitations far and wide, the stage was set for a momentous gathering that would mark a significant milestone in the financial landscape of England.
Stepping into the expansive interior of the bank, a sense of eager anticipation enveloped me. The vast expanse of empty space, though currently void of activity, stirred within me a potent anticipation for the bustling future that awaited this prestigious establishment. Immediately sensing the need to kickstart operations, I swiftly issued instructions to my steward to disseminate a recruitment notice across every barony within Norfolk.
Recognizing the significance of a strong workforce, I dispatched Zephyr to London, tasking him with delivering a similar recruitment notice to my father for widespread posting. The notices bore detailed information regarding the available positions and the generous compensation offered—an incentive that exceeded the imagination of prospective employees. The compensation package promised even the wages of a fourth-class worker, to surpass that of a cavalry soldier during wartime, a lucrative offer unparalleled in other regions of the kingdom.
The intent behind these postings was clear—to attract and assemble a workforce unparalleled in skill and dedication, ensuring the Bank of Britannia would operate with utmost efficiency and competence from its very inception.
—--------------
July 25, 1338
"Father couldn’t come, could he?" Margaret inquired, her smile carrying a tinge of sorrow. Among us siblings, she shared a particularly close bond with our father. Ever since our mother’s passing, he had valiantly endeavored to fill both parental roles. His remarriage was an attempt to ensure we had a maternal presence in our lives.
"No, unfortunately, he couldn't make it. His letter mentioned urgent drills he had to oversee in the coastal villages of Wessex. But he made certain to send funds to invest in our bank," I replied, offering a gentle smile to alleviate Marg's disappointment.
Her response was a small, grateful smile, acknowledging the effort our father had made despite his absence. I felt a sense of readiness wash over me. Rising from my chair positioned at the forefront, adjacent to the makeshift stage, I ascended the raised platform, preparing to address the audience.
With a composed demeanor, I began my speech:
Lords and Ladies, esteemed merchants, and honorable guests,
Gathered in the presence of this resplendent day, I am humbled and honored to stand before you as we witness the birth of a new cornerstone in the annals of our Kingdom. Today, on this auspicious occasion, we herald the inauguration of a venture that transcends the mere passage of time—a testament to our relentless pursuit of progress and prosperity.
Behold, 'The Bank of Britannia'—an institution carved from the dreams and endeavors of many, yet rooted in the soil of my aspirations and our collective vision. In this year of our Lord, 1338, we bring forth an establishment steeped in tradition yet brimming with innovation—a bastion of financial integrity and unwavering trust.
This citadel of fiscal fortitude shall not be confined within the walls of a single realm, nor shall it cater solely to the affluent or the elite. Nay, it shall stand as a beacon of hope, extending its reach to the common folk, the enterprising merchants, the valiant knights, and the learned scholars alike.
The establishment of this bank is more than just the culmination of my aspirations—it is a commitment to our collective future, a future where the wheels of commerce turn freely, where opportunities abound for every soul who dares to dream and endeavor.
Here, within these hallowed halls, reside the pillars of stability and growth—a repository of wealth, a guardian of assets, a facilitator of endeavors. The Bank of Britannia shall be a harbinger of prosperity, providing the means for trade to flourish, investments to germinate, and aspirations to take flight.
Let it be known that this endeavor is not solely mine but ours—a testament to our collective vision, determination, and unwavering resolve. Together, let us sow the seeds of prosperity, nurture the aspirations of many, and forge a path towards a future brimming with possibilities.
As we embark upon this journey together, I extend my hand in gratitude to all who have supported, envisioned, and believed in this venture. May the Bank of Britannia stand tall as a bastion of trust, integrity, and prosperity for generations to come.
Thank you, and may the winds of fortune favor us all!”
Amidst the resounding applause echoing throughout the assembly, even reaching the ears of the vigilant security stationed outside, a palpable sense of anticipation filled the air. As the fervor of the crowd gradually subsided, I graciously extended an invitation for any queries the attendees might have, directing them to approach the bank employees in a brief interval of five minutes.
In a flurry of activity, attendants swiftly arranged several small, round tables along the periphery of the gathering. Each table, adorned with a pair of chairs, stood as an open invitation for discussions and inquiries regarding the newly established banking system.
Following the proceedings, I took my leave from the establishment, recognizing the necessity for rest after a demanding day. Meanwhile, I observed a number of fellow noblemen electing to stay behind, driven by a desire to comprehensively understand the intricacies of this novel banking system. A few among them might even choose to invest promptly, although those decisions might be somewhat influenced by the revelries of the evening. However, the true influx of substantial capital was anticipated to materialize within the upcoming week.
I am pretty sure that over the following days, individuals would venture forth to gather their assets, returning to the bank ready to engage in lucrative transactions. Their return would herald a significant flow of wealth into the bank's coffers, exchanged at reasonable interest rates. This strategic maneuver aimed to solidify the Bank of Britannia's standing as the paramount financial institution in this realm, marking the dawn of a transformative era in our economic landscape.
To fortify the bank's structure, I enacted several policies akin to those seen in contemporary banking systems. The interest rate for personal loans was set at a modest 10% per annum, a rate that, within the local context, wouldn't appear exorbitant to the nobility. Given the absence of competitors in this burgeoning sector of this part of the world unlike Italy, there were no other establishments for comparison.
Furthermore, a diverse array of loans was made available to cater to varying needs, ranging from pilgrimage loans to personal loans. These offerings were meticulously crafted to meet the unique demands of our clientele, positioning the Bank of Britannia as a versatile and indispensable financial ally in the lives of the noble class.