Chapter 23: Coastal Defense (Part 1)

The coastal defense city.
This port built by French colonists has now become the most important economic city in all of North Vietnam.
It generates 300,000 taels of silver in customs revenue each year, a figure that continues to rise. The port is extremely busy; at any time, merchant ships can be seen maneuvering skillfully under the guidance of French pilots.
Although there is no official authorization, people are always waiting at the docks for merchant ships. The arrival of each cargo ship affects prices throughout Vietnam.
European gentlemen in suits, Vietnamese officials in Hanfu, Vietnamese small merchants in white shirts, and employees of China’s China Merchants Steam Navigation Company all gather here, their eyes fixed on the blue sea.
Any lapse could result in the loss of substantial profits or even ruin families.
From time to time, people ask, “Is there rice?”
“I want a shipment of paddy.”
“I need some salt.”
“Who has cinnamon to sell? I’ll pay seven percent more.”
They need more than just food or salt; every merchant wants to buy whatever goods they can see.
For them, Li Yangcai’s rebellion represents the best business opportunity.
Vietnam is a very important rice exporter in Asia, and its other local products also have strong market demand.
Li Yangcai’s rebellion will inevitably lead to a sharp reduction in rice and other products, rising prices, and a depreciation of the currency—things that are already expected. They are bringing cash to buy up any desirable goods they can find.
In fact, their estimates are spot on. Historically, Li Yangcai’s rebellion in 1878 directly led to a major famine in Vietnam in 1879.
“The Chinese army has recaptured Qu Lu and defeated Li Yangcai’s forces at the gates of Qiongshan City!”
The news from yesterday caused great anxiety among those who had accumulated large amounts of goods. But today’s latest news made them rejoice: “Li Yangcai has once again defeated the Vietnamese army and entered a city in the Province of Yue. This is another heavy blow to the Vietnamese army!”
Soon after, Vietnamese officials also acknowledged this news, stating that it was merely a minor setback, as Li Yangcai had only 7,000 men under his command.
But everyone realized that while the Chinese army might achieve small victories against Li Yangcai, the war could not end in the short term. Everyone rushed to the docks; some even brought boxes full of Mexican silver coins, ready to buy up any valuable goods they saw.
But to their disappointment, due to this military operation, few ships were coming down the Red River. Clearly, the Vietnamese authorities had seized many ships, and those that arrived brought only miscellaneous goods.
“If only there were a shipload of rice!”
“I hope it’s a shipload of salt!”
“Hey, a ship is coming.”
A small dot appeared where the sky met the water and gradually drew closer, increasing everyone’s anticipation.
What kind of goods? It was a large ship with deep draft. Everyone whispered to each other.
A few European gentlemen in suits lost all restraint and rushed onto the dock. While using binoculars to observe the distance, they asked, “Is the money ready? Bring more cash.”

In the Far East, the top-tier merchants were all engaged in business with China and Japan, while those considered second-tier had limited cash on hand. What’s more troublesome is that in Shanghai or Yokohama, there were several large banks that could conduct procurement in mainland China with the support of banking institutions, but in the war-torn country of Vietnam, the only means of transaction was almost always cash. Although Haiphong had a branch of the French Bank of the Orient due to the French presence, its managers were known for being strict, typically only extending loans and handling remittances to capable Frenchmen. These gentlemen eager to seize an advantage knew that taking the lead at this moment could elevate their businesses significantly. Time moved slowly as the large ship gradually approached. Once it docked, everyone, regardless of race or age, rushed over immediately. Fat Deng Cunyu appeared on the ship’s side before the gangplank was even lowered, shouting, “I need two steamships, at 10% above regular price, paid in Eagle Dollars, with 40% as a deposit.” With no goods to transport, many merchant ships were planning to head to southern routes, but upon hearing such favorable terms, several shipowners wanted to leap across the water to embrace Deng Cunyu. “What goods do you need, boss?” “How much?” “Boss Deng, boss Deng, what if I take care of this shipment?” “Boss Deng, we’ve known each other for a long time—please give me a favor.” As soon as the gangplank was lowered, Deng Cunyu was surrounded by the crowd, with offers of favorable terms echoing everywhere: “I’ve already prepared the money—real Mexican silver coins!” “I’m from the Qing Dynasty’s Merchants’ Association; we can settle in Guanping silver.” “I’m from Japan’s Mitsui Trading Company; we can settle directly.” “I have drafts from the French Bank of the Orient.” They didn’t even ask what goods were on the ship before making numerous promises. Deng Cunyu remained calm: “My ship is full of rice!” Rice! During a war, nothing was more in demand than food. “What do you need?” Deng Cunyu was almost pushed off the gangplank by the crowd, but fortunately, he stayed clear-headed. His first task upon arriving in Haiphong was to find a way to smuggle the 20 breech-loading rifles and tens of thousands of bullets that Liu Yu had requested. Additionally, for business reasons, he needed two steam cargo ships. Although sailboats were cheaper, the route from Haiyang to Haiphong clearly favored steamships, which were faster, took less time, and had a greater carrying capacity—making them Deng Cunyu’s best choice. So he pushed his way through the crowd and went straight to the dock: “Gentlemen, wait! I need to check the market conditions first.” He rented a small shop and warehouse in Haiphong. As soon as he entered the warehouse, he asked, “Is the goods I need ready?” The employee lowered his voice and said, “Boss, everything’s ready, and…”