Li Zhi's New Project

The battle in the camp ended quickly. Under the bright glare of the fires, the corpses of the Tuyuhun soldiers were clearly visible. Su Lie was leading his men to gather the enemy bodies and cast them into the funeral pyres. The failure of the surprise attack had forced them to adjust their entire plan. The original intention of pursuing the enemy to locate their next stronghold had to be abandoned in favor of a slower, more methodical search.

They kept some of the enemy’s clothing to ward off the biting cold of the plateau and slaughtered some of the cattle and sheep for sustenance. Since they were not far from Liangzhou, Su Lie dispatched men to inform the city so that authorities could be sent to retrieve the remaining horses and livestock. While waiting for reinforcements from Liangzhou, they used the time to process their food supply, which would save them a great deal of time on the road ahead. With plenty of warhorses now available to transport food and water, they had ample resources to track down their next target.

Murong Qing and Murong Yunhai had fled a great distance with the remnants of their army. When they finally calmed down enough to take a headcount, they discovered that fewer than four thousand men had followed them. The two looked at each other with grief and indignation, their expressions turning hollow and despondent. In just a few days, they had lost over ten thousand troops. They dared not imagine the punishment that awaited them upon their return. Most tragically, they were now devoid of food and lacked the courage to turn back and fight the Tang army to the death. With no other choice, they desperately pushed their men toward the nearest Tuyuhun stronghold, hoping that reaching it would provide a chance at survival.

As the hostilities against the Tuyuhun came to a temporary pause, Li Zhi’s proposal had just been approved. He approached Li Shimin once again, suggesting that they invest together in a fleet of merchant ships specifically for maritime transport. These ships would be the private property of the father and son, and like all other merchant vessels, they would be subject to imperial taxation. Li Shimin hesitated at the suggestion. He asked Li Zhi, "Zhinu, can maritime trade really be as profitable as you claim?"

Li Zhi replied, "Father, please rest assured. Have I ever lost money on a venture?"

Li Shimin countered, "Since the imperial court has already decided to develop maritime trade, won't many merchants participate? By then..."

Li Zhi understood that his father was worried about excessive competition and the possibility that their ships would have no business. He explained, "Father, consider this: the cost of building a large seagoing vessel is substantial. How many merchants can afford such an enormous expense?"

Li Shimin persisted, "Even if they cannot build one independently, they could surely pool their resources to build them together, could they not?"

Li Zhi shook his head. "Father, that is where you are mistaken. Even if those merchants could join forces, they would never risk investing such a massive amount of capital."

Li Shimin asked skeptically, "Why is that? According to you, isn't maritime trade highly profitable?"

Li Zhi answered, "Maritime trade is indeed profitable, but before seeing actual returns, how many would dare stake their entire livelihood on a single ship?"

Li Shimin nodded, unable to help himself. He reflected on his own reservations and realized that his mindset was no different from theirs. His resolve began to waver. However, he habitually asked, "According to your plan, how many ships are to be built? And what will the cost be?"

Li Zhi said, "If we are to do this, we must do it on a grand scale. I intend to build ten ships initially, at a cost of approximately one million strings of cash."

Li Zhi’s words nearly caused Li Shimin to slide right off his dragon throne. He asked in astonishment, "One million strings of cash for ten ships? How large do you intend to build them?"

Li Zhi replied, "Since you and I are involved, we cannot be stingy. I plan to build ten large ships, each with a capacity of over two thousand *liao*. This would allow us to capture about eighty percent of the shipping volume."

After Li Zhi finished speaking, Li Shimin’s hands began to tremble. A two-thousand *liao* vessel was the largest type currently capable of being built in the Great Tang. There were only two such ships in the entire empire, built merely as a display of grandeur, and they were rarely moved throughout the year. Now, Li Zhi wanted to build ten at once. How long would it take to recoup such a massive investment? Even Zhang Anan, who had been standing to the side, felt his knees go weak at the answer. Before maritime trade had even officially begun, Li Zhi was willing to sink a million strings of cash into it; was he not afraid of losing everything?

Li Zhi, completely oblivious to the shock of the two men, continued to count on his fingers as he analyzed the market for Li Shimin. The Tang fleet could set sail from Guangzhou and follow multiple routes. Two of these routes could reach Silla and Fusang, while others could reach the Harsha Empire, Chenla, Pyu, Srivijaya, and various other neighboring states. They could even travel as far as Persia, the Arab lands, and Egypt. These countries had an abundance of goods to trade with the Tang, or at the very least, could exchange them for vast amounts of gold, silver, and jewels.

Li Zhi chattered on incessantly, while Li Shimin listened with a conflicted expression. He was being swayed by Li Zhi’s words, but the critical problem was that he had no money left in his own coffers. The dividends he had received from Li Zhi before the New Year had been spent with uncharacteristic extravagance on Li Yuan and the ladies of the imperial harem. Having just mended his relationship with his father, Li Yuan, following the conquest of the Eastern Turks, Li Shimin had seized the chance to show his filial piety. He had hoped that the dividends from Li Zhi would make his life easier, but it seemed he was about to miss out on a new opportunity to make money.

Zhang Anan, observing Li Shimin’s conflicted expression from the side, couldn't help but want to laugh. He knew that he would likely have to step in and ask for some shares on Li Shimin’s behalf. Sure enough, it wasn’t long before Li Shimin interrupted Li Zhi.

"Well... Zhinu!" he said. "It is not that your father opposes your plan, but since maritime trade is just beginning, shouldn't we be a bit more prudent and build two ships first to test the market?"

Li Zhi rejected this immediately. "Father, we must not hesitate. Once maritime trade opens, a multitude of merchants will certainly discover the potential." Li Zhi clenched his right hand into a fist, displaying a look of absolute determination. "You and I must capture the largest share before other merchants enter the market. Only then can we reap the full dividends that maritime trade will bring."

Seeing Li Zhi’s firm attitude, Li Shimin immediately turned his gaze, filled with conflict, toward Zhang Anan, who stood waiting to the side.