The Vienna card volume trading market, established in 1771, this age was Eastern European biggest stock transaction center, collected the investors across Europe. 维也纳证卷交易市场,建立于1771年,这个年代是东欧最大的股票交易中心,汇集了来自欧洲各地的投资商。 Morning of June 11 , 1850 6 o'clock, the Vienna card volume trading market, at this time is the sea of people. 1850年6月11日早上六点钟,维也纳证卷交易市场,这个时候已经是人山人海了。 Can make the investors come early lining up, naturally had the big event. Austria benefits biggest Railway company Austria benefits the federal railway operation group, today here goes on the market. 能够让股民们早早过来排队的,自然是发生了大事件。奥地利最大的铁路公司-奥地利联邦铁路运营集团,今天在这里上市了。 Underwent such a long time fermentation, the railroad stock concept is fried hotly, almost all people think that this morning sun industry, can bring the large return to them. 经过了这么长时间的酝酿,铁路股的概念早就被炒热了,几乎所有人都认为这个朝阳行业,能够给他们带来丰厚的回报。 The middle-aged man who wears the magnificent dress got down the carriage, looks the crowd that lining up cursed: „Damn, today how so many people, are hurrying to Gehscheien!”( Eats excrement) 一名身着华服的中年男子下了马车,看着排队的人群咒骂道:“该死,今天怎么这么多人,难道是赶着去Gehscheien！”(吃屎么) His action caused glaring angrily at each other of people quickly, maintained the young police of order to walk, discontented saying: „Mister, please note the quality, here is the upscale place, forbids to use the bad language.” 他的举动很快就引起了人们的怒目相视,维持秩序的青年警察走了过来,不满的说道:“先生,请注意素质,这里是高档场所,禁止使用脏话。” magnificent dress man little darling shut up, he knows , if continuing, the charge that perhaps disrupts the public places public security got down. 华服男子乖乖的闭嘴了,他知道如果在继续下去,没准一个扰乱公共场所治安的罪名就下来了。 Ordinary time indifferent, at the worst in the police station walks, scolded several bad languages, was not any big crime, paid a fine to finish up. 平常的时候无所谓,大不了警察局里面走一趟,骂几句脏话而已,根本就算不上什么大罪,交一笔罚款就完事了。 But is not good today, hitting the new stock is always the investor gates most loves, let alone potential infinite railroad stock, if missed today, wanted to buy again is not a price. 可是今天不行,打新股向来都是股民门的最爱,何况还是潜力无穷的铁路股,要是错过了今天,再想要买就不在是一个价位了。 Looks at his response, young police satisfied departure. 看他的反应,青年警察满意的离开了。 Will not be what great person who comes to here to line up, the true great people directly entered the distinguished guest trading room in building. 来这里排队的都不会是什么大人物,真正的大人物都直接进入楼上的贵宾交易室了。 Vienna most does not lack is the powerful official, do not think these common young police officers, perhaps is some aristocrat family's collateral branch. 维也纳最不缺的就是权贵,不要看这些不起眼的小警员,没准就是某个贵族家族的旁支。 This point actually looked the makings understood, the nouveau riche and aristocrat stand is incompatible, can separate out. 这一点其实看气质就明白了,暴发户和贵族站在一起都是格格不入,一眼都可以区分开来。 Time one minute/share one second of past, the gate of eight o'clock exchange hall opened on time, although everyone worries very much, does not have anxiously flooding into. 时间一分一秒的过去,八点钟交易大厅的门准时打开了,尽管大家很着急,却没有急着涌入。 Here the custom is very important, having a look at front to stand row of police, everyone has not wanted to go to the police station to drink tea. If therefore missed the trading hours, that only then cried. 在这里规矩很重要,看看前面站成一排的警察,大家还不想被请去警察局喝茶。要是因此错过了交易时间,那就只有哭了。 This age does not have the Internet, without electronic console, even the electricity has not passed, all transactions depend are completely conducted artificially. 这个年代没有互联网,没有电子显示器,甚至连电都没有通,所有的交易全部都靠人工进行。 Big blackboards, the staff write the data above. The investors look at the above data, decided whether must go to the dealer to locate the registration transaction. 一个个大黑板,工作人员们在上面书写着数据。股民们就看着上面的数据,决定是否要去交易员处登记交易。 At this time, administrators in stock exchange walked, exclaimed loudly: „ Austria benefitted the federal railway operation group to go on the market in the Vienna card volume trading market today, the company total estimate value was: 100 million shield. 这个时候,一名股票交易所的管理人员走了出来,高声吼道:“奥地利联邦铁路运营集团今天在维也纳证卷交易市场上市了,公司总估值为:1亿盾。 Altogether distributes 3 million outward, accounts for 30% of total capital stock, each wholesale price is ten shield, the plan foreign collecting fund 30 million shield, welcome to be interested in the friend comes at once to rush to purchase. ” 一共对外发行三百万股,占总股本的百分之三十,每股发行价为十盾,计划对外募集资金三千万盾,欢迎感兴趣们的朋友速来抢购。” His finishing speaking, has the staff to repeat in the crowd, as far as possible allows everyone to understand this information. 他的话音刚落,紧接着又有工作人员在人群中重复,尽可能的让每一个人都了解这个信息。 Without means that this age communication by roar, if the voice is not very big, but also really could not have this bowl of food. 没有办法,这个年代通讯就是靠吼,要是嗓门不够大,还真吃不了这碗饭。 ...... …… The transaction had started, although said that distributes 3 million outward, but proves the volume exchange circulation surely does not have so many, the bank and card volume company subscribed part ahead of time. 交易已经开始了,虽然说对外发行三百万股,可是证卷交易所流通的肯定没有那么多股,银行、证卷公司都提前认购了一部分。 This is also jacks the stock price the most common way, if the circulation is too big, the saturation of the market, the high-quality stock also still met the bloody collapse even. 这也是抬升股价的最常见方式,要是流通量太大,市场饱和了,就算是优质股同样也会血崩。 The person of attention stock price are many, this relates to everyone's investment, Austria benefits the stock price of federal railway operation group, will decide everyone's income directly. 关注股价的人很多,这关系到大家的投资,奥地利联邦铁路运营集团的股价,将直接决定大家的收益。 Franz also takes seriously this listing, if the federal railway stock soars, then Austria benefitted the following big railroad construction not to need to worry, can solve the unmet need by the capital market. 就连弗朗茨也非常重视这次上市,如果联邦铁路股票一飞冲天,那么奥地利接下来大铁路建设就不用愁了,靠资本市场就可以解决资金缺口。 So long as cultivated/repaired the railroad, the benefit quality of railway company, are not related with Franz. 只要把铁路都修起来了,铁路公司的效益好坏,就和弗朗茨没有关系了。 Can't operate? Doesn't matter, the Austria Libyan government did not mind that revealed takes over a business. 经营不下去？没有关系,奥地利政府不介意兜底接盘的。 At the worst when the time comes releases a law, the railway company is unable to safeguard the normal operation, on nationalization. Railroad that does not make money in any case, is the scrap iron price buy-back. 大不了到时候出台一条法令,铁路公司无法保障正常运营的,就收归国有。反正不赚钱的铁路,也就是废铁价回购。 On this issue, the government and standard of enterprise judgment value is completely different. 在这个问题上,政府和企业判断价值的标准是完全不一样的。 To the government, the railroad can not make money, so long as the convenient transportation can drive the development of other industries, the tax money of these industry turning in are also the profit. 对政府来说,铁路可以不赚钱,只要便捷的交通会带动其它行业的发展,这些行业上缴的税款同样属于利润。 politics, military and other incomes, must be calculated similarly. Why this also arrives in a complete mess that later generation many track lines owed, all governments will still allocate funds to maintain the normal operation of railroad. 还有政治、军事等方面的收益,同样要被计算在内。这也是为什么到了后世很多铁路线亏的一塌糊涂,各国政府依然会拨款维持铁路的正常运营。 At dusk, Schonbrunn Palace 傍晚时分,美泉宫 „Your majesty, closes by this afternoon, Austria benefits the federal railway operation group stock price to grow 56%, the closing price is 15.6 rupiah per share.” John Steva excited saying of “陛下,截止到今天下午收盘,奥地利联邦铁路运营集团股价增长百分之五十六,收盘价为每股15.6盾。”约翰-施特瓦激动的说道 Without a doubt, stock market making money business, benefits the influence biggest Royal Bank as Austria, how possibly to meddle? 毫无疑问,股市这种赚钱的买卖,作为奥地利影响力最大的皇家银行,怎么可能不插手呢？ For example the federal railway goes on the market, other first did not say, the light distributes the handling charge of stock is hundreds of thousands of shield, although this bulk bargain is everyone is doing jointly, divides is not a small number. 比如说联邦铁路上市,别的先不说,光发行股票的手续费都是数十万盾,尽管这种大买卖是大家联手在做,分到手的也不是一笔小数字。 Naturally, the handling charge is only a small income, the true profit big end is the banker, the stock market management system of this age was imperfect, leaves the operation leeway of banker to be bigger. 当然,手续费只是一笔小收入,真正的利润大头在于做庄家,这个年代的股市管理体系不完善,留给庄家的操作余地就更大了。 The traditional business had been carved up in the tray of money market, in the normal condition everyone will not cross the border rashly, otherwise you sweep my tray today, tomorrow I will wreck your event, no one must want money-making well. 传统行业在金融市场的盘子早就被瓜分一空了,正常情况下大家是不会冒然越界的,不然今天你扫了我的盘子,明天我又砸了你的场子,谁都不要想好好的赚钱。 The emergent industry was different, now claims markets by making preemptive investments, Royal Bank that even if the financial large quantity facing kills suddenly is still helpless. 新兴产业就不同了,现在正是跑马圈地的时候,就算是金融大额面对突然杀进来的皇家银行也无能为力。 Steva also mixes in the financial circle, knows that this so-called custom, in fact first looks at the backstage, then looks at the capital, finally looks at the ability. 施特瓦也是在金融圈混的,知道这个所谓的规矩,实际上是先看后台,再看资本,最后看能耐。 The capital of Royal Bank surely does not have the means and peer compares, deals ability Ding not to do the old bird newly, after is being able to support, Taiwan University? 皇家银行的资本肯定是没有办法和同行比的,操盘能力只是新丁也干不过老鸟,可是架不住后台大啊？ Such being the case, then everyone can only cooperate. 既然如此,那么大家就只能合作了。 As first dealing, met the stock price to jump without doubt is a good good luck, Steva nature was excited. 作为第一次操盘,就遇到了股价飙涨无疑是一个好彩头,施特瓦自然兴奋了。 Franz cracks a joke saying: „Good that you make, it seems like the year-end bonus has the whereabouts this year.” 弗朗茨开玩笑说道:“你们做的不错,看来今年你们的年终奖有着落了。” Once the management system is established, cannot toss about carelessly, pays out the bonus like that taking for granted casualness, is not possible Franz here. 管理体系一旦建立,就不能够胡乱折腾,像那种想当然的随便发奖金,在弗朗茨这里是不可能出现的。 Since designed the rules and regulations, that must manage according to the stipulation. What performance made, with many returns. 既然制定了规章制度,那就必须要按照规定来办。做出了什么样的业绩,就拿多少回报。 Overissuing in the bonus short-term everyone was happy, but the time grew will find that the destruction custom was easy, established the custom to be difficult. 滥发奖金短期内大家是高兴了,可是时间长了就会发现破坏规矩容易,重新建立规矩难。 It is not all projects same makes money, some projects are careworn strenuous, in a short time could not have seen the return, but also needs some people to do? 不是所有的项目都一样赚钱,有些项目是劳神费力,短期内还看不到回报,可是也需要有人做啊？ The boss went bad the custom, to the management bringing trouble, is without doubt huge, some absolutely did not have the means to make up. 老板坏了规矩,给管理层带来的麻烦,无疑是巨大的,有的还根本就没有办法弥补。 ...... …… The railroad stock rises suddenly, has the relations with the global economy. Since 1847 the British economy erupted, after detonating in 1848 European Great Revolution, the world economy presented declines in the varying degrees. 铁路股票暴涨,和全球经济有关系。自从1847年英国经济爆发,引爆1848年欧洲大革命后,世界经济都出现了不同程度上的衰退。 By 1850, the world economy had walked from the crisis, starts the periodic growth, but economic growth rate that Austria benefits also above world economy growth. 到了1850年,世界经济已经从危机当中走出来了,开始周期性增长,而奥地利的经济增长速度还在世界经济增长速度之上。 The big railroad project that the Austria Libyan government launches, attracted the capital across Europe, flooding into of a large amount of hot money naturally created sudden rise of stock price. 奥地利政府启动的大铁路计划,吸引了来自欧洲各地的资本,大量热钱的涌入自然造成了股价的暴涨。 Always all comes are welcome regarding these capital Franz, money does not have the crime, who managing his master is? 对于这些资本弗朗茨向来都是来者不拒,钱是没有罪的,管他主人是谁呢？ Some people purchase the stock of railway company from the shareholder hand, he pretends not to see, so long as pays taxes to the government, these are the legal acts. 就连有人从股东手中收购铁路公司的股票,他都假装没有看见,只要向政府交了税,这些都是合法行为。 This age Austria Libyan government may not have the idea of repel external capital, at the critical moment of industrialization, just needs massive capital. 这个年代奥地利政府可没有排斥外来资本的想法,在工业化的关键时刻,正需要大量的资本。 The light using the capital of native place, who knows that completed the industrialization to that year? Can use the external capital to speed up this progress, Franz is not possible to reject. 光利用本土的资本,谁知道完成工业化到那年去了？能够利用外来资本加快这个进度,弗朗茨是不可能拒绝的。 So long as thinks that the English invests the US railroad construction, cultivated/repaired more than 30,000 kilometers from 1848 to 1858, finally naturally is in a complete mess that compensates. 只要想想英国人投资美国铁路建设,从1848年到1858年就修了三万多公里,最后自然是赔的一塌糊涂。 Must know that this age, 2/3 that American eloquence Austria benefits, vast territory with a sparse population to making one collapses, from the investment study perspective, the railroad that Austria benefits obviously has the economic value. 要知道这个年代,美国人口才奥地利的三分之二,地广人稀到令人崩溃,从投资学角度上来说,奥地利的铁路明显更有经济价值。 Can diverge part of funds to come, did not make one be surprised, but Franz underestimated the overcapitalization degree of English. 能够分流一部分资金过来,并不令人感到意外,只不过弗朗茨还是低估了英国人的资本过剩程度。 As completes the industrialization country earliest, the English use the difference, made massive profits from the entire world this time, these profits transform for the cash flood into Britain. 作为最早完成工业化的国家,英国人利用这个时间差,从全世界赚取了大量的利润,这些利润又转化为了现金涌入英国。 Money are many always to use, the colony expansion of English was also in progress, regional rebellion sometimes happened, the risk of investment colony was too big. 钱多了总是要用出去的,偏偏英国人的殖民地扩张还在进行中,各地的叛乱时有发生,投资殖民地的风险太大。 These money search for the market in the entire world, the big railroad project that under this situation, the Austria Libyan government launches, brought to their attention. 这些钱就在全世界寻找市场,在这种背景下,奥地利政府推出的大铁路计划,就引起了他们的注意。 So long as analyzes slightly, will discover the population density that Austria benefits is bigger than ten times the US, since the Austria Libyan government completes the reform, the domestic rate of economic development takes on the speedway. 只要稍稍分析一下,就会发现奥地利的人口密度比美国大十倍,自从奥地利政府完成改革后,国内的经济发展速度就走上快车道。 Including in ocean another side US, the British capitalists has not let off, nearly benefits in Austria of Europe, naturally did not allow to let off. 连远在大洋另一边的美国,英国资本家们都没有放过,近在欧洲的奥地利,自然不容放过了。 A large amount of hot money flood into, these money also not only flowed to the railroad industry. The venture in agroindustry and manufacturing industry of government support received the good reception of capital. 大量的热钱涌入,这些钱也不仅仅只是流向了铁路业。政府扶持的农产品加工业、制造业都受到了资本的热捧。 By 1850 the second half of the year, Austria benefitted the economy to present a growth of explosive, almost various trades and occupations are growing barbarically. 到了1850年的下半年,奥地利经济就呈现出了一种爆发式的增长,几乎各行各业都在野蛮增长。 This age, the government rarely directly meddles the market, everyone did not have this consciousness. 这个年代,政府是很少直接插手市场的,大家还没有这个意识。 Franz knows that such economic development is unhealthy, if not limit, could not want several years of Austria to benefit must because of the overcapacity, caused the economic crisis. 弗朗茨知道这样的经济发展是非常不健康的,如果不加以限制的话,要不了几年奥地利就要因为产能过剩,引发经济危机了。 Can limit? At this moment Franz hesitated, the loss loss that the economic crisis incurs is serious, is the economic growth of explosive, drove Austria to benefit the great development of industry, increases national strength that Austria benefitted. 要不要限制呢？这一刻弗朗茨犹豫了,经济危机带来的损失损失惨重,可是爆发式的经济增长,也带动了奥地利工业的大发展,增加了奥地利的国力。 This is also rank grass one wave in popular name, in a short time crazy expansion capacity, when developed after the limit, will have the economic crisis. 这也是俗称中的莽一波,在短时间内疯狂的扩充产能,等到发展到了极限过后,就会发生经济危机。 Hesitant over and over, Franz decides wait/etc to look, then starts to erupt in any case, from overcapacity also early? 犹豫了再三,弗朗茨还是决定等等看,反正这才开始爆发,距离产能过剩还早着呢？ The world economics crisis just passed, in a short time will not erupt again. Since the danger will not have arrived, before reaching the limit the government intervenes again also with enough time. 世界经济危机才刚刚过去,短时间内不会再次爆发。既然危险还不会降临,那么在到达极限前政府再干预也来得及。