Legend of the Magnate Episode 32 Recap
> Legend of the Magnate Recap
Mr. Liao arrived in Nantong, posing as an Anhui rice merchant and referring to himself as "Liao Wu Ye from Huizhou." He had brought 600,000 "dan" of rice, with plans to introduce an additional 3 million "dan". Yang Qianwan, upon learning of this new merchant, promptly visited Mr. Liao to assess his intentions. During their conversation, Mr. Liao confidently declared that his rice would be sold at an official price of 1.
2 taels per "dan", attributing the low price to a good harvest in Anhui and his substantial supply. Yang Qianwan, expressing skepticism, noted that such a price was below transport costs, including expenses for "food for people and horses," road taxes, and tolls, suggesting Mr. Liao would not even break even.
Mr. Liao then revealed his strategy: by underselling Yang Qianwan, he aimed to drive him out of the market and "monopolize Nantong" by "taking in the rice and flour supply business for the coastal embankment construction project." When Yang Qianwan attempted to verify Mr. Liao's background by mentioning a local Anhui merchant, Mr. Liao openly admitted to being a former "tea merchant" whose business had failed due to gambling, forcing him to invest his "retirement money" in rice.
Simultaneously, Li Qin actively promoted the supposed high rice prices in Nantong to other merchants, encouraging them to ship large quantities to the city to profit from the upcoming "coastal embankment project." The eager merchants resolved to send a million "dan" of rice each. Observing the rapid influx of grain ships, Gu Pingyuan grew concerned that if Mr. Liao's rice didn't sell quickly, the market would be flooded, causing prices to plummet.
Yang Qianwan, having confirmed Mr. Liao's past as a tea merchant who had lost his fortune to gambling, concluded that Mr. Liao was strategically trying to corner the market for himself. Recognizing the urgency, Gu Pingyuan rushed to Rui Lin, dramatically conveying that Rui Lin's "private money" was in peril if their rice deal failed. He explained that numerous grain ships were approaching Nantong and, if not delayed, would derail their plan.
Rui Lin, though acknowledging Gu Pingyuan's "ruthless" tactics, agreed to intervene. He sent a swift message to Marshal Jiu, instructing him to halt the incoming ships for one day, warning that a longer delay could lead to serious unrest. Marshal Jiu's soldiers promptly descended upon a Nanjing pier, stopping all grain vessels under the pretense of searching for rebels and prohibiting any cargo unloading without his explicit command.
Throughout this, Mr. Liao spent a restless night, anxiously awaiting Yang Qianwan's purchase. Miss Liao tried to console her father, who was deeply worried about potential losses that would not only tarnish his reputation but also jeopardize her "marriage" to Gu Pingwen, a match he hoped to secure with 500,000 taels of profit. Mr. Liao, despite his past business failures, held firm to the merchant's principle of "keeping one's word" but lamented his "unlucky" fate in business.
His despair turned to elation, however, when Yang Qianwan's butler arrived with silver banknotes to purchase the rice. Mr. Liao joyfully accepted the payment, seeing his daughter's "marriage" secured and the prospect of holding grandchildren. Back at Wende Bridge, Li Qin had expressed his mounting anxiety to Gu Pingyuan, fearing they had "bitten off more than we can chew" and worried about the massive potential losses, especially his promised 500,000 taels.
Gu Pingyuan, in turn, cautioned Li Qin against unchecked greed, explaining that Yang Qianwan's true ambition was to "monopolize Nantong" and "take in" the lucrative rice and flour supply for the coastal embankment construction project. With Mr. Liao's rice successfully sold, Su Yuhua, the county magistrate, enthusiastically ordered the city gates of Nantong to be opened, personally welcoming the throngs of rice merchants whom he hailed as "Gods of Wealth."
He offered his own government office as a temporary warehouse and promised that all their grain carts would be brought into the city before nightfall. However, the merchants' excitement quickly turned to dismay when Su Yuhua informed them that due to Nantong's recent devastation, the expected high price of three taels was no longer feasible, and prices would need to be "reasonable."
When the merchants, who had come expecting immense profits, demanded that Yang Qianwan buy their rice at a higher price if he wished to maintain market stability, offering to sell at 2. 5 taels per "dan", Yang Qianwan reacted with fury. His rage, however, soon gave way to despair when his subordinate reported that the rice price in Nantong had plummeted to one tael per "dan" and was expected to fall further to 0. 8 or 0.
9 taels by the afternoon. Yang Qianwan, who had bought 3. 8 million "dan" of rice at three taels per "dan", faced catastrophic losses, with his vast inventory now at risk of "rotting in the warehouse." Upon Li Qin's return to Nantong, heavily intoxicated after days of extensive socializing with rice merchants, Gu Pingyuan presented him with the financial records. The accounts showed Li Qin's initial capital and the substantial profit of 11. 4 million taels earned from selling 3.
8 million "dan" of rice to Yang Qianwan. Overjoyed by his first successful business venture, Li Qin, recalling their previous discussion, insisted that all the accumulated funds should be dedicated to repairing the coastal embankment. Gu Pingyuan, while acknowledging Li Qin's crucial role, reminded him that their primary objective had been to "teach that old fellow a lesson." He then returned Li Qin's original capital and his rightful share of the profits.
Li Qin, still in high spirits, promptly went to confront a distraught and defeated Yang Qianwan. Li Qin demanded the return of his pearl, which he had wagered, and claimed his winnings. Yang Qianwan, calling Li Qin "ruthless," reluctantly conceded, handing over the pearl and the banknotes. As Li Qin departed, he witnessed the bustling rice stalls where prices had dramatically fallen to 0.
6 taels per "dan", and the local populace joyfully purchasing affordable rice, a sight that filled him with profound satisfaction. Gu Pingyuan delivered Rui Lin's share of the profits. Rui Lin's enthusiastic reaction prompted Gu Pingyuan to jokingly remind him of his status as a "master of Neo-Confucianism" and to maintain composure around money. Rui Lin retorted, "Have you ever seen a sage who was poor?" arguing that wealth commanded respect.
As a reward, Rui Lin presented Gu Pingyuan with two critical documents. The first was a personal letter of recommendation to the imperial court, advocating for Gu Pingyuan's promotion to "Associate Jinshi." The letter praised Gu Pingyuan's ability to handle matters with "tact and firmness," describing him as having an "unassuming appearance but with the heart of a hero," and sought to clear his name from a past wrongful accusation and exile.
Gu Pingyuan was deeply moved, tearfully expressing that clearing his "lifetime of shame" felt like being "reborn." The second document from the Ministry of Rites required Gu Pingyuan to submit a record of his ancestors for three generations. Gu Pingyuan seized this moment to inquire about his father, who had vanished years ago while journeying to the capital for the imperial examinations.
Rui Lin confirmed that his father likely perished in a major epidemic that swept the capital, and with bodies cremated, no trace remained. He instructed Gu Pingyuan to officially record his father's death during the epidemic, which would allow him to receive a posthumous "official rank" through the "enfeoffment of three generations." Overjoyed for his father's honor, Gu Pingyuan kowtowed in gratitude, stating this brought him more happiness than any personal achievement.
Rui Lin further promised to petition the imperial court for an "honorary title" for Gu Pingyuan's mother, acknowledging her efforts in raising him. Before leaving, Gu Pingyuan, driven by loyalty, asked Rui Lin to grant Li Qin the operating rights for the Lianghuai salt industry, emphasizing Li Qin's crucial contributions and his aspiration for independence from his family. Rui Lin, however, rejected the request, expressing profound concern that Li Wantang might sell these strategic salt fields to "foreigners."
He warned that if "foreigners jack up the salt price," it could trigger a "revolt" across the "Seven Provinces of Jiangnan." Rui Lin also pointed out that Li Wantang's existing salt holdings were acquired by "exploiting the chaos during the war in the south" and advised Gu Pingyuan that "one shouldn't be too greedy."
He concluded by stating that while he would seek honors for Li Qin's service, only a portion of the salt fields would be granted, with the imperial court retaining control over the rest. He imparted a final caution to Gu Pingyuan, warning that his "intelligence is too obvious," which would attract future troubles, and that those he chose to spare might not extend the same mercy.
Returning home, Gu Pingyuan was met by his mother, Chang Si, Mr. Liao, and Gu Pingwen. Chang Si proudly read Rui Lin's recommendation letter aloud, confirming Gu Pingyuan's newly bestowed title of "Associate Jinshi." His mother wept tears of joy, proclaiming that "Heaven had smiled upon them" and her son was finally "cleared of his lowly status," securing a "bright future" for his descendants.
The family then engaged in playful banter, teasing Mr. Liao as the "father-in-law of an Associate Jinshi," a title he humorously tried to dismiss until Gu Pingwen clarified their engagement. Meanwhile, in Nanjing, Li Wantang, surrounded by the opulence reflecting his family's deep-rooted prestige and expansive business empire (a plaque from Emperor Jiaqing and a business "nearly half a country"), was enraged to learn that Li Qin had failed to secure the exclusive operating rights for the Lianghuai salt industry.
Despite his manager's pleas, Li Wantang, calling Rui Lin an "old fox" for "holding on to the salt fields," sternly kept Li Qin kneeling as punishment for his failure. Later, an exuberant Li Qin visited Gu Pingyuan, playfully boasting about Gu Pingyuan's newfound status as a potential "county magistrate" due to being a "jinshi". Gu Pingyuan, however, remained pensive.
Back at home, as Gu Pingyuan’s mother attempted a deep, respectful bow to her newly elevated son, Chang Si and Mr. Liao intervened, humorously asserting that they could no longer accept such gestures from an "Associate Jinshi." Chang Si praised Gu Pingyuan for accumulating "great virtue" by repairing the coastal embankment. Reflecting on the weight of his achievements and new responsibilities, Gu Pingyuan quietly confessed to his family that he felt "afraid" he "can't handle it."
