Chapter 91 - Chapter 91: Ino's Resolve
Joseph was in the inn's usual room with Ino.
Ino had a face like he had chewed and crushed bitter bugs.
"The buzz in town is that the Dragon Head Medal defeated three Suit Knights and saved the East, annihilating the Empire's Eastern military force. What's so funny?"
"Since they won against the Empire, there's excitement. We're in trouble because no additional funds are coming in."
Ino got angry at Joseph's matter-of-fact attitude and slammed the table hard.
"Don't you regret that the Empire lost?"
"I do regret it. But business dictates that getting emotional leads to losses. I'm thinking about how to make the business right in front of me successful. That will repay the Empire. Also, you're surprisingly patriotic."
"'Surprisingly' is unnecessary. I wouldn't do this dirty work if I weren't patriotic."
"Sorry about that. I thought you had no lingering attachments to the Empire since you've made a lover here too."
Ino had a lover in Sowell Land. Joseph knew this and heard marriage talks were underway, so he thought Ino intended to take root in the Kingdom of Cascade. And he mistook that for having no attachment to the Empire.
"Lovers are work. It's convenient to date local women. There's no love. Compared to Empire women, the quality here is lower."
"Is that so? From my eyes, all women seem no different."
"That's because you have little love experience. Try falling in love."
"An old man nearing his grave having a late-in-life love might be interesting. Right now, the market is like a lover. There aren't many women as self-willed as this."
"True. So, how is the market?"
"Funds are stopped, it's painful. For a normal market, we'd sell here and secure profit, but this time General Garrett ordered us to maintain high prices. Since the news came out that Archibalt won, selling seems to have revived. Three days until the final trading day, but if we maintain this price and position, we can win. According to the info you investigated, there's no physical stock available to deliver by the settlement date. The only way left is to crash the futures and force us to settle. If we can survive that, we win."
Cedar futures had already swelled to three times the normal position. They knew even gathering all nearby physical stock wouldn't suffice for delivery. Since the goal wasn't profit but the Kingdom of Cascade's loss, they wanted to reach the delivery date with this position, but funding from the Empire stopped just before the final trading day, and the possibility of being crashed emerged.
"We don't know if it's enough, but use our operation funds."
"Is that okay?"
"This is part of the operation too. No problem. Also, surveillance eyes are getting tight, making new operations impossible soon."
Ino felt the tightened security in town with his skin. He couldn't contact merchants he was threatening. But strangely, authorities didn't interfere with their positions. They remained as regular orders.
Ino was bothered by that.
"What I don't like is that they're doing nothing about the positions. Our movements are likely known, and they might have traced from the merchants we forced to cooperate to Joseph, yet they do nothing."
"They probably don't want to bend the rules of this futures market. Buy orders are my instruction, but I have to convince the sellers to cancel too. For speculators aiming for margin, it's fine, but for merchants trying to sell physical stock, that's not easy. The issue is the basis for expecting we can win while leaving our movements alone."
"I'd like to investigate, but unfortunately, as I said, surveillance is strict. Rebuilding the spy network and getting crushed again would be hopeless. Even my boss was crushed."
The boss Ino spoke of was the Eastern District. The news of the Eastern District's annihilation circulated not just as town gossip but through the operatives' information network. They were told not to expect support until the organization was rebuilt. So, reinforcements were impossible. Failure in intelligence activities was not allowed.
"If we can survive three more days, that's enough. I'll manage somehow. Well, shall I go see the price movement today too?"
"Be careful."
Ino and Joseph left the room and parted. Ino went to her place, Joseph went to the futures exchange.
As Joseph walked the street, he was addressed.
"You are Joseph Frobel, correct?"
"Yes, but I shouldn't have acquaintances in this town."
He noticed four men surrounding Joseph. Joseph instinctively thought the lord or country had moved. The men's physiques didn't seem like commoners.
"Can you accompany us?"
"Where to?"
"There is a restaurant ahead, so there."
"What if I refuse?"
"We were told not to do rough things, so we'd like you to accompany us honestly."
"Well, I don't think I can resist either."
Joseph followed the instructions and went with the men.
They were taken to a high-class restaurant in Sowell Land. A prestigious shop used by nobles; Joseph had never entered.
When guided there, he felt out of place and very uncomfortable.
At the seat guided inside, there was a woman and a boy with an age gap like mother and son. Judging by their appearance, they were nobles.
"Welcome, Joseph Frobel. Do you know me as Aurora Tess Sowell?"
"Oh my, it is an honor to meet you, Your Excellency."
Joseph lowered his head knowing the other was Aurora, the ruler of this town.
"This is Lord Archibalt. We came today with a request for both of you."
Joseph was surprised to know Aurora introduced not her child, but Steve Archibalt, the Dragon Head Medal. He had heard he was a child, but he was truly a child.
"Well, what is the request?"
"We won't ask you to withdraw now, but can you consolidate the position to you, the main stakeholder? If it stays like this, even if buying fails, you won't bear responsibility. At worst, you lose the margin. You've caused this much chaos, we want you to carry the debt. I'll specially grant you broker qualifications. For the remaining trading days, do as you please. It's best if you close your position and return."
The corner of Aurora's bright red lips curled up. Joseph's experience as a political merchant told him this was the time to withdraw, but a thought remained in the corner of his mind that this level of pressure was manageable.
He understood the opponent's aim was to make Joseph have the possibility of debt and settle it with that pressure. Knowing the opponent was also pushed to that point, Joseph naturally smiled.
"Thank you for your special consideration. I will gratefully accept the broker role and complete the remaining trading days."
"Do you have no intention of withdrawing?"
Steve sighed.
"It's a chance to beat the market at the famous Valier Trading Company in the Kingdom of Cascade. If we have one request from our side, we ask you to promise not to declare transactions void or refuse withdrawal of margin in the future."
"Of course. We have no intention of making you cry. You will leave the country after clearing the debt you carry."
Joseph thought Aurora's words were bluffs and had no fear.
"Well, that ends the talk. Will you eat?"
"Thank you for your kindness, but I'll decline as being full will dull my thinking for trading later."
"Pity. I'll tell the exchange, so show off your skills fully."
"Excuse me."
Joseph was released. As he left the restaurant, sweat poured out. Regardless of Steve, Aurora's pressure was terrible.
However, there was a sense of accomplishment in getting through it. Arriving at the exchange, word came they would treat him as a broker. The positions and margin of the merchants who were threatened were all in Joseph's name.
Steve teleported ahead and told the exchange staff Aurora's order to make him a broker, so it went smoothly.
There were no major troubles at the exchange, he felt pleasure in placing buy and sell orders himself, and the day ended.
He returned to the inn and told Ino about it.
"The opponent investigated even me and didn't touch me. But besides pressure, they have no other hand. Most of the domestic cedar is sent to the East. That's the King's order. Eventually, we'll have to buy back most of it within two days. Better not to buy back."
If physical delivery isn't possible, the opponent's trust hits the ground. If it wasn't Valier Trading Company but Margrave Sowell and the Dragon Head Medal, they could repay one blow for the Empire's defeat.
And with that fund, they could buy up again next month. However, he didn't know if Aurora would permit next month.
"Are the funds enough?"
Ino, who had been given activity funds, confirmed with Joseph.
"It's fine. If I buy alone, it's not enough, but today seeing me buy, many people attached lanterns. I'll show excitement sometimes and build buying with others' funds."
"I'm counting on you. Also, if this is investigated, do I need to leave the inn?"
Ino thought about the future. Support from the home country was already unexpectable. What could be done in that.
"Let's return to the Empire together. The opponent guaranteed my safety."
"That's not me."
Ino considered the possibility Joseph's words would be discarded, and that as a merchant Joseph and as an operative he, the Kingdom of Cascade's treatment would differ. He couldn't think they would let him, an operative, go as is. But now no good plan came to mind, so he decided to drink.
An insect watched that figure from the wall.
Meanwhile, Steve and Aurora were talking about future responses while monitoring Joseph.
"The opponent thinks we can only apply pressure, doesn't they?"
"As planned. Then, let's sell heavily in the remaining two days and expand the opponent's position."
The cedar physical stock borrowed from the Eastern region was still far more than the position. So, they plotted to make Joseph create more position and expand the loss.
One of them was the meeting at the restaurant.
If Joseph got scared there and withdrew, that would be fine. If they thought we had no plan, that would be fine.
As a result, Joseph chose the side with greater damage.
From the next day, contrary to Joseph's intentions, there was further selling by Valier Trading Company. Aurora was also at the exchange, and the selling became vigorous.
That day, selling was dominant, and trading ended with a 5% drop from the previous day.
Furthermore, the final day of the next day became all selling. Joseph thought Steve and the others couldn't prepare physical stock, so he didn't reduce the position intentionally. However, margin was exhausted and he couldn't buy more.
After finishing the final trading day, Joseph was drinking with Ino.
"It's over. Normally, forced settlement due to inability to pay additional margin, but after the final trading day, it's forced settlement anyway. After that, if the opponent can't deliver physical, our victory. We don't have the power to withdraw physical, but the rule is sellers prepare physical first, so victory is certain."
"Cheers to the Empire's victory!"
Ino raised the glass in high spirits.
It was the Empire's first victory in a long time amidst continued losses. That day, the two drank until late night.
Afterward, on the day before delivery, Joseph was called by Steve. Margin was tied up in position, and since there was nothing special to do, he followed the call.
There was a possibility of contract cancellation at this point, but if so, it would be Joseph's victory as a speculator, and the opponent's reputation would drop, so he went.
The place was a warehouse.
Cedar overflowing was piled there. The scent of cedar filled the warehouse.
"Hi, Frobel. This is the cedar we'll deliver physically tomorrow. I thought I'd show you first so you don't think we can't deliver physical and prepare withdrawal funds."
Steve boasted with a smile.
Joseph was also a merchant. He wouldn't swallow the opponent's words without confirmation.
"Your Excellency, may I confirm?"
"Of course."
Joseph checked the piled cedar, all were real. He couldn't check the whole warehouse, but he thought surely all were real.
"Real, right?"
"Yes. However, I was surprised. How did you procure this amount?"
"This is people's thoughts. The goodwill of people in the East wanting to win against the Empire even if it delays reconstruction. No, obsession. Even if sleeping on the ground, they can't let the Empire lose. Well, if this gets withdrawn physically, there's nothing to be done."
Steve said that after confirming Joseph's fund amount.
"Good grief, when we met at the restaurant I thought I'd have to withdraw under pressure, but you prepared physical stock. However, we were monitoring wood flowing into Sowell Land, but you managed to smuggle it well."
"That's a trade secret."
"If we knew that, peddling would be easier."
"Toll tax?"
"Yes. Toll tax is high even in the Empire. It's a headache."
"Well, that headache might disappear too."
"What do you mean?"
"Independence factions have started moving in the Eastern Empire. The Eastern District collapsed, and suppression of conquered people became impossible."
Steve said that with disgust.
"Wasn't it Your Excellency's doing?"
"Not me. Just, there are people who think the Empire weakening is in the national interest. I can't stop them. So, Frobel's company is also targeted. You won't be able to do business anymore."
Joseph's vision went pitch black. He was crushed by the fact that he couldn't recover, as debt in futures was certain and main business was plundered making business impossible.
Steve didn't speak to Joseph anymore, and Joseph staggered back to the inn.
And there, he confided in Ino about today.
"I was beaten. There was a mountain of cedar physical in the warehouse. No funds to withdraw physical, completely our loss."
"What! Where did they bring it from. And, is it real?"
"He said he brought it from the East. I don't know how they brought it in here. And, I confirmed it was all real. Probably all real. I lost."
Joseph looked up at the sky.
Unlike such Joseph, Ino didn't stop thinking. And reached one conclusion.
"Tell me the warehouse location."
"That's fine, but what do you intend to do?"
"Set it on fire and burn it. If there's no physical tomorrow, we win, right?"
"That's true, but security is probably tight. Can't think they don't consider arson."
"Maybe so, but the opponent's selling stock can't escape either. If a winning method is before our eyes, betting on it isn't bad."
Joseph wasn't keen on Ino's plan.
"Why go that far?"
"The Empire losing all the time isn't okay, right? Aren't we Empire citizens? If the opponent prepared cedar with patriotism, burning that is our patriotism, right?"
"That's true, but arson is a serious crime. If caught, it's death penalty."
"If we wait for tomorrow without doing anything, we'll live regretting it forever. That's my choice. I won't force you. I'll go alone."
Joseph couldn't stop Ino and told him the warehouse location guided by Steve.
"I'm wishing you luck."
"Sorry."
Saying that, Ino went for a reconnaissance.
There were multiple soldiers guarding the warehouse Joseph heard about, and he couldn't check inside. However, the busyness of the security told the importance inside.
"If doing it, late night."
Ino muttered that and waited for the sun to set.
At night, Ino sneaked into the warehouse to set fire. The daytime busyness disappeared, only two guards were alerting the surroundings. Two people in a wide warehouse had many blind spots, and Ino sneaked into the warehouse without trouble.
Only the sound of insects echoed in the quiet warehouse.
"It's dark and I can't see anything, but lighting a fire will make it bright."
"That's right."
"Who's there!"
Thinking he was muttering to himself, a response came, and Ino looked around. Immediately after thinking he couldn't see anything in the darkness, a light turned on inside the warehouse.
Steve waiting for Ino lit the torches inside the warehouse with fire magic.
Inside the brightened warehouse, there was nothing but torches and insects.
"Welcome. Empire spy Ino. I am Steve Archibalt. I heard you were talking at the inn, so I was waiting. In case it gets burned, I isolated the cedar in a safe place."
Safe place was subspace by Steve's Storage Magic. There, no worry of arson.
Steve immediately bound Ino with magic.
Ino clicked his tongue.
"A big shot appears. Everything is leaked, is it?"
"Of course. Also, quite the patriotism. You had the option to escape."
"Did you let me escape?"
"At least I didn't intend to chase. I just waited because you said you'd set fire here."
That was Steve's true feelings. However, Aurora wouldn't have let Ino escape.
Ino gave up and made a request to Steve.
"I know I'm not in a position to ask, but I have two requests. Your Excellency can manage somehow."
"I'll listen."
"First, my girlfriend is unrelated. She doesn't know I'm a spy, so don't implicate her."
"I understand. I'll tell Lord Sowell too. I won't hold her accountable. However, it's strange. A woman used for work, right?"
"Thank you. Even for work, if you date, emotions arise. I don't know about Your Excellency."
Hearing Ino, Steve overlapped Nancy.
"No, I understand painfully."
"Really?"
"Despite being an Empire spy, you don't know the Queen of Sword story?"
"Ah."
Hearing Steve, Ino remembered the Queen of Sword story. It's not strange if Steve had emotions for the Queen of Sword controlled by magic.
Ino also noticed that.
"Sorry."
"No need to apologize. Next?"
"If I'm executed, can you deliver my bones to the Empire? I want to return to the Empire at the end."
"I don't know if I'll be executed. If I'm put in prison for a long time and I die first, I can't keep the promise. That's right, I'll overlook the attempted arson, so return to the Empire with Frobel."
Ino's eyes widened at Steve's words.
"Joseph can return to the Empire? He has huge debt, they won't let him escape."
"Well, that's already discussed. Keeping Frobel here won't be worth a copper coin. He'll do business again in the Empire and repay the debt this time."
Steve was also monitoring the inn after Ino left. There, Aurora's messenger took Joseph and invited him to that high-class restaurant again.
There, Aurora made Joseph agree to do business in the Empire again. To make a foothold against the Empire. Anyway, even if kept in the Kingdom of Cascade, there's no prospect of repaying debt, so they decided to fund him to do business in the Empire.
"Land route is difficult, so I arranged a ship."
"Isn't it a trap?"
"For what? If killing, I can do it right here, I won't make you ride a ship."
"That's true. I'll gratefully return home. Though once returned, I can't do spy work anymore, so I'll change jobs."
Ino's face as an operative was revealed. There's no use for Ino. The Empire has to fire him too. Even staying in the Kingdom of Cascade, he'll change jobs due to home country chaos. In the end, Ino's work as an operative ends here.
Also, Steve could handle Ino freely because Aurora said Ino was free to do as he pleased. Most of all, if Steve did nothing, Aurora would have handled it.
Steve showed mercy hearing Ino's patriotism, which is the current situation.
Thus, the cedar futures ended with a settlement accident as physical delivery wasn't possible on the delivery date.
Thank you always for typo reports.