Chapter 119: Women's Cooperative

News of the transmigrators' conquest of Gou Manor spread countywide within three days, provoking wildly mixed reactions across different social strata. The gentry and major households were privately delighted that the universally despised tyrant Gou Xunyi had met his end, yet they nursed growing unease about the short-hairs' expanding power. Among commoners, however, the response was unreservedly enthusiastic. Those within dozens of li had received relief and were deeply grateful; those in distant villages heard the news with envy, and rumors multiplied everywhere. Beneficiaries arrived constantly to secretly divulge intelligence about other strongholds—some even volunteered as insiders, actively inviting attacks. Small bandit groups appeared proposing "shared prosperity." The transmigrators received everyone warmly and dutifully recorded the information. As for launching attacks, they explained apologetically that they needed rest and were not currently offering this particular service.

Within a hundred li, not a single major household failed to send congratulatory gifts—even Huang Family Village contributed pigs, sheep, and bolts of cloth. The transmigrators graciously let bygones be bygones and accepted everything, rewarding the envoys generously and instructing them to spread the word: Bairren Fortress had opened a new market where all were welcome to trade, safety was guaranteed, and there were no fees. Dongmen Chuiyu exhausted himself conducting tour after tour for visiting envoys, proudly displaying the streets under construction and the red brick buildings rising from the earth.

Pirates opening markets for trade—now that was truly novel. Lingao possessed few markets; the entire county totaled a mere fourteen, and even the county seat boasted only a simple County Gate Market. Yet here at Bairren Rapids, the East Gate Market had sprung into existence. Major households received reports from their returning envoys that the market was by no means inferior to those elsewhere. The short-hairs themselves purchased heavily every day, and recently they had begun openly buying grain at remarkably high prices. Many holders of large grain stocks found themselves tempted, joining the growing queues of sellers. The daily flood of arriving grain made Cheng Dong stamp his feet in anguish—silver was hemorrhaging out in torrents.

After intense preparations, the transmigrators' first commercial venture—a salt shop—opened amid the crackle of firecrackers. Since the merchant hall remained unfinished, this salt shop occupied nothing grander than a simple bamboo shack. Behind the counter rose stacked sacks of Ma'ao salt, sold in fifty-gram units, both wholesale and retail, at prices one-third below market rates. Initially sales proved negligible, but as traders spread word that East Gate Market offered cheap salt, customers began arriving from every direction. Sales soared, particularly among small salt peddlers who flocked enthusiastically to purchase by the basket. Previously, Landlord Gou had monopolized the salt fields, making salt difficult to obtain. The county's official salt was even worse—bright, clean salt emerged from official hands transformed into muddy yellow grit, and prices were outrageous. Eventually even the county yamen's cook appeared to make purchases. He didn't request invoices—though his reimbursement claims would surely cite official salt prices.

Encouraged by the salt shop's success, the transmigrators opened a second store. This one was unique: not "state-owned" but organized as a joint-stock company, with ownership residing not with the collective but with individual shareholders.

This stock company was the brainchild of Li Mei, matriarch of the Ming family of four. After settling into Bairren Fortress, this veteran of commercial battles had grown restless. Her daughter-in-law now worked in public security; her elderly husband donned his badgeless Type-87 navy uniform each day in service as the Military Group's naval advisor; her son, though initially without an official position, at least worked outside daily. She herself had ended up assisting Auntie Cao Shunhua in the cafeteria—a situation she found entirely unacceptable. As a longtime businesswoman, she had been scheming to establish some sort of company, or at minimum to open a shop.

Opening shops had been child's play for the Li Mei of that other timeline—she had possessed both capital and channels. Here, however, the family owned nothing beyond their luggage. The transmigrators themselves had no products to sell. As the saying goes, even the cleverest wife cannot cook without rice. So she waited, watching for opportunities, believing firmly that opportunities for fortune existed in any era—one simply had to seize them.

When the transmigrators established trade relations with the Li minority and struck it rich at Gou Manor—when the East Gate Market began taking shape—Li Mei recognized that her moment had arrived. The Planning Committee had hauled away countless spoils from Gou Manor: porcelain, furniture, clothing, and more. These items required disposition, conversion into usable cash and grain. Here was her source of merchandise.

The next problem was transforming that source into actual store inventory. She had no money, but this failed to trouble her. After conducting several whispered conversations with women she had befriended in the cafeteria, Li Mei returned to her simple quarters, donned the old business suit from her deal-making days, and switched to half-heeled pumps. She scrubbed her face and carefully combed her hair, transforming instantly from cafeteria auntie into businesswoman. Then she marched straight to Committee headquarters and cornered Wen Desi.

"Open a shop?" Wen Desi appeared bewildered. "We're not mass-producing industrial goods yet. There's nothing to sell."

"There are goods—the items seized from Gou Manor. Those clothes, daily necessities, and ordinary furniture are mostly used. They can't be sold in bulk. I propose that my company purchase them from the Committee, then retail them."

Wen Desi's initial reaction was that this woman harbored unrealistic expectations. Just selling secondhand goods? And her company purchasing them—with what money? He knew Old Ming's wife had managed a trading company and presumably accumulated substantial assets, but RMB wealth, whether brought along or not, was worthless here.

"Purchase with what? And what company? I don't recall establishing any company."

"The company is right here." Li Mei produced a document covered with handwriting. "This is the company formation agreement. Technically, we ought to register with industry and commerce first, but Dongmen Chuiyu wasn't certain he possessed the authority for that. So I'm presenting it directly to you."

Wen Desi examined the paper. It declared that the undersigned individuals had voluntarily invested to establish the "Hainan Women's Cooperative Corporation," with a scope of trade encompassing daily sundries, food service, hardware, and more. Below appeared share allocation ratios and signatures from over a dozen women—apparently nearly all the female transmigrators, including the usually unassuming Auntie Cao.

"But what's your capital? Everyone operates under the supply system now. There's no money."

"Director Wen, I recall that all registered transmigrators receive salaries—"

Wen Desi smiled bitterly. He had completely forgotten about this. With nowhere to spend their salaries, few remembered this income stream. But this accidentally involved outsider had remembered with perfect clarity.

"These shareholders invested using their accumulated voucher income. Surely the Committee won't deny that these RMB-equivalent vouchers possess purchasing power?"

"Well—" Wen Desi couldn't possibly deny this; doing so would trigger immediate revolt. He fumbled for objections: "But we've only paid three months' wages. That amount, as capital, can't possibly purchase all of this."

"We'll purchase a portion first, then use sales proceeds as working capital." Watching Director Wen's expression curdle, Li Mei hastened to add: "The initial batch will be purchased with vouchers. Future restocking from the Committee can be settled using a combination of vouchers, work points, and gold, silver, and copper."

"Good—that works." Wen Desi finally relaxed. "But since you're selling to locals, you won't receive new vouchers in return."

"Actually, many items can be sold to our comrades as well. I know, I know—" she cut off Wen Desi before he could object, "—our organization currently operates on the supply system. But non-essential goods can certainly be purchased with vouchers—otherwise, what purpose do vouchers serve? Just days ago, I heard someone wanted to buy a console table for their room. Surely the Committee won't issue furniture? Furthermore, if additional working capital is needed, I plan to issue company bonds—with Committee approval, of course."

"Bonds—we'll discuss that later." Wen Desi suppressed a sigh. You're really planning a commercial Great Leap. "Stock companies are a good concept. I personally agree. But the Committee must discuss it before we can officially respond."

"One more consideration." Li Mei added her final bit of negotiating leverage. "This company could operate as a public-private joint venture. The Committee could invest on behalf of all transmigrators, holding partial shares—say, twenty percent."

"Hmm." Wen Desi's attention sharpened. "That's not a bad idea."

"This portion's proceeds could fund everyone's dividends, welfare expenses—even future Committee administrative costs." She spoke leisurely, watching his expression. "Consider: the supply system is inherently abnormal. Once we're properly established, salary-based compensation will follow. Then everyone will care about their income. Having extra cash available to distribute... everyone would be pleased."

"But the Committee can't simply issue more vouchers." Wen Desi frowned. "Vouchers are virtual currency—we're just adding numbers to everyone's accounts each month. Their actual value is difficult to estimate. That's one issue. Another: the Committee possesses no vouchers to invest."

"As for valuation—we'll work it out. We have economists among us; let them find solutions. As for the Committee lacking vouchers—" Li Mei smiled cunningly, revealing her true purpose, "—that's no obstacle at all. Invest with goods."

Wen Desi started. You're pulling an "empty-handed wolf catch"! Li Mei possessed nothing—she was proposing to trade thin air for thin air. But he could find no grounds for refusal; she had maneuvered the Committee into a corner on voucher value recognition.

The company proposal passed swiftly. Beyond the appeal of the public-private concept, both the Finance and Commerce Departments voiced support. Cheng Dong recognized this as a mechanism to absorb vouchers—everyone's long-accumulated massive voucher balances, if suddenly entering circulation through other means, would trigger severe inflation.

Du Wen proved especially enthusiastic. It emerged that this joint venture company, in addition to its twenty percent collective transmigrator ownership, allocated five percent to her long-advocated Women's Federation—though that organization had yet to be formally established. The biggest beneficiary, however, was Li Mei herself. Despite possessing zero vouchers of her own, she received twelve percent of shares as manager—approved by vote of the shareholders' general meeting.

(End of Chapter)