Chapter 25: Investment from The Shetty's : Part 1
After the imperial edict, not everyone adopted the unified weights and measurements. Some of the people who resisted the new weights and measurements were artisans who preferred to continue using their traditional methods, while others were elderly individuals who were resistant to change. However, the majority of the problems were from unscrupulous merchants whose interests had been severly damaged by the implementation of uniform weights and measurements.
But Vijay played his trump card this time; he reached out to his maternal grandfather, Sunil Shetty, and requested a favour. Hearing his grandson's request, his grandfather readily agreed. Following their conversation, the Shetty family announced that their businesses would exclusively utilize the uniform weights and measurements mandated by the king. This declaration by the Shetty family prompted some of the collaborating families to make the same commitment. This set off a domino effect, rapidly causing all the major merchants in the key cities and towns of the Vijayanagar Empire to adopt the unified weights and measurements.
This rule significantly bolstered the country's commerce. While each region previously operated with its own distinct system, Vijay's edict mandated the adoption of uniform conditions. This not only enhanced the integration of diverse cultures within the kingdom but also promoted smoother trade interactions across regions.
Hampi Palace, Vijayanagara Empire.
Vijay was sitting in his study room, absorbed in reading a report about the successful switch to unified weights and measurements. Impressed by the outcome, he called Vinod.
*Clik*
Double-entry bookkeeping is a method of accounting that has ancient origins, with various cultures contributing to its development. In India, the concept of double-entry bookkeeping existed in the form of traditional accounting methods. The idea of recording both debits and credits to keep accurate financial records was ingrained in Indian accounting practices for many centuries, particularly in the context of trade and commerce. While the formal system of double-entry bookkeeping as known in the future modern world was established in Europe during the Renaissance in the 15th century, similar principles were already in use in various ways across different parts of the world, including South India.
"Vinod, why is the cost of this item so unusually high?" Vijay inquired, noticing the abnormally large expenditure on paper consumption within his household.
Vinod directed his attention to where the king was pointing and responded, "Your Highness, since the time you started making plans and coordinating activities, you may not have realized, but you've been using paper at an astonishing rate. On average, you consume the equivalent of an entire book's worth of paper every day." He gestured around the room, indicating the numerous discarded sheets of paper scattered about.
Observing the disorder he had inadvertently caused, Vijay felt a touch of embarrassment, yet he swiftly composed himself to mask any signs of it.
"A book's worth of paper costs 5 Varaha coins," Vinod continued, "and this daily consumption has added up to the staggering amount you're seeing now." Vijay was taken aback, as he had never realized that paper could be so expensive. Though he was aware that paper had arrived in India through the Arabs in the 12th century, he had assumed it was inexpensive. The reality was different, prompting him to consider a new business idea – improving paper-making technology. This innovation could have widespread applications, particularly in education and propaganda industries for future newspapers.
Contemplating the possibilities filled him with excitement. He turned to Vinod again, his curiosity evident, "Vinod, how much funds do we have left in the royal treasury?" Vinod replied promptly, without consulting any documents, "It's approximately 2 million Varaha, Your Highness."
Hearing this sum, Vijay's spirits deflated slightly. While the amount was substantial for any affluent family, it fell short of what he envisioned spending on enhancing paper-making technology. As he pondered his options, an idea formed in his mind – involving an external investor in the factory to share the financial burden.
With his thoughts aligned, Vijay promptly made his way to his uncle Ravi Shetty's residence. At present, Ravi Shetty held the role of the family patriarch, as Vijay's grandfather had retired and was relishing his golden years.
TO BE CONTINUED...