Evolution of Changlu Salt Merchants'Borrowing and Repaying Government Funds and the Issue of Yin'an Rights during the Qianlong Reign of the Qing Dynasty
The Changlu salt merchants in the Qing Dynasty maintained close ties with the imperial court largely through the borrowing and repayment of government funds.In the financial interactions between the court and salt merchants,the yin'an rights became an important medium for multiple parties to engage in strategic maneuvers and seek profits,with continuous revisions being made to the specific operational processes.When borrowing government funds could yield considerable income beyond salt profits,salt merchants'acquisition of yin'an rights was no longer focused on operating the salt industry but rather on leveraging these rights to borrow government funds for profit.Simultaneously,the debts associated with the yin'an rights were allocated onto the new yinwo prices,allowing for the borrowing of even more government funds.However,in the mid-to-late Qianlong period,the imperial court altered its policy on government funds,reducing the investment of cash and strengthening the management of debts,which resulted in a financial crisis for salt merchants.Borrowing became merely a bookkeeping exercise of shifting funds from one place to another,and the debts of salt merchants accumulated to the point of bankruptcy.The borrowing and repayment policies of government funds influenced the capital and business strategies of salt merchants,which were directly reflected in the yin'an rights.The constantly inflated yinwo prices,driven by the need to borrow government funds,led to an increase in the actual operating costs of the salt industry in the mid-to-late Qing Dynasty.Once the capital chain of government funds was disrupted,the Changlu salt business would be plunged into crisis.
Salt AdministrationExclusive Salt Merchandising Rights and TerritoriesOfficial FundsSalt MerchantsChanglu
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维普
