pappabearbooks Chapter 20 Pay Later and Installment Payments
Chapter 20 Pay Later and Installment Payments
"...Among all the inventions that have benefited mankind, the contribution of textile machinery is the most undeniable! It allowed us to wear clothes and distinguish ourselves from various wild animals!"
Thirty years ago, Mr. John Kay invented the flying shuttle loom, which doubled the efficiency of weaving and more than doubled the demand for cotton yarn in the textile industry, resulting in a perpetual shortage.
Today, Dr. Robin Chen's invention, the Jenna Spinning Machine, has increased spinning efficiency by twenty times!
A woman can spin twenty times more cotton yarn in the same amount of time!
This is a groundbreaking invention!
The efficiency of modern looms can no longer keep up with the production speed of cotton yarn... God bless!
I'm really afraid that the owners of those textile mills in England will use whips to drive their weavers to work...
On the makeshift stage in the square, Benjamin Franklin pointed to the spinning machine next to him and praised Chen Wenbin's Jenna spinning machine in his characteristic humorous tone, which drew laughter from the crowd.
They were laughing because North America is basically a family-run business producing cotton yarn and cloth, and is almost self-sufficient. Increasing cotton yarn production would be a good thing for them.
In Britain, workshop owners primarily employed workers to weave cloth. The Enclosure Movement led to a massive influx of poor people into the cities, driving textile workers' wages to extremely low levels. Once a large amount of cotton yarn flooded in, those workshop owners, who only cared about profits, would likely have their overseers whip the weavers to keep them busy!
Schadenfreude is one of the human traits, and these North Americans who had already landed on the New World clearly had little sympathy for their poor relatives who remained in Britain.
At this moment, Reverend Johnson, who was listening to Franklin’s eloquent speech about the significance of the Jenna spinning machine and the political speech about the North American colonies’ right to be represented in London, asked Chen Wenbin next to him in a low voice with a puzzled look: “...Robin, are you really going to sell the Jenna spinning machine to those housewives at a low price?”
If so much cotton yarn suddenly floods the market, the price of cotton yarn will definitely drop, and our textile factory's profits will also decrease..."
Upon hearing this, Chen Wenbin thought to himself that Jason was fine as a pastor and a friend, but he was really no good at business!
Or rather, the mindset of most businessmen in this era is a simple cycle of "producing goods - selling them - buying raw materials to produce goods," completely lacking a multi-dimensional approach that includes standards, supply chains, and finance.
Indeed, Adam Smith's "An Inquiry into the Nature and Causes of the Wealth of Nations" had not yet been published. At that time, European countries generally believed in mercantilism and thought that whoever could exchange goods for real gold and silver had made a profit...
It would be so interesting to discuss this topic with that girl Diana. She always looked at me with adoration in her bright blue eyes and would ask me questions every now and then... It's a pity that she's out socializing with a bunch of local rich and powerful ladies and isn't around.
Faced with his old friend's concerns, Chen Wenbin couldn't help but explain. After thinking for a moment, he asked in return, "James, let me ask you a question. Assuming we successfully obtain the patent for the Jenna spinning machine in the UK, do you think our textile factory can crush all competitors and dominate the entire British textile market?"
"...That's impossible!" Reverend Jason immediately shook his head. "The owners of British textile factories are local nobles or members of parliament. They will do everything they can to protect their interests...and may even prevent us from obtaining a patent!"
He suddenly realized something, staring wide-eyed at Chen Wenbin, "So! Robin, after you finished making those fifteen Jenna spinning machines, you hired all the craftsmen into the company... You wanted to directly produce spinning machines and then sell them to those textile merchants in England!"
"That's right!"
Chen Wenbin smiled faintly and said, "Why should we go through all that trouble to compete with the British elites for the textile market?"
We can absolutely be their spinning machine supplier!
They make money off ordinary consumers, we make money off their equipment upgrades and patents. Jenna United Textiles in Providence is just a model factory, designed to prove that using our spinning machines is profitable... We are not competitors with those British textile factory owners, but partners.
As long as we don't enter the competition, I think we will successfully obtain the patent rights for our spinning machines.
After all, everyone wants to get involved as soon as possible and make a fortune…
"This is indeed a feasible approach..."
Pastor Jensen frowned and pondered for a moment, then asked, "But the structure of the Jenna spinning machine is not complicated, nor is it easily damaged. Someone will definitely make a copy, and selling the machine will only make a profit for a short time, not create a sustainable profit..."
"One should not crave wealth that one cannot control, James!"
Chen Wenbin shrugged and said calmly, "This is the only option we have right now, because we can't afford the cost of choosing a more profitable option!"
We must always be aware of the boundaries of our capabilities and only make choices within those boundaries. Only in this way can we control risks and prevent things from spiraling out of control.
Pastor Jensen remained silent for a few seconds, then slowly nodded without speaking further. He had realized that he was not on the same level as Chen Wenbin in terms of business acumen. Being partners with someone like that meant he might only need to follow their orders.
At this point, Franklin on stage finally finished his long speech and invited Chen Wenbin, the main character, to come up on stage.
Chen Wenbin straightened his coat, took off his top hat and handed it to Reverend Johnson, then stepped onto the podium. As usual, he thanked Governor Hopkins and other high-society gentlemen, the invited friends, and the citizens of Providence. He then raised his voice and addressed the crowd directly:
"...Ladies and gentlemen, I think Miss Mary and my friend Mr. Franklin have already explained to you how my Jenna spinning machine improves spinning efficiency and its significance."
Now I want to talk about how it will change the textile industry and benefit everyone!
This includes wives who are using traditional spinning machines to supplement their household income!
I would like to formally introduce to you the benefits that a Jenna spinning machine can bring!
For just £49, you can buy a Jenna spinning machine that can produce 40 to 60 pounds of cotton yarn per month, which will still earn you one to two pounds even at the price of roving!
If you work hard, Jenna's spinning machine can even make you earn more than your husband!
If you find the price of £49 too expensive, we can also offer a 10-spindle version of the spinning machine for only £39, which is also easier to operate.
In addition, Robin Union Textiles offers a one-week pay-later and installment payment option specifically for residents of Providence and Newport.
If you are not satisfied within a week of trying it out, you can return the machine directly. If you are willing to buy the machine, you can pay in monthly installments for up to two years. With 12% interest, a 20-spindle spinning machine will only cost you two pounds and ten shillings per month...