I was the Founding Father of the United States

Chapter 33 £5 million

"...Unlike church funds and charitable relief funds, the New England Development Foundation, once it has raised enough funds, will invest the majority of its money in foundational industries and promote innovation and invention, in addition to essential charitable and public welfare contributions."

The cornerstone industries include basic sectors in New England such as ports, warehouses, shipbuilding, shipping, steel, machinery, food, and retail.

These investments will account for 70 percent of the foundation’s business investments, while the remaining 30 percent will be invested in invention projects that have considerable risk but great potential.

For example, Providence United Industries, which still has great investment potential, and the red phosphorus plant, for which I have obtained a patent. This new chemical can produce safe phosphorus matches. Although a pack of matches can only sell for a few pennies to a shilling, the human demand for fire is enormous!

I'm willing to give half of my shares to the foundation to launch this project with tremendous potential!

Red phosphorus matches?

An unfamiliar term piqued the interest of everyone present... With the dazzling example of Jenna's spinning machine and the endorsement of Chen Wenbin, the proponent of the oxidation theory, everyone was willing to believe that red phosphorus matches were a project that could make a lot of money.

But what if it fails?

Doing business is risky; all businessmen who can't control risk go bankrupt!

Just as everyone was hesitating, a silver-haired old man sitting in the middle of the first row, sandwiched between Governor Hopkins and Rhode Island's richest man, Metcalf Bowler, spoke first and asked:

"...Dr. Robin! I'd like to know how much money you plan to raise for this foundation?"

Upon hearing the old man's question, everyone fell silent, not only out of curiosity about the amount of money the fund had raised, but also out of respect for the old man.

Because the old man's name was Thomas Hancock, and he had an incredibly dazzling identity—the undisputed richest man in the North American colonies!

"...Mr. Hancock!"

Chen Wenbin nodded slightly to the old man to show his respect, and then smiled and explained, "I hope the first batch of funds raised by the foundation will be 30,000 pounds!"

Because I have designed a new type of fast cargo ship that can improve the efficiency of long-distance trade and accelerate the introduction of immigrants to the North American colonies, and its construction will cost 15,000 pounds.

Furthermore, investing in a red phosphorus match factory requires three thousand pounds, while steel mills, water-powered spinning mills, and water-powered machinery plants all require investments of several thousand pounds… Thirty thousand pounds only meets the minimum requirement.

"...Thirty thousand pounds?"

Thomas Hancock pondered for a few seconds, then nodded and said, "Then John and I will invest eight thousand pounds together!"

Aside from red phosphorus matches, which I'm not familiar with, the shipyards, steel mills, and water-powered spinning mills are all promising projects. New England needs to further develop its manufacturing industry, otherwise all our money will be made by those damn Europeans!

Judging from his tone, he seemed quite dissatisfied with Britain, because he used the term "Europeans," while it is well known that under British law, all trade between the North American colonies and Europe could only be conducted through Britain itself... This was tantamount to openly criticizing Britain.

However, Governor Hopkins, sitting to his left, seemed not to have heard him and even nodded slightly in agreement.

If even the governor is like this, then the others present must be even more so.

"...Mr. Hancock is right! We also need to develop our own manufacturing industry!"

"Why can't North America produce what it needs?!"

"Damn it! I've also invested three thousand pounds! My West Indies trade needs faster cargo ships!"

Chen Wenbin glanced at Aaron Lopez, who was gritting his teeth and shouting that he wanted to invest three thousand pounds in the audience.

I heard that this slave trader and smuggler recently had a smuggling ship seized by the British Navy's anti-smuggling fleet, resulting in a considerable loss, which is why he's being so swift now.

With these two leading the way, many others expressed their willingness to contribute some funds to the New England Development Foundation, though they didn't have the same generous donations as Thomas Hancock and Aaron Lopez.

Those with more money are willing to pay a thousand pounds, while those with less money or who are unwilling to take risks are mostly only willing to pay two or three hundred pounds... In fact, two or three hundred pounds is already quite a lot!

For example, Henry Smith, who has now sold most of his land to Chen Wenbin, is a land gentry whose annual income is usually only two or three hundred pounds, and it is normal to earn only one hundred pounds in a bad year.

Soon, this group of the wealthiest people in New England had raised a huge sum of £30,000, and Chen Wenbin also sent them the New England Development Foundation's bylaws and the projects they were about to invest in.

Like Providence Associates, the foundation's bylaws also promise to regularly disclose accounts to investors, as well as to guarantee investors' rights to dividends and withdrawal. The foundation's thirteen directors are appointed and dismissed by the investors' meeting.

However, Chen Wenbin did not become the chairman of the foundation. Instead, he recommended Pastor Jensen. After all, the foundation is not an investment company. It still needs to do some charitable and public welfare projects. It would be more appropriate for Pastor Jensen to be the chairman in name only.

The foundation's fundraising is over, and everyone is energized, ready to welcome Providence's next round of funding... That's the main reason they came today!

Chen Wenbin didn't keep anyone in suspense and directly announced the company's new valuation and financing amount, in accordance with the decision made at the last shareholders' meeting.

"...We have reason to believe that Providence Associates' current actual value far exceeds £100,000!"

Chen Wenbin's voice was firm and resolute. He waved his arm forcefully to enhance his persuasiveness: "Because £100,000 is only the company's sales revenue up to now, and once the UK domestic market is fully opened up, this figure may increase tenfold!"

The cost of producing the Jenna machine is only 15%, and even if management and transportation costs are included, it will not exceed 30%!

so……"

He met everyone's gaze one by one, "Therefore, the company's valuation for this round of financing is £150,000! We'll be releasing 20% ​​of the shares!"

After he said the figure of £150,000, the classroom fell silent, then suddenly erupted in chaos!

"...My God! 150,000 pounds! That's too expensive!"

"Can we break even at this price?"

"Are the existing shareholders trying to sell us their shares at a high price?"

Most people think the price of £150,000 is outrageous!

A month ago, the valuation was only £40,000, but now it has risen to £150,000, more than tripling. Anyone would be unhappy about that.