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Old 12-04-2018, 07:20 AM   #21
RyanW
 
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Default Re: Steampunk: Fiance And Fashion

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OK, can someone tell me if a company needed to raise $190 million, $568 million, or $1.86 billion plus for a spaceship, would they be able to do it? And what would the repayment terms be like?
That isn't out of line of some of the big transactions of the late portion of the era, if a single ship is a huge enough money maker. J.P. Morgan paid $480 million (equivalent to $14 billion today) for Carnegie Steel in 1901. To raise that kind of money, you probably need close ties with a merchant bank (or be one, as in Morgan's case).
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Old 12-04-2018, 08:00 PM   #22
Donny Brook
 
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Default Re: Steampunk: Fiance And Fashion

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... The problem is payment. Under what circumstances are people likely to be allowed to purchase things on credit or would they have to have a pre-paid account with the store?
In a pseudo-Victorian type setting, anyone 'established', even lower-middle class, might have credit with firms that they are regular customers of.

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And if they can buy ion credit would there be fees and interest?
The credit card practice of charging no interest if you clear you balance monthly was actually established by stores that offered credit before credit cards came along. So, interest would apply on a balance you don't clear in the month.


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And what would personal fiance rates be any way?
They would be no less than, and possibly up to double the rates listed here.

Last edited by Donny Brook; 12-04-2018 at 08:17 PM.
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Old 12-15-2018, 01:56 AM   #23
scc
 
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Default Re: Steampunk: Fiance And Fashion

Some more questions on the Fiance side:

My understanding is that business would issued bonds rather then taken out loans during this time period, would the business be able to pay off the bond early and would there be any penalty for doing so?

This was the era when (inter-)national financial systems were developed leading to some interesting possibilities for fun, the problem is figuring out how to use them. For instance:

This is when the phrase 'A license to print money' originally comes from as due to a loophole is US law while States couldn't mint coins or print money themselves they could actually give or sell licenses to do so, and it doesn't seem like there was much control over this process as I remember reading an account that one state had several active licenses at one point.

This was also the time when the banknote was invented and it was basically a receipt for a deposit, as they weren't issued by governments but rather banks and you where given one with a face value equal to you deposit when you made a deposit and but the actual worth of the note was based upon the face value and the reputation of the bank.

Both of this have massive potential for fun, but figuring out how to use them has me stumped at the moment.
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Old 12-15-2018, 08:53 AM   #24
Donny Brook
 
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Default Re: Steampunk: Fiance And Fashion

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Some more questions on the Fiance side:

My understanding is that business would issued bonds rather then taken out loans during this time period, would the business be able to pay off the bond early and would there be any penalty for doing so?
Well, bonds basically are loans. Their terms like duration, interest rate and repayment particulars could be set by the issuer but they would have to be appealing to lenders (buyers) to get them to participate. I am not well enough informed to know if any particular terms were standard at any given time, but I would think that larger, more stable, and better known entities could write terms more favourable to themselves and would still have interested buyers, whereas less potent firms would have to offer better terms for lenders or at least stick with more commercially standard terms for their environment.

I would expect a small firm borrowing from larger entities or in a well established market would probably have to take some kind of hit, whether in up-front interest rate or in a back-end penalty for retaining the right to pay off early.
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