Ever since the Tanyuan Alliance¹, becoming an Imperial Merchant in the weaving industry had been a complicated affair, largely because the annual tribute to the Liao Dynasty included cloth and silk.

The yearly demand of three hundred thousand bolts of silk was no small amount, and no single merchant could handle it alone. Even when the orders were divided, they were still issued in large batches. Despite the enormous demand, the court's purchase price was never high, as the cloth wasn't considered a luxury item. In fact, the prices were often lower than market rates.

Each year, some premium silks and satins would be purchased by the palace at luxury prices, with decent profits of course. But compared to three hundred thousand bolts, the demand was relatively small. Becoming an Imperial Merchant certainly came with privileges, so major merchants would spare some capacity to take on tribute cloth orders, either accepting thin profits from volume sales or not even considering profit at all, using the court-granted privileges to develop business elsewhere.

The Su family's foundation was still somewhat lacking in this area. Taking on a small portion would be fine, but actively pursuing more would be quite troublesome. The Su family already had extensive business operations to maintain. Once palace orders were accepted, they wouldn't care if you needed time to adjust—they'd demand delivery on schedule. To avoid disrupting the family's already saturated supply chains, the Su family would need to ensure sufficient production capacity in advance.

This meant preparing new workshops and new sources of raw materials ahead of time. Such business wouldn't provide much profit, though it might bring certain privileges. But expanding these new workshops would stretch the Su family's expansion capacity to its true limit. Even with privileges granted, they'd have no energy left for further expansion.

On the other hand, if one could take on part of the tribute cloth business while having superior fabric quality, the palace would also open up some demand for precious silks. This smaller portion was quite profitable. Everyone wanted this business, but aside from several nationally famous rare silks, other cloth merchants wanting to present their premium silks had to bundle them with unprofitable tribute cloth quotas. Add in various fees for greasing the wheels, and purely profiting from this was very difficult—it was merely a means for super-large merchants with spare capacity to expand their business after obtaining privileges.

There were many such large cloth merchants around Bianliang. Though Jiangning was also a thriving center for weaving, the Imperial Merchant business was basically fixed among several medium-sized cloth merchants. They'd transitioned to focus on this sector and were quite prestigious—their standing in the cloth guild was no different from the Wu, Xue, and Su families. Of course, occasionally some business would be distributed to others. It wasn't that medium-sized merchants always took the tribute cloth business, but rather that those who became Imperial Merchants ultimately remained medium-sized. The reason was that tribute cloth pressure was too great with insufficient profits.

The best solution to this problem lay in technological improvement. Xi Junyu could somewhat sense Su Tan'er's efforts in this direction. She'd been working on it for several years and likely had some progress by now. But unfortunately, problems had emerged at this moment...

"If you could further reduce tribute cloth costs and increase efficiency a few years ago, you could have monopolized this business without issue... Though others would certainly become envious after a year or two. But the problem is that starting last year, relations between Liao and Jin have grown tense. Now everyone's waiting for this war to begin. Once fighting starts, with two tigers battling, our dynasty will surely send troops. Afterward, we definitely won't be sending tribute to the Khitans anymore. Those three hundred thousand bolts of cloth—any losses would have to be absorbed..."

"But if the tribute ends, Imperial Merchants would only handle silks sent to the palace. The Xue and Wu families are surely already making moves. We might beat the Xue family, but not the Wu family—they already have palace connections and are familiar with the officials at the Weaving Bureau. I know you've spent years preparing for this, but given the current situation, the odds aren't in our favor anymore. The main issue is still the tribute cloth. No matter how fine the silks you present, palace demand isn't high. But if you add tribute cloth and they don't want it while you've invested in numerous new workshops, you'll be drained dry. Yet if you don't prepare new workshops and there's still a year of tribute demand, what then..."

After Xi Junyu finished, Su Tan'er was silent for a long moment. "Isn't the tribute cloth problem just as difficult for the Xue and Wu families?" she finally asked.

"If there's still a year of tribute requirements, they plan to grit their teeth and endure it. Without adding stakes, they'll first cede some market share. Next year or the year after when we go to war and turn hostile, they'll use their silk business and Imperial Merchant privileges to reclaim that market share. But you're improving looms, you're taking risks, you're investing too much. If it were a few years ago, I'd certainly support you, but now we might not win openly. This is no longer a sure profit—better to withdraw early." He sighed. "This isn't a miscalculation on your part, just unfortunate timing. There's nothing to be done..."

Previously, the Imperial Merchant status wasn't particularly attractive because of the tribute cloth obligations. For merchants who could truly handle it, it was a path to even greater growth. But for the Su family or smaller businesses, it was a burden, or even poison. Just as Su Tan'er was about to make her move, war was on the horizon. With the hope that the tribute might end, the Xue and Wu families were now competing for the position, making the Su family's investment look like a joke.

After Xi Junyu finished, Su Tan'er frowned slightly and shook her head: "What does Manager Xi think... will happen after this war?"

"Eh?" Xi Junyu was taken aback. "After the war..." He suddenly understood what she was getting at. "You're really thinking that far ahead..."

"Since I was born, we've been sending tribute year after year." Su Tan'er spoke softly. "Some things aren't glorious to mention, but they seem endless. I certainly hope we can defeat the Khitans too. But... we've never won. The Tanyuan Alliance¹over sixty years ago, the Black Water Alliance²seven years ago, and now there's Jin. What will happen when fighting starts? If the two tigers destroy each other, that would be wonderful. But will it really happen that way?"

Su Tan'er shook her head: "Everyone says the Khitans are savage and brutal, the Jurchens are crude and uncivilized, while our Wu Dynasty is the grand celestial empire. I... I also enjoy hearing such stories. As a child in teahouses listening to storytellers, I couldn't help clapping and laughing. But to say it's really true... I don't believe it. There are wise people everywhere. We can't defeat them—that only proves they're stronger than us. If they're strong, we must acknowledge it..."

"Those who can admit defeat can win it back. I'm a merchant—if you lose, you lose. If money's gone, it's gone. Making excuses is useless. Save excuses for others—knowing why they succeeded helps you guard against it. Keep your weaknesses to yourself so you can see clearly. Manager Xi, seven years ago Liao could force us into the Black Water Alliance. Now Jin can challenge Liao. When they fight, will they really ignore that there's a Wu Dynasty watching nearby?"

"These days when I visit teahouses and taverns, I hear scholars and talented men discussing how our Wu Dynasty will profit from their conflict, how Liao and Jin are so savage, crude, stupid and brutish, discussing how to provoke them into fighting to the death... Even as a woman, if I were in Liao or Jin, I wouldn't be so short-sighted. Our dynasty has been bullied for nearly a century, yet they still happily call our enemies stupid beasts. Have we really been bullied by a bunch of stupid beasts for so long? Perhaps it's precisely because these scholars keep telling stories about Wu Dynasty heroes defeating Liao barbarians that our dynasty remains so weak..."

Her expression darkened: "If fighting really starts, the best outcome would indeed be mutual destruction, with our dynasty never paying tribute again. When that happens, improved looms would still be useful. But there are other outcomes too. If Liao wins and comes demanding answers, our tribute to Liao would have to increase. If Jin wins, would they not want tribute? How could things be so convenient? I've heard this friction between Liao and Jin is largely because Jin wants to trade with our Great Wu. It's also possible the two countries make peace, and our Wu Dynasty has to pay tribute to both Liao and Jin. Only one thing won't happen—them paying tribute to our Wu Dynasty..."

"I also hope our dynasty can win. If one day the army mobilizes and officials come demanding money, grandfather and father are already prepared. But if we can't win in the end, then... what do we do..."

Xi Junyu stood stunned for a long moment. With Jin-Liao tensions high, the whole country spoke of how two tigers fighting must wound one, giving the Wu Dynasty a chance to breathe. Even if the outcome was terrible, it couldn't be worse than the current situation. He hadn't expected Su Tan'er to hold such views. Should he call her too pessimistic or too clear-eyed? Recalling this woman's past behavior—her gentle exterior concealing an extremely firm approach to business. Really... his heart trembled slightly... too admirable.

Yet even so, Xi Junyu still believed the Wu Dynasty wouldn't end up worse off. Improving looms to free up capacity for taking on large tribute cloth orders while cutting costs and raising profits—this was indeed the most straightforward strategy. But such profits couldn't last long. Generally speaking, unique dyeing techniques or stitching methods could be kept secret longer, but loom improvements would leak within a year or two. Those interested would all know, everyone would improve, and profits would drop again. Often the effort wasn't worth the reward.

He was about to voice these thoughts when applause suddenly echoed from the darkness of the corridor. Su Tan'er had been so focused on her words, and Xi Junyu so absorbed in listening, that neither had noticed their surroundings. It was Juan'er who finally broke the spell with a surprised cry, "Young Master, what are you doing here?"

The person in the darkness was Ning Yi, holding an oil paper umbrella in one hand and what looked like two strings of rustic mountain goods in the other—dried wild rabbits or something similar. He smiled and gestured toward the rear, in the direction of the small square where carriages were parked: "I was waiting for dinner, so I went to check the kitchen. Passing by here, I remembered something left in the carriage... ah, these are from Xiao Chan's fellow villagers for Guard Geng. Just grabbed them in case the carriage cleaners helped themselves. Then coming over, I heard voices."

He grinned and pointed at Su Tan'er. "You're wrong, you know. That's not a very patriotic thing to say."

Xi Junyu had been about to comment on the matter himself. Hearing Ning Yi speak first, he frowned slightly. This fellow was also a scholar—even if he wrote well, he was no different from those Su Tan'er mentioned who loved telling stories of Wu Dynasty heroes defeating Liao barbarians. Logically speaking, Su Tan'er's words made perfect sense, just not directly applicable to business changes.

He turned his head to see Su Tan'er beside him suddenly burst into laughter. Such a smile was extremely rare in Xi Junyu's memory, because vaguely, the woman behind her seemed to be laughing too, merging with the Su Tan'er before him.

She laughed, shaking her head with a look of fond exasperation, her eyes still fixed on Ning Yi. Her tone was a perfect blend of mock reproach and easy affection, like a private joke between them. "Oh, husband..."

Meanwhile, in another part of the city, by a bend in the rain-soaked Qinhuai River, a figure knocked on the door of a lamp-lit riverside house. When Nie Yunzhu opened the door, she saw Yuan Jin'er hugging herself, completely drenched.

She'd escaped from Golden Wind Tower wearing only thin cotton nightclothes. After being soaked all the way here, under the lamplight the wet fabric clung to her body, nearly transparent. Of course, in Nie Yunzhu's female eyes, this only made Yuan Jin'er appear more delicate and fragile. This usually vibrant and lively girl now showed a smile, wiping rainwater from her face, then lowering her head to shake her long hair vigorously like wet seaweed, sending water flying. Then she yawned.

"Ah... Sister Yunzhu, I'm so amazing—I basically, uh, swam here from Golden Wind Tower. Even so... heh, I'm so sleepy. Sister Yunzhu, where's your room? I'll just sleep on the floor..."

She covered her mouth, yawning continuously, then coughed a few times, looking utterly exhausted. Nie Yunzhu only paused briefly before immediately embracing her: "No, you need a hot bath first... Hutao, quickly heat water..."

"Mmm... no bath... water tastes terrible, I'm almost soaked into a steamed bun... hehe, Sister Yunzhu, you're so warm..."

Yuan Jin'er melted into her arms, wrapping her arms around her neck, already closing her eyes. Mumbling and laughing, she then rubbed her face against Nie Yunzhu's shoulder a few times, contentedly leaning there, about to fall asleep. Then voices came from the storm: "Young Miss, Young Miss..."

The equally drenched Kou'er arrived, clutching a small bundle.

Not long after, Nie Yunzhu looked helplessly at the completely naked girl in her bed, hugging her blanket sound asleep, roughly understanding what had happened...