I am the Crown Prince of France

Chapter 687 688: The Sugar Franc Launches

All the sugar merchants—and even speculators who had never dealt in sugar—swarmed the exchange like sharks scenting blood.

Soon, the west side of the trading hall displayed its first posted contract on a massive wooden board, standing three people tall. The exchange staff hung up the listing:

A sugar futures contract set to mature in one month, priced at 1 franc and 8 sous per pound.

According to the exchange's rules, sugar was traded in units of 10,000 pounds. This meant the buyer of this contract would secure 10,000 pounds of sugar for 18,000 francs a month later.

Thanks to the Dutch, who had pioneered futures trading with tulips, and the subsequent emergence of small-scale futures markets in Britain and the Netherlands, most merchants were familiar with the concept of futures trading.

All the traders stared in shock.

Since France's currency reform, 1 franc equaled 10 sous. The price of 1 franc and 8 sous represented nearly a 30% premium over the current sugar market price!

Suddenly, a middle-aged man with small eyes and a felt hat approached the trading counter, pointing at the 1 franc and 8 sous contract. Speaking in broken French, he announced his intent to buy it.

The crowd burst into gasps:

"This price is ridiculous!"

"Is he mad? Sugar prices only rose by 40% in the last six months, and he thinks they'll jump another 28% in a single month?"

"Oh, poor man. He'll lose everything."

Then the second contract was posted.

Before the small-eyed man could secure the trade, an older merchant at a nearby counter quickly snatched it up.

The third contract went up.

Sold instantly.

The fourth contract appeared.

Gone in a flash.

Fifth contract? Same result.

The merchants in the hall were in shock. Was a 28% premium not enough to secure any sugar?

Finally, the small-eyed man managed to grab the eighth contract, but by that time, the price had climbed to 1 franc, 8 sous, and 1 denier.

He tucked the contract away, satisfied, and squeezed out of the crowd.

A blue-eyed, broad-nosed young man approached him, bowing slightly before speaking in Dutch:

"Mr. Van Schaik, it's been a while. I didn't expect to see you in Paris."

Van Schaik smiled and returned the gesture.

"A pleasure to see you too, Mr. Weigel. Paris is the future for all sugar merchants, so of course, I had to come."

Weigel glanced at the latest contract, which had been instantly snapped up, and leaned in to whisper:

"To be honest, I think the prices are too high. Why did you…"

Van Schaik hesitated briefly before pulling Weigel behind a pillar and whispering even more softly:

"The Caribbean plantations are ruined. You'll have a hard time finding sugar anywhere but here."

Weigel frowned. "The situation in the Caribbean is bad, but it shouldn't be this extreme, right?"

Van Schaik looked around cautiously before replying:

"You probably haven't seen last week's purchase report from the London Company, have you?"

The London Company was Britain's primary handler of Caribbean trade. Every year before the sugarcane harvest, they assessed the market and determined purchasing prices. These reports inevitably leaked to well-connected insiders.

"No, I haven't heard anything."

"Let me tell you: this year, they're only getting 35% of last year's purchases, and even then, most plantation owners aren't sure they can deliver."

Weigel's face fell. He hadn't realized the sugarcane shortage was this severe.

"What about Egypt?"

"I heard it's all been pre-sold at high prices to some mysterious buyer."

Weigel was stunned. "So now we're stuck relying on France's beet sugar?"

France's beet sugar production had been widely publicized months ago—large-scale sales couldn't be kept secret.

Van Schaik shrugged. "It seems so. If I had more funds, I'd buy even more contracts today. My estimate is that sugar will hit 2 francs per pound in a month."

Weigel quickly turned to the board displaying the contracts. The latest price was 1 franc, 8 sous, and 2 deniers.

What he had thought were foolish overpayments were actually people outpacing his understanding of the market!

He hurriedly bid farewell to Van Schaik and fought his way to the trading counter.

The trading hall soon turned into a chaotic battlefield, filled with shouting, cursing, and even physical altercations as people scrambled to secure contracts.

Weigel, after having his clothes ripped and taking a punch to the face, finally managed to grab a contract. He clutched it triumphantly, ready to dive back in when someone shouted:

"Breaking news! The Dutch government has officially recognized the Republic of Saint-Domingue!"

The room went silent for a moment before exploding into an even greater frenzy. No one even bothered checking prices anymore—if there was a contract, they bought it!

The implications were clear: Saint-Domingue's government had likely banned sugar exports except to nations that recognized its sovereignty. The Dutch, desperate for sugar, had capitulated to the Haitian rebels.

That evening, as Joseph's carriage made its way back to Versailles, Police Chief Besançon reported nervously:

"Your Highness, a violent brawl broke out at the exchange. There are 27 serious injuries and over 60 minor ones."

Joseph raised an eyebrow. "All this for sugar?"

Besançon nodded. "Yes, Your Highness. It was my failure to anticipate the crowd's intensity…"

After hearing the details, Joseph merely scolded him lightly and instructed him to coordinate with the exchange to manage the aftermath. He had seen firsthand how chaotic the scene was, and the exchange's security was not entirely unprepared.

Once Besançon left, Joseph leaned back, muttering to himself:

"I didn't expect the Dutch to move so quickly. I haven't even recognized the Haitian government yet, and they beat me to it.

"But this will make sugar even more sought after.

"Let's move up the timeline for that plan."

The next day, after a brief suspension for the brawl, the Paris Agricultural Commodities Futures Exchange reopened.

As merchants rushed back into the hall, they were greeted by a noticeable increase in police presence.

Standing atop a freshly repaired counter, the exchange supervisor announced:

"From today onward, to facilitate transactions, buyers paying in francs will have priority trading rights!"

The crowd froze momentarily.

Given the current frenzy, priority rights were everything. Without them, it would be nearly impossible to secure a contract.

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