Lorenzo La Volpe, Master of the Butchers Bank, Founder of the League Trading Company, and Bourseholder of the Fortress of Salt Mithril mines, concludes a deal with Richard Tunstall, Imperial Master of Works, to improve the fortifications of the Empire.
Resources are available to those who can afford them.


The Imperial Bourse is the economic hub of the Empire. Its role is to ensure the prosperity of the Empire and to provide access to much needed resources to those who can afford them.

Role within the Empire

The Bourse is designed to ensure that ilium, mithril, weirwood and white granite are directed to where they can provide the most economic benefit, rather than being assigned by political or military patronage. Merchants bid for a position on the Bourse and those that are successful gain control of one of the Bourse positions that control production. It is then left to them to sell the resources at whatever price they can. Although there are frequent accusations of profiteering, when the market functions as intended it ensures that significant sums of money are paid to the Bourse for use by the Empire.

Decisions within the Bourse are taken by auction, with members placing money in the Bourse coffers to register their support for or against a motion. Such auctions are rare however, most of the Bourse activity is economic in nature and takes place without central organisation. The money collected by the Bourse, as part of the process of selecting members and making decisions becomes the property of the Empire.

The Bourse has gained other roles over the years, such as operating the public auctions. The public auction is open to anyone present; most goods sold are herbs, mana crystals, resources, building materials and occasionally even Ilium are sent to the Bourse by Imperial citizens who want a good price for their goods but have neither the inclination nor the time to attend the meetings at Anvil.

Entry requirements

There are over a score of different Bourse positions, the majority of which are auctioned off once a year. Although a citizen may bid for as many positions as they choose, an individual can only hold one Imperial title. The auction itself uses an open bidding system and payments must be made immediately.

There are a handful of Bourse positions which are not auctioned off. These positions reflect the relative economic wealth and priorities of nations like Varushka. As a result, these resources are controlled by vote of members of that nation based on what resources they control. These positions are identified separately below.

You can find details of who holds which seat here.

Elections and Appointments

During each season, all the Bourse Seats (both Imperial and National) that produce a single material are re-elected or re-appointed. During the event that a seat is due to be re-elected, the current holder does not receive any materials. Once the seat has been re-elected, the new holder receives that season's production, and secures the production until the next time the seat is due to be re-elected.

  • Weirwood seats are re-elected at the Winter Solstice.
  • Ilium seats and the Master of the Imperial Mint are re-elected at the Spring Equinox.
  • White Granite seats are re-elected at the Summer Solstice.
  • Mithril seats are re-elected at the Autumn Equinox.

Losing the title

When a Bourse seat holder dies or loses their title for any other reason, then they receive back any money they paid for the seat - in proportion to the number of seasons of production remaining. If there are two seasons production left, they get half their money back.

The seat is auctioned off again - and the refund is paid to the seat holder or their estate after the auction is concluded. Any shortfall is taken from the Imperial treasury, any excess is added to it. There is no refund payable if a title is resigned.


The wains (or rings of Ilium) are distributed directly to title holders each season and once received function as personal property which must be transferred between individuals like any other item. If a title holder will not be present at a summit, they may not appoint a proxy to collect Bourse resources at Anvil.


Mithril, weirwood and white granite are essential to the prosperity of the Empire and its citizens. Deposits of these materials tend to be large but few in number so they are carefully protected. Ilium is also rare and almost priceless due to its arcane powers. When the Empire was formed control of key supplies of these materials was placed in the control of the Bourse; it was explicitly designed to keep control of these precious materials out of the direct control of the Empress and the Senate.

Over time the role of the Bourse has grown, its members instituted a private auction to give them access to some of the most valuable items in the Empire. This was so successful it was eventually copied and a second public auction was introduced to allow citizens of the Empire to sell basic goods at the Bourse. The private auction has suffered in recent years for various reasons and lapsed towards the end of 380YE.

Powers and functions

Control of Ilium and Building Materials

Mithril, weirwood and white granite are essential to upgrade a personal resource to make it more productive. They are also needed for the large projects authorized by the Senate such as the creation of new armies or the building of bridges and fortifications. Ilium is used by artisans and magicians to make rituals and enchantments permanent. Each Bourse member has control of a single resource, for a single year (unless they are replacing an existing position which has become vacant). They can dispense this resource as they choose.

Auction of Appointments

Over the years the Bourse has helped to create various minor Imperial positions and officers to help the Empire function. Individuals are appointed to these positions by auction - Bourse members commit funds in support of their preferred candidate. The candidate that receives the most support is appointed - and all bids by their supporters become the property of the state.

Imperial and National Bourse Positions

Imperial Seats on the Bourse are assigned to the highest bidder. These positions are available to any citizen of the Empire who does not already control an Imperial title or position. This means that members of the Synod, military or senate can bid for one of these Imperial Bourse position, but must resign their position if they are successful.

National Seats on the Bourse, by contrast, can only be filled by a citizen of the appropriate nation. In addition they are not auctioned off, as Imperial Bourse positions are, but voted upon by resource owners from that nation. The larger the personal holding an individual has, the more votes they can allocate in support to a candidate. The voting for national Bourse positions is handled by the civil servants in the Bourse. National Bourse positions are otherwise identical to Imperial Bourse positions.

Mithril Seats

All mithril seats are re-elected during the Autumn Equinox.

Imperial Mithril Seats

There are four Imperial Bourse Seats that produce mithril.

National Mithril Seats

There are four National Bourse Seats that produce mithril in Imperial hands.

  • The Eternal Shafts of Time in Karov produce 27 Imperial wains of mithril each season. Control of the Shafts is assigned to whichever Varushkan candidate receives the most support from Varushkan owners of mine resources.
  • The Legacy in Spiral produced 22 Imperial wains of mithril each season. Control of the Legacy is assigned to whichever Urizen candidate receives the most support from Urizen owners of mana site resources.
  • The Pride of Ikka's Tears in Sermersuaq produces 15 Imperial wains of mithril each season. Control of the Pride of Ikka's Tears is assigned to whichever Wintermark candidate receives the most support from Wintermark owners of military unit resources.
  • The Singing Caves in Mournwold produces 28 Imperial wains of mithril every season. Control of the Singing Caves is assigned to whichever Marcher candidate receives the most support from Marcher owners of farm resources.

Weirwood Seats

All weirwood seats are re-elected during the Winter Solstice.

Imperial Weirwood Seats

There are six Imperial seats that produce weirwood.

National Weirwood Seats

There is one National weirwood Bourse Seat.

  • The Thimble in Therunin produces 24 Imperial wains of weirwood each season. Control of the Thimble is assigned to whichever Navarr candidate receives the most support from Navarr owners of herb garden resources. As of Autumn 381YE, and the decision of the Senate to Permit Great Forest Orcs to work the Thimble, the production has effectively fallen to 20 wains each season but the resource requires no upkeep from the Imperial Treasury.

White Granite Seats

All White Granite Seats are auctioned or appointed during the Summer Solstice.

Imperial White Granite Seats

There are five Imperial Seats that produce white granite:

National White Granite Seats

There are two National Seats that produce white granite.

  • The Granites of Veltsgorsk in Volodmartz produce 26 Imperial wains of white granite every season. Control of Veltsgorsk is assigned to whichever Varushkan candidate receives the most support from Varushkan owners of forest resources.
  • The Vigilant Swan in Reikos produces 25 Imperial wains of white granite every season. Control of the Vigilant Swan is assigned to whichever Highborn candidate receives the most support from Highborn owners of congregations.

Ilium Seats

All ilium seats are re-elected during the Spring Equinox.

Imperial Ilium Seats

There are two Imperial Seats that produce ilium.

National Ilium Seats

While in theory there are four National ilium Bourse seats, the Stonefield Ice Caves has been ceded to the Thule and is not in Imperial hands. All ilium seats are re-appointed during the Spring Equinox. Bourse seats that are allocated on the basis of raids conducted by military units, privateering by fleets, or similar are based on the total effective size of all the contributing resources over the last four seasons.

Not In Imperial Hands

This formerly national Ilium seat is not in imperial hands.

  • The Stonefield Ice Caves provided 5 rings of ilium each season. It was allocated to whichever Wintermark military unit performed the biggest raid against the barbarian orcs. The Stonefield Ice Caves are not currently in Imperial Hands, having been ceded to the Thule.

Other Bourse Seats

These appointments come with a Seat on the Bourse, but are not tied directly to the production of mithril, weirwood, white granite, or ilium.

The Master of The Imperial Mint

The Master of the Imperial Mint is a Bourse Seat reserved for the citizen of the League who presents the largest bid. The Master does not receive an income of Bourse resources, but is privy to privileged information about the Imperial economy and has powers to speak and address the Imperial Senate.

Castellan of Spiral Castle

Until 368YE, the Castellan of Spiral Castle is a Bourse Seat held by a Dawnish citizen, appointed with the support of Dawnish military units. The Castellan has powers to order the resupply of Imperial armies stationed in Weirwater. The Seat spent many years vacant, but a new Castellan has recently been appointed following the return of Castle Spiral to the mortal world.

Other Titles

A number of other titles are also appointed through the Bourse. Any title that has economic power or responsibilities is likely to be bound to the Bourse. Unless the position includes administration of a supply of mithril, weirwood, white granite, ilium, or says otherwise, it does not bring with it a seat on the Bourse. The appointment of all these titles is organised and processed by the civil servants attached to the Bourse.

The Bourse also auctions the unique title Bearer of an Imperial Wayleave. These three titles each allow an Imperial citizen to commission certain types of structure without going through the Imperial Senate, but retain their title for only a single season.

Table of Bourse Seats

Name of Resource Method of Appointment Location Output Election
The Arratan Gamble Imperial Tassato, Enterio White Granite (25) Summer
The Brilliant Shore Imperial Skarsind, Gildermark White Granite (26) Summer
The Brilliant Star Imperial Redoubt, Tomari Mithril (24) Autumn
The Broken Shore Bounty National, Brass Coast, Fleets, Privateering Feroz, Cazar Ilium (7) Spring
The Canterspire Circle Imperial Morrow, Operus Weirwood (22) Winter
The Cavabianca Dock National, The League, Businesses Sarvos, Cigno White Granite (Ministry) Summer
The Concordium Dock Imperial Redoubt, Limus White Granite (Ministry) Summer
The Damatian Cliffs Imperial Kahraman, Damata White Granite (27) Summer
The Eternal Shafts of Time National, Varushka, Mines Karov, Wieliczka Mithril (27) Autumn
The Fortress of Salt Imperial Temeschwar, Metri Mithril (25) Autumn
The Gift of the Dwindling Star National, Varushka, Forests and Mines Volodmartz, Brez Ilium (4) Spring
The Gloaming Road National, Brass Coast, Ambassador to Faraden Faraden Mithril (Ministry) Any season
The Golden Trees of Seren Imperial Miaren, Serenael Weirwood (28) Winter
The Granites of Veltsgorsk National, Varushka, Forests Volodmartz, Brez White Granite (26) Summer
The Great Forest at Reikos Imperial Reikos, Broken Ride Weirwood (25) Winter
The Great Mine of Briante Imperial Kahraman, Briante Mithril (22) Autumn
The Great Pits of Ennerlund Imperial Holberg, Ennerlund Mithril (27) Autumn
The Heartwood of the Great Vale Imperial Hercynia, Summersend Weirwood (25) Winter
The Hunt of Alderei the Fair Imperial Volodmartz, Opascari Weirwood (26) Winter
The Legacy National, Urizen, Mana Sites Spiral, Ossuary Mithril (22) Autumn
The Master of the Imperial Mint National, The League, Bid Tassato, ??? Senate Spring
The Mines of Gulhule National, Imperial Orcs, Military Unit Skarsind, Gulhule Mithril & Ilium (Ministry) Spring
The Night Quarry Imperial Miekarova, Mieriada White Granite (27) Summer
The Pallas Docks Imperial Redoubt, Limus Weirwood (Ministry) Winter
The Pride of Ikka's Tears National, Wintermark, Military Units Sermersuaq, Suaq Fount Mithril (15) Autumn
The Regario Dossier National, The League, Bid Tassato, Tassato Regario Ilium (4) Spring
The Scorrero Nets Imperial Feroz, Oranseri Ilium (5) Spring
The Singing Caves National, The Marches, Farms Mournwold, Greensward Mithril (28) Autumn
The Steel Fist National, Imperial Orcs, Supporting Armies Necropolis, Hedrossan Ilium (8) Spring
The Sutton Stone Quarries Imperial Upwold, the Heath White Granite (23) Summer
Syrene's Wisdom Imperial Casinea, Syrwatch Ilium (7) Spring
The Thimble National, Navarr, Herb Gardens Therunin, Eastring Weirwood (20) Winter
The Vigilant Swan National, Highguard, Congregations Reikos, Riverwatch White Granite (25) Summer
The Weirwater Vales Imperial Weirwater, Wickmoor Weirwood (23) Winter