Propensity to truck, barter, and exchange
"Of course I'm sure" responded her ever-exuberant boss. "It's a brilliant idea! Provided we get the contracts right. Provided we get the auction right. And provided we get the handover right. Literally nothing can go wrong! All the risk is with the counter-party. The actuaries are delighted with the model!"
"Yeah, it's not that..." Patina tried to interject, but putting words in front of Crown was like trying to put a leaf before a gale.
"And we've already chosen eight contracts already. Now we just need to let the Empire know, and then we can sit back and let the Invisible Hand go to work. It's going to be amazing!"
"Yeah, about those contracts..."
"I know I was surprised too how quickly we secured agreement from the other desks too - but if this works this time there's no reason we can't do it again in the future. We're going to be famous Patina. We'll be the heralds that took the work out of work ethic!"
"But I like hard work..." said Patina quietly, her voice trailing off
"And this way, you'll have even more time to work your fingers to the bone. But look, if the Imperials get mad about it, we'll just say it was all Able the Rounder's idea!"
This last was too much for Patina and she raised her voice, determined to be heard at last. "Able the Rounder is one of our most valuable customers Crown. You should not be traducing his reputation by involving him in this scheme of yours..."
"What? It's good for us. It's good for Able. It's good for... where's he from again?"
Patina rolled her eyes... "Sarangrave. He's one of the foremost architects of Sarangrave. It's a critically important territory in the Empire, with major investment needs." Patina stressed the last in the hope of pointing out the obvious. Crown was great at front of house, but his knowledge of his customer portfolio was excruciating. A mortal she'd met once had had a dog they called a golden retriever, even though it very definitely was not made out of gold. More and more her boss was reminding her of that dog. Including not being made out of gold.
"Right! So he's gonna be delighted by these new arrangements! It's bound to go well."
Patina couldn't take the overbearing optimism a moment longer. She stabbed a blunt metal finger down onto the table spearing one of the pieces of paperwork. "This? He's going to be delighted with this is he?"
To be fair to Crown, he at least had the good grace to look crestfallen. For a moment.
"Caveat Emptor?" he asked plaintively.
Overview
The Sovereign Lady of the City of Gold and Lead has become a ubiquitous sight in the Hall of Worlds in recent times, with various heralds from the city attempting to make deals with Imperial citizens who have submitted their goods for potential sale via Ephisis' Scale. For the most part, trades have been largely successful and have brought Prosperity to both parties.
At least they did until the Spring Equinox. The prices offered by the City can change rapidly, such is the nature of the market place. But a change of personnel on the trading desk compounded issues caused by the fast moving prices to howls of anguish from their Imperial counterparts. Crown, one of the more excitable heralds commonly manning the Imperial trading desks, is never happy about an unhappy customer. Determined to avoid future lost sales, he contacted one of his counterparts in the Empire, Able the Rounder, to discuss what the brilliant Urizeni architect felt had gone wrong. Fortunately for Crown, the wealthy and experienced merchant had plenty to say on the subject.
What passed between the two is likely to remain confidential, but it seems that it was sufficient to cause a change in the City's plans for the forthcoming summit. Regular traders and novices alike, would do well to take notice.
The Great Instrument of Ambition
- Ephisis is making eight contracts available to the Empire
- These contracts will be auctioned off to the highest bidder in the Hall of Worlds at 10:30 on Saturday morning
- Each contract must be fulfilled in full and before the end of the summit, to receive payment
- Contracts must be redeemed by delivery to the Hall of Worlds during the balancing of scales
- Standard settlement terms with the contract holder will be three days after the conclusion of the summit
| Contracts Available | |
|---|---|
| Goods Required | Payment Offered |
| 800 measures of dragonbone | 100 thrones |
| 40 ilium | 20 mithril, 20 white granite, 20 weirwood |
| 400 ingots total of green iron, orichalcum, weltsilver and tempest jade in any ratio | 100 mana crystals and 100 warm ashes |
| 500 thrones | 200 mithril |
| 150 weirwood | 500 thrones |
| 400 measures of ambergelt | 20 white granite |
| 500 measures total of beggar's lye or iridescent gloaming in any ratio | Glistering |
One of the areas that causes the most significant problems for small and large traders is the tendency for bulk sales to flood the Autumn markets. The Invisible Hand will ultimately buy almost anything, but the Empire is one of its biggest customers and merchants who attempt to dispose of huge sums of materials can temporarily distress prices. This causes problems for large volume traders, who find the offers made for boxes fall short of what they hoped to achieve because they have unwittingly depressed the market value of whatever good they are attempting to sell hundreds of to the Empire. But it also impacts merchants offering small volume traders who discover their handful of dragonbone or whatever precious material has flooded the market is now worth considerably less than they were expecting.
Based on an idea that Crown credits to Able the Taller, the solution the City is going to implement is to offer eight significant contracts. These contracts are the largest requests for purchase or sales that the City has received in other markets. Most come from the Empire's near neighbours, since that keeps shipping costs down, but the City is open about the fact that they trade all over the world, from the tiny bazaar of Pushkin City in far off Mitovoria to the great temple-market of Mãos de Ouro in the capital of Asavea.
Normally the City attempts to settle trades with the resources they have acquired from the Empire and elsewhere. It's when the Empire offers large volumes of goods they can't quickly move on because they don't have a known buyer for them, that the prices they offer drops. To avoid the problems experienced at the previous summit, the City is therefore publishing the details of the eight largest contracts that have come in.
The contracts will be offered for auction in the Hall of Worlds at 10:30 on Saturday morning. All bids in Imperial currency, each contract will go to the highest bidder, who will need to settle the purchase there and then. The right to fulfil that contract is then their legal property (and they may do with it as they will). Anyone bearing the contract (assuming they have acquired it legally) may complete it by bringing the desired goods to the balancing of the scales in the Hall of Wolds the following day. There is no need for any additional expense of sending a box to the Autumn realm first, since the settlement value is already agreed. The City will receive the goods, mark the contract complete, and arrange for delivery of payment three days later.
Crown warns that contracts can only be fulfilled at the summit they are purchased at. Any contract that is not fulfilled at the summit is null and void with no refunds. Merchants should be careful to bid accordingly. Contracts must be completed in full, part payment will not be accepted.
In plain terms, turn up in the Hall of Worlds on Saturday morning, outbid any other buyer for one or more contracts, then return the next day with all the required goods to get paid.
The Merchant of Rhodes
- The City has published more general guidance on commodities they are likely to offer good prices
- The prices offered by the City are influenced by local market prices in the Empire but not set by them
- Prices offered for large volumes of goods will be lower, outside of an advertised contract
- The City is always happy to be paid in Imperial coin
When all is said and done and every grain of salt has been counted, the City of Gold and Lead will always offer a price for something, provided they can find a buyer for it. But some commodities and resources are in high demand in the City and should fetch a good price, while others are not. Some things are nearly worthless - even if the City offers a price for them, it will be a matter of a few rings.
Crown explains that the prices offered by the City are influenced by local market prices, but they are not set by them. The City of Gold and Lead takes the goods sold to them in Ephisis boxes and sells them on elsewhere, either to other cities in the Iron Labyrinth or to other locations in the mortal world. Ultimately the price they are prepared to offer is set by what the heralds believe they can get for the resources they acquire and not by prices in Imperial markets. Offers may be influenced by the value of goods at Anvil - the heralds may lower their offer if they believe they can offer less and still make a deal.
Some merchants are surprised to discover they are being offered a price for their goods below what they could get in Anvil, but that is to be expected. If Imperial traders are offering goods from all over the Empire, then it's perfectly normal that the heralds won't always be able to match local prices for everything.
Perfectly normal perhaps, but definitely not desirable! Crown appears genuinely pained anytime a merchant leaves his trading desk without a sale of some kind. He believes that ignorance of market conditions is costing his beloved City business and so he has persuaded his fellow heralds to try publicising more information about what the city does or doesn't want to buy.
The City has published guidance for the various resources and commodities they are commonly offered. The sale price column indicates the price a merchant might hope to get when selling the goods from Ephisis. The purchase price column indicates the level of prices the City might offer to sell goods to Imperial merchants at. There is never a guarantee of profit - these ratings are comparative to each other, not comparative to Anvil prices.
The contracts on offer indicate the resources that Ephisis is trying to secure in order to fulfil significant deals with others merchants. They ensure that the city can afford to purchase large volumes of resources without risking a major loss. They allow Imperial merchants to aim to fulfil the contract knowing with some certainty what their profit margins will be. Prices offered for large volumes of goods will be lower, outside of an advertised contract. The City will still make a bid, but it will be a lower offer the more resources are piled into a box.
Finally it should go without saying that the City of Gold and Lead is always happy to trade in Imperial coin. Thrones, crowns, and rings are all very welcome in any exchange of wealth.
| Commodity | Sale Price | Purchase Price |
|---|---|---|
| Ingots and Measures | High | Very High |
| Wains | Average | Low |
| Food and Drink | Very Low | Not Available |
| Common Trade Goods | Very Low | Low |
| Unique Trade Goods | Very High | Average |
| Artifacts | High | Not Available |
| Storied Artifacts | Variable | Not Available |
| Storied items | Variable | Not Available |
| Newly made Magic Items | Low | Average |
| Exhausted Magic Items | Zero | Not Available |
| Mana Crystals | Average | Average |
| Autumn Vis | Very Low | Low |
| Other Vis | Very Low | Very High |
| Herbs | Average | Very High |
| Common Potions | Very Low | High |
| Drugs and Narcotics | Low | Low |
Ingots and Measures
- Ingots and measures fetch good prices in the City of Gold and Lead
Ingots and measures, including ingots of ilium are always valuable in the Autumn realm, because the heralds can sell them to agents of the Sovereign Lord of the City of Fire and Stone. For that reason, it is rare for the City to offer such materials and merchants looking to acquire them from the City should expect to pay handsomely for them.
Wains
- Wains are on offer for sale or purchase whenever the City believes it can make a profit
Wains of Materials, while valuable within the Empire, are harder for the autumn realm to trade to other lands, as the bourse certificates represent large amounts of materials sitting in Imperial warehouses. While the City regards bourse certificates as a wonder of the world, they only function perfectly within the Empire. The further you travel from the Empire's borders, the more value they lose. The city's heralds will buy or sell wains, but only when they believe the price favours them - which usually means they will only buy at a price below the highest sale price in Anvil. Sales are a little easier, since heralds are always looking to dispose of bourse certificates they have acquired in the Empire where they can, so citizens looking to buy wains are encouraged to try their hand.
Food, Drink and Services
- These goods hold no value to the City
Food and drink spoil quickly in the Autumn realm - they cannot be placed in vaults and held until a customer is found. For this reason, they are worthless to the Autumn realm. Likewise offers of services are not currently of value, the City trades in goods - while they appreciate that an offer of services in the future has value, it is not a market they trade in. In all cases the City requests that Imperial merchants do not put these things into an Ephisis box.
Common Trade Goods
- Goods readily available for purchase in foreign ports are in low demand in the City
Imperial fleets often acquire unusual goods in foreign ports, such as Oilybrag, which can be bought in Zemeh. The City of Gold and Lead has opportunities to trade in all the major cities of the world, so they can already purchase these common trade goods at the same price Imperial merchants paid for them. As a result heralds rarely offer good prices for these goods - Imperial merchants should be better off disposing of them at Anvil rather than trying to sell them to the Autumn realm. It is only worth sending them to the City of Gold and Lead if you need to dispose of them at any price.
Unique Trade Goods
- Unique goods produced in the Empire command a high price the first time they are sold
- Unusual or unique goods from difficult to access ports will fetch a good price the first time they are sold
While common trade goods are rarely value, unique trade goods are a different matter. If a trader has goods produced in a foreign port which is difficult to access, or which are unique to the Empire, then they will command a good price. The only problem is that the more of such resources the Empire sells, the less valuable the thing becomes. The first one is unique, the second one is not - so prices rapidly fall off.
Herbs, Potions and Consumables
- The Autumn realm will buy herbs, but rarely if ever offers them for sale
- Most potions command a poor price when offered for sale to the City
- Unusual consumables including drugs and narcotics sell well and offer a chance for a good profit if they are put in a box by themselves
Herbs are always in demand in the Autumn realm, since they can make use of them, but they don't grow well in the realm if at all. For this reason they command a good price when offered for sale to the city, though it is expensive to buy them from the City. Surprisingly most other potions are not worth offering to the City. It is time consuming to identify them and most heralds have little interest in trading them on, so they offer only very low prices for them.
Unusual consumables, including drugs and narcotics do sell in the Autumn realm but there are few buyers and that does depress the sale price. The Silent Market, a trading operation in the City can offer a price for them, and will also offer them for sale in the right conditions. Drugs that are illegal in the Empire are usually the most profitable for merchants trading with the City.
The Silent Market, is a trading desk that only deals in unusual items, drugs, narcotics, and storied items. They handle all this trade that comes from the Empire. As a result, these things are always best put in an Ephisis box by themselves so that the Silent Market can assess them and make an offer. Including 20 ambergelt alongside a thirty doses of Bite is a recipe for disappointment, because the Silent Market will buy the Bite but they don't want the ambergelt. Their rivals in the City want the ambergelt but not the Bite. Thus the best way for Imperial citizens to get the best possible price is to put drugs, narcotics and storied items in a separate box.
Magical Items
- Permanent magical items with a storied history can fetch an excellent price when sold to the City
- Storied items with history but no actual magic power rarely do so
- Magic items with a year's duration to run have a known value, but
- Magic items that are close to expiring are worthless to the City
- Storied items need to be put in a box by themselves to get the best price
Permanent magical items are valuable throughout the world and the City will always try to offer a good price for them based on the amount of materials needed to create one. When such items have a storied history - that can increase the price significantly, assuming the City knows of a buyer who is in the market for such a curio. Items with history but no notable magical properties are obviously less valuable - but could be worth something to the right buyer. In either case, the price offered by the heralds is highly variable, merchants are welcome to offer them for sale but should be prepared for the possibility of a low offer. Regular magic items with a year's duration to run are worth less than what their ingredients are worth as they have already lost a seasons worth of use - the Autumn realm are unlikely to offer more than this, because they can buy most magic items from the Forgemistress. Items that are close to expiring are as worthless to the City as they are to the mortals trying to dispose of them.
Mana and Vis
- Mana is always in demand all across the world, so crystals fetch reasonable prices in the City
- Autumn vis is produced in large amounts in the Autumn realm and can be had at a good price from the City's heralds
- Vis from other realms often spoils if kept too long in the Autumn realm, so the City rarely offer good prices for large quantities
Mana is the currency of magic, there are even some desperately primitive societies in the world that actually use it in place of money! Most of the city's heralds are currently offering to buy mana crystals for around 24 rings a crystal and to sell it at 26 rings each. Vis can spoil if kept in the Autumn realm too long, so the City has little interest in trading it, unless there is a large outstanding contract to be fulfilled, otherwise heralds will be loathe to buy or sell it. Autumn vis is the one exception - huge amounts are produced in the Autumn realm and can usually be bought for a good price from the City's heralds, but of course, they offer low prices to buy it back.
A Possible Patron
| Plenipotentiary |
| Eternal: Ephisis |
| Subject: Patronage of the Golden Pyramid or their grand lodge |
| Necessary Details: What form any aid might take |
| Availability: One year, until the end of the Spring Equinox 389YE |
| Limitations: Cannot be included with other substantial requests |
- Heralds of the City of Gold and Lead were recently asked about the possibility of becoming a patron of the Golden Pyramid
- They confirm that such a thing is possible, but it would require a plenipotentiary to make the appropriate arrangements
Grandmaster of the Golden Pyramid
At a recent meeting in Anvil, Crown, one of the heralds of the City, was asked about the possibility of the City of Gold and Lead becoming a patron of the Golden Pyramid, or of the Order's grand lodge. Such an arrangement would be highly unusual - a Conclave order accepting an offer by an eternal to become their patron raises questions about that order's loyalties and their impartiality on matters like alignment. Still the risks seem relatively low here, the manifesto of the order seems closely aligned with the goals of the eternal and Ephisis has never been under enmity as far as the records show.
After lengthy discussion between the various markets and independent traders of the City, it appears there is a consensus that most are open to the idea, if there is genuine enthusiasm for it from the Order. However, while eternals of other realms might be content to agree to become a patron without a second thought, the City of Gold and Lead will not contemplate the idea without a thorough discussion of what support they could offer the Order, what support the Order might want and importantly, how the Order might further the City's agenda. Ultimately any agreement would need a contract of some kind.
If the Order are serious about engaging the services of the Sovereign Lady of the City of Gold and Lead as patron of their order - or patron of their lodge, then they would need to arrange for the Archmage of Autumn to secure a plenipotentiary specifically for that purpose. It could include a single item of other business that was already ongoing, but the City will not seriously engage with a plenipotentiary that incorporates a list of different causes of interest to different groups. But if the Autumn Archmage is prepared to assist the Order and the grandmaster and his supporters have the backing of the Golden Pyramid to negotiate an agreement for patronage then the City are open to exploring the possibilities.
As with any plenipotentiary, it would be most useful if the Archmage is clear what form any aid they would request might take, then the heralds can assess how possible that would be, before the meeting. The more knowledge the City has about how they could help the Order, the better.