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| {{CaptionedImage|file=ArtOfTheDeal.jpg|align=left|width=450|title=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.|caption=Resources are available to those who can afford them.}} | | {{CaptionedImage|file=The Imperial Bourse.jpg|align=left|width=600|caption=The Bourse ensures the prosperity of the Empire.}} |
| ==Overview== | | ==Overview== |
| 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. | | 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. |
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| ==Role within the Empire== | | ==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. | | The Bourse is intended to raise money for the Imperial treasury and 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. |
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| 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.
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| <!-- This is intended to be a private, internal, decision making process - it doesn't have legal power, and it won't generally let the Bourse change its processes. As Matt said to the person who asked about votes and giving money to the senate - Any member of the Bourse can ask the Civil Service to raise a decision to be voted on - but it is important to appreciate the Bourse is largely powerless to change itself - most of the operation of the public auctions and voting conducted through the Bourse is part of the legal framework of the Empire, which the Bourse categorically has zero power to influence.
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| Most important, the money used in such an auction goes to the Private Auction Fund (leaves the game) it does not go to the senate -->
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| The Bourse has gained two other roles over the years, operating the public and private 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. The private auction is for Bourse members only and sells rare and unique items that agents of the Bourse have sourced from across the Empire and the World.
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| ==Entry requirements==
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| 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.
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| 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.
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| You can find details of who holds which seat [[Recent_history|here]].
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| ==Elections and Appointments==
| | Merchants bid for Imperial positions on the Bourse and those that are successful gain control of one of the Bourse positions and the production that comes with it. It is then left to them to sell these 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 through the Bourse into the Imperial treasury for use by the Empire. |
| 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.
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| * Weirwood seats are re-elected at the Winter Solstice.
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| * [[Ilium]] seats and the [[Master of the Imperial Mint]] are re-elected at the Spring Equinox.
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| * White Granite seats are re-elected at the Summer Solstice.
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| * Mithril seats are re-elected at the Autumn Equinox.
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| ===Losing the title===
| | In addition to the auction of Imperial Bourse positions there are a number of national positions which are voted on by key members of each nation. The expectation is that the citizens that are elected to control these bourse positions will use the resources they generate for the benefit of their nation. |
| What happens when a Bourse seat loses their title depends on how they lost it.
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| * If the holder of a Bourse seat dies, the seat is re-auctioned (or appointed). The new holder of the seat does not receive any wains or rings of ilium until the start of the next event. The money raised by the auction (if any) becomes part of the estate of the dead character, and the Magistrates do their best to ensure that money goes to the seat's beneficiaries.
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| * If the holder of a Bourse seat resigns their position, the seat is also re-auctioned (or appointed). Again, the new holder of the seat does not receive any wains or rings until the next event. The money raised in the auction is paid to the character who resigned their seat.
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| * If the holder of a Bourse seat receives a [[Writ of Excommunication]], they are stripped of their Bourse seat. It is re-elected (or appointed), and the money raised is claimed by the [[Imperial Synod]].
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| * The holder of a Bourse seat cannot be [[Revocation|revoked]] by the [[Imperial Synod]].
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| In all cases, the money initially paid for a seat remains as part of the annual budget of the [[Imperial Senate]].
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| ===Proxies===
| | The Bourse often attracts a great deal of opprobrium, some aimed at the alleged greed of title holders, some at the perceived dysfunction of the arrangements. Despite this, or perhaps because of it, the Bourse is constitutionally protected from interference by the Imperial Synod. |
| Any member of the Bourse, may appoint a [[proxy]]. It is not uncommon for Bourse members to auction the right to stand as their proxy to another party - as this allows the proxy to bid in the private auction.
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| ==History== | | ==History== |
| 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. | | The Bourse was founded by [[Emperor Giovanni]] after the Empire was formed, as part of a sequence of crucial economic reforms that included the introduction of a single Imperial currency. |
| | Mithril, weirwood, white granite and ilium are essential to the prosperity of the Empire and its citizens, but significant deposits of these materials are rare and jealously guarded. Giovanni's reforms intention put control of these resources in the hands of merchants and traders, rather than politicians or generals. In this way he hoped to maximise the benefits for the Empire, by providing large sums of money for the Imperial treasury and ensuring that resources went to the highest bidder. |
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| 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.
| | Giovanni was emphatic that if the Bourse was to provide for the Empire then it would need cast-iron protection from "goodly-hearted priests and high-minded politicians". Thus it was explicitly designed to keep control of these precious materials out of the direct control of both the Throne and the Senate as well as ensuring that members of the Bourse could not be revoked by the Synod. |
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| ==Powers and functions==
| | 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 [[Death of a salesman|various reasons]] and lapsed towards the end of 380YE. |
| | | {{CaptionedImage|file=ArtOfTheDeal.jpg|align=left|width=450|title=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.|caption=Resources are available to those who can afford them.}} |
| ===Control of Ilium and Building Materials===
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| 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.
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| ===Access to the Private Auction===
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| The Bourse holds a single private auction, only Bourse members can attend and bid on the items auctioned. Bourse agents scour the Empire and the world looking for rare and potentially valuable items to bring them to the Bourse where they are auctioned off to the highest bidder. Details of the handful of lots are usually posted in the Bourse several hours before the auction begins.
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| ===Operation of the Public Auction===
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| Although not formally one of the powers of the Bourse, the public auction takes place in the Bourse and is operated by the civil servants who run the Bourse. The auction is open to all and supplies of herbs, mana crystals, resources, minor magical items and small lots of weirwood, mithril and white granite are auctioned to the highest bidder. It is relatively rare, but not unknown for more valuable items like Ilium, true liao or powerful items to appear in the public auction. Details of the lots are posted in the Bourse one hour before the auction begins.
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| ===Auction of Appointments===
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| 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.
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| ==Imperial Bourse Positions==
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| There are sixteen Bourse positions that are assigned to the highest sealed bid. 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.
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| ==National Bourse Positions==
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| These appointments are Bourse positions, but they 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 [[New_Imperial_titles#The_Imperial_Bourse|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.
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| National Bourse positions are otherwise identical to Imperial Bourse positions.
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| ==Mithril Seats==
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| All mithril seats are re-elected during the Autumn Equinox.
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| ===Imperial Mithril Seats===
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| There are currently five Imperial Bourse Seats that produce mitril.
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| * The [[Singing Caves]] in [[Mournwold]] produce 28 [[Imperial wain|Imperial wains]] of mithril every season.
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| * The [[Fortress of Salt]] in [[Temeschwar]] produces 25 Imperial wains of mithril every season.
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| * The [[Brilliant Star]] in [[Redoubt]] produces 24 Imperial wains of mithril every season
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| * The [[Great Mine of Briante]] in [[Kahraman]] produces 22 Imperial wains of mithril every season.
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| * The [[Great Pits of Ennerlund]] in [[Holberg]] produced 27 Imperial wains of mithril every season. It is unclear how much, if any, production now remains, although work has begun on re-opening the collapsed mine. The Pits are currently unassigned; it is not clear if it will remain an Imperial Seat or become a League National Seat.
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| ===National Mithril Seats===
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| * There are two National Bourse Seats that produce mithril, although one is currently in the hands of [[Grendel|barbarians]].
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| * The [[Eternal Shafts of Time]] in [[Karov]] procude 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.
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| * The [[Legacy]] in [[Spiral]] produced 22 Imperial wains of mithril each season. The Legacy was assigned to whichever [[Urizen]] candidate receives the most support from Urizen owners of [[mana site|mana sites]]. It is currently in the hands of the [[Grendel]] and is neither allocated, nor producing mithril for the Empire.
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| ==Weirwood Seats== | |
| All weirwood seats are re-elected during the Winter Solstice.
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| ===Imperial Weirwood Seats===
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| There are six Imperial seats that produce weirwood. One of the seats is currently not in Imperial hands.
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| * The [[Golden Trees of Seren]] in [[Miaren]] produce 28 Imperial wains of weirwood each season.
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| * The [[Hunt of Alderei the Fair]] in [[Volodmartz]] produces 26 Imperial wains of weirwood each season.
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| * The [[Heartwood of the Great Vale]] in [[Hercynia]] produces 25 Imperial wains of weirwood each season.
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| * The [[Weirwater Vales]] in [[Weirwater]] produce 23 Imperial wains of weirwood each season.
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| * The [[Canterspire Circle]] in [[Morrow]] produces 22 Imperial wains of weirwood each season.
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| * The [[Great Forest at Reikos]] in [[Reikos]] produced 25 Imperial wains of weirwood each season. This Bourse resource is not currently under the control of the Empire.
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| ===National Weirwood Seats===
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| * 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 gardens.
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| ==White Granite Seats==
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| All White Granite Seats are auctioned or appointed during the Summer Solstice.
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| ===Imperial White Granite Seats===
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| There are four Imperial Seats that produce white granite:
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| * The [[Damation Cliffs]] in [[Kahraman]] produce 27 Imperial wains of white granite every season.
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| * The [[Night Quarry]] in [[Miekarova]] produces 26 Imperial wains of white granite every season.
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| * The [[Arratan Gamble]] in [[Tassato]] produces 25 Imperial wains of white granite every season.
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| * The [[Sutton Stone Quarries]] in [[Upwold]] produce 23 Imperial wains of white granite every season.
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| ===National White Granite Seats===
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| There are three Nation Seats that produce white granite.
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| * The [[Granites of Veltsgorsk]] in [[Volodmartz]] produce 26 Imperial wains of white granite every season. Control of Veltsgorsk is assigned to whichever [[Varushka|Varushkan]] candidate receives the most support from Varushkan owners of [[forest]] resources.
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| * The [[Brilliant Shore]] in [[Skarsind]] produces 26 Imperial wains of white granite every season. While control of the Shore was previously assigned to whichever [[Wintermark]] candidate received the most support from Wintermark owners of [[military unit|military units]], the reassignment of Skarsind has left it's status confused.
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| * The [[Vigilant Swan]] in [[Reikos]] produced 25 Imperial wains of white granite every season. Control of the Vigilant Swan was assigned to whichever Highborn candidate receives the most support from Highborn owners of [[congregation|congregations]]. While it was liberated by Highborn and [[Navarr]] forces, the decision about its future is still uncertain.
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| ==Ilium Seats== | |
| All [[ilium]] seats are re-elected during the Spring Equinox.
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| ===Imperial Ilium Seats===
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| There are two Imperial Seats that produce [[ilium]].
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| * [[Syrene's Wisdom]] in [[Casinea]] produces 7 rings of ilium each season.
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| * The [[Scorrero Nets]] in [[Feroz]] produce 5 rings of ilium each season.
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| ===National Ilium Seats===
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| All ilium seats are re-appointed during the Spring Equinox. Bourse seats that are allocated on the basis of raids conducted by [[miitary unit|military units]], piracy by [[fleet|fleets]], or similar are based on the total effective size of all the contributing resources over the last four seasons.
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| * The [[Steel Fist]] provides 8 rings of ilium each season. it is allocated to whichever [[Imperial Orcs|Imperial orc]] legion provides the most assistance to [[Imperial army|Imperial armies]] on campaign.
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| * The [[Broken Shore Bounty]] provides 7 rings of ilium each season. It is allocated to whichever [[the Brass Coast|Freeborn]] [[fleet]] performs the biggest raid against the [[Grendel]] port of [[Ports_of_the_Broken_Shore#Dubhtraig_(Northern_Broken_Shore)|Dubhtraig]].
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| * 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]].
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| ====The Regario Dossier====
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| Established in 173YE, the Regario Dossier serves to support the League diplomats active all over the world, making contacts with foreign powers and attempting to sway them to the Empire's side. Such activities require considerable funds but the gains for the Empire are difficult to overstate. If too many foreign powers were to ally with the barbarians, the fate of the Empire would surely be lost.
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| This Bourse position is reserved for a citizen of The League who presents the largest bid. It is widely claimed that the payment is used to pay for bribes and other diplomatic arrangements. In fact this is [https://en.wikipedia.org/wiki/Hypothecated_tax hypothecation], the costs of operating the dossier are fixed and the money from the auction goes to the Senate.
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| This Bourse position produces 4 rings of Ilium every season.
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| ==National Bourse Positions==
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| These appointments are Bourse positions, but they 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 [[New_Imperial_titles#The_Imperial_Bourse|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.
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| National Bourse positions are otherwise identical to Imperial Bourse positions.
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| ====The Master of The Imperial Mint====
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| The [[Master of the Imperial Mint]] is a Bourse position reserved for the citizen of the League who presents the largest bid. The Master has powers to speak and address the Senate.
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| ====Castellan of Spiral Castle====
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| Until 368YE, the [[Castellan of Spiral Castle]] was a Bourse position reserved for a Dawnish citizen, appointed with the support of Dawnish [[military unit|military units]]. When Spiral Castle disappeared behind a wall of impenetrable mist, the title and the seat it represented effectively became vacant. The Castellan had powers to order the resupply of [[Imperial armies]] stationed in [[Weirwater]].
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| ===Ilium=== | | ==Sessions== |
| | Of the five houses of Imperial government, the Bourse is unique in that it has no means to vote on matters. Because of this there are no formal sessions where members meet to discuss business. According to the historical records, this is absolutely by design - Emperor Giovanni was adamant that it was not in the interests of the Empire that members of the Bourse should meet and settle arrangements between them. The Bourse is intended to pit members against each other for the benefit of the Empire, not to encourage cooperation. |
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| | Despite this there have been informal meetings of Bourse seat holders have been arranged at different periods during the Empire's history. Some of these meetings have been one-off affairs to address specific issues, at other times members have arranged regular meetings to hold votes or issue announcements. However these periods of cooperation have rarely lasted long, usually only as long as the interests members have aligned. |
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| ==Other Titles== | | ==Participation== |
| A number of other [[Imperial title|titles]] are also [[New_Imperial_titles#The_Imperial_Bourse|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, or ilium however it does not bring with it a seat on the Bourse or access to the [[#Access to the Private Auction|private auction]]. The appointment of all these titles is organised and processed by the civil servants attached to the Bourse.
| | Although there are no formal sessions of the Imperial Bourse - the Auction of the Seats is run by the Bourse at each summit. During the auction, all vacant Imperial Bourse titles are sold to the highest bidder by an [[Agent of the Bourse]], usually the Imperial Auctioneer. The Auction is [[event schedule|scheduled]] for Saturday afternoon, and usually begins at 2pm in the Senate building. Titles are settled using [https://en.wikipedia.org/wiki/Auction#Price_development_by_bidders_only|an open ascending price auction]. Any Imperial citizen with the money to invest is able to participate in the auction, but the winner must pay the winning bid immediately when the auction concludes, otherwise the title is offered to the next highest bidder. The winning bidder does not need to take the title themselves, it is acceptable for a citizen to employ a proxy to bid on their behalf. |
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| A list of other titles bound to the Imperial Bourse can be found [[Other Bourse titles|here]]
| | In addition to the Auction of the Seats, citizens who own appropriate resources are entitled to vote for any national Bourse positions that are vacant at that summit. Voting opens on Saturday morning of the summit and concludes shortly after the public auction is complete. |
| | <!-- |
| | Although not formally one of the powers of the Bourse, the [[public auction]] is operated by an [[Agent of the Bourse]]. The auction is open to all and supplies of herbs, mana crystals, resources, minor magical items and small lots of weirwood, mithril and white granite are auctioned to the highest bidder. It is relatively rare, but not unknown for more valuable items like Ilium, true liao or powerful items to appear in the public auction. Details of the lots are posted in the Bourse one hour before the auction begins. --> |
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| [[Category:Bourse]]
| | {{Bourse Further Reading}} |
| [[Category:The Empire]]
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The Bourse ensures the prosperity of the Empire.
Overview
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 intended to raise money for the Imperial treasury and 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 Imperial positions on the Bourse and those that are successful gain control of one of the Bourse positions and the production that comes with it. It is then left to them to sell these 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 through the Bourse into the Imperial treasury for use by the Empire.
In addition to the auction of Imperial Bourse positions there are a number of national positions which are voted on by key members of each nation. The expectation is that the citizens that are elected to control these bourse positions will use the resources they generate for the benefit of their nation.
The Bourse often attracts a great deal of opprobrium, some aimed at the alleged greed of title holders, some at the perceived dysfunction of the arrangements. Despite this, or perhaps because of it, the Bourse is constitutionally protected from interference by the Imperial Synod.
History
The Bourse was founded by Emperor Giovanni after the Empire was formed, as part of a sequence of crucial economic reforms that included the introduction of a single Imperial currency.
Mithril, weirwood, white granite and ilium are essential to the prosperity of the Empire and its citizens, but significant deposits of these materials are rare and jealously guarded. Giovanni's reforms intention put control of these resources in the hands of merchants and traders, rather than politicians or generals. In this way he hoped to maximise the benefits for the Empire, by providing large sums of money for the Imperial treasury and ensuring that resources went to the highest bidder.
Giovanni was emphatic that if the Bourse was to provide for the Empire then it would need cast-iron protection from "goodly-hearted priests and high-minded politicians". Thus it was explicitly designed to keep control of these precious materials out of the direct control of both the Throne and the Senate as well as ensuring that members of the Bourse could not be revoked by the Synod.
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.
Resources are available to those who can afford them.
Sessions
Of the five houses of Imperial government, the Bourse is unique in that it has no means to vote on matters. Because of this there are no formal sessions where members meet to discuss business. According to the historical records, this is absolutely by design - Emperor Giovanni was adamant that it was not in the interests of the Empire that members of the Bourse should meet and settle arrangements between them. The Bourse is intended to pit members against each other for the benefit of the Empire, not to encourage cooperation.
Despite this there have been informal meetings of Bourse seat holders have been arranged at different periods during the Empire's history. Some of these meetings have been one-off affairs to address specific issues, at other times members have arranged regular meetings to hold votes or issue announcements. However these periods of cooperation have rarely lasted long, usually only as long as the interests members have aligned.
Participation
Although there are no formal sessions of the Imperial Bourse - the Auction of the Seats is run by the Bourse at each summit. During the auction, all vacant Imperial Bourse titles are sold to the highest bidder by an Agent of the Bourse, usually the Imperial Auctioneer. The Auction is scheduled for Saturday afternoon, and usually begins at 2pm in the Senate building. Titles are settled using open ascending price auction. Any Imperial citizen with the money to invest is able to participate in the auction, but the winner must pay the winning bid immediately when the auction concludes, otherwise the title is offered to the next highest bidder. The winning bidder does not need to take the title themselves, it is acceptable for a citizen to employ a proxy to bid on their behalf.
In addition to the Auction of the Seats, citizens who own appropriate resources are entitled to vote for any national Bourse positions that are vacant at that summit. Voting opens on Saturday morning of the summit and concludes shortly after the public auction is complete.
Core Brief
Further Reading
