Steam Locomotive

For the next three months, Arthur worked with William on developing a steam locomotive. During this time, they collaborated with the newly established Ministry of Transportation to plan the construction of a nationwide railway network. Arthur also brought geographers and engineers from his university onto the project as consultants, significantly speeding up progress.

Thanks to the production of steam-powered stone-crushing machines, road construction had already begun. The Ministry of Transportation decided that the first railway line would connect the industrial area of the capital to the port. Once the nationwide railway planning was complete, construction would begin on a broader scale across the country.

Three months later, Arthur and William gathered at the newly established locomotive manufacturing factory to conduct the first real-world test. The locomotive was placed on a platform so its wheels could spin freely during testing. Looking at the machine, Arthur felt a sense of pride and satisfaction, a smile spreading across his face.

Arthur and William then began testing the locomotive. William instructed the worker on the train to shovel coal into the furnace, allowing the water in the boiler to heat up and generate steam. They waited as the coal burned, increasing the pressure inside the boiler.

Throughout the process, William closely monitored the boiler pressure using the manometer connected to the locomotive's boiler. After about an hour, William turned to Arthur and said, "Your Majesty, the pressure has reached the required level."

Arthur, his eyes glinting with excitement, replied, "Then let's breathe life into this iron creation."

William nodded and directed the pressure from the boiler to the locomotive's cylinders. Moments later, the wheels began to turn. As Arthur watched the wheels spin, a broad smile spread across his face.

"We did it, Your Majesty," William said proudly.

"Yes," Arthur replied, "Now, let's test it on the tracks."

The locomotive was then placed on the first completed railway line connecting the industrial district to the port. Ten freight cars, loaded with goods produced in the factories, were attached to the train. Along with the fireman to shovel coal, a train engineer, and William, Arthur prepared to embark on what would later be remembered as the first train journey in the kingdom.

Arthur gave William the signal to start. The engineer released steam into the cylinders, and the locomotive began to move. The train gradually picked up speed.

After a while, William informed Arthur, "Your Majesty, we've reached a speed of 10 km/h."

"Increase the speed a little more," Arthur instructed. The engineer opened the valve wider, allowing more steam to flow into the cylinders. At the same time, more coal was shoveled into the furnace to generate additional pressure.

Soon, the locomotive reached a speed of 30 km/h. Sensing this might be the locomotive's current limit, Arthur instructed William to maintain the speed and avoid pushing it further.

After traveling for just over an hour, the train reached the port. Workers and merchants stared in amazement as the locomotive approached. As the train entered the station, it slowed down and, thanks to Arthur's hydraulic braking system, came to a precise stop at the designated platform.

Arthur and William stepped off the train, finding themselves surrounded by curious onlookers. Among the crowd, the stationmaster, dressed in an official uniform, approached and greeted Arthur with a respectful salute.

Arthur instructed the stationmaster to begin unloading the goods from the freight cars and ensure they were loaded onto the merchants' ships. Knowing that the unloading process would take a long time, Arthur left the task of returning the train to William and rented a horse-drawn carriage to return to the palace.

Once back at the palace, Arthur removed his soot-covered clothes and took a long bath. After a quick dinner in his room, he headed to his father's chambers to share the day's achievements.

When he entered his father's study, he found Cedric buried in paperwork. Upon noticing Arthur, Cedric asked, "Arthur, is there a special reason for visiting me so late at night?"

Arthur began recounting the day's events, describing the successful maiden voyage of the locomotive.

After listening intently, Cedric remarked, "So, it can carry that much cargo?"

Arthur replied, "Actually, it can carry far more. Today, we only tested it with half of its maximum capacity."

Cedric was surprised. Arthur continued, "The Ministry of Transportation has completed the plans for the nationwide railway network. Now that locomotive mass production is set to begin, we can start constructing the planned railway lines."

Leaning back in his chair, Cedric sighed and said, "Arthur, beginning a large-scale railway project at this time isn't feasible."

Arthur was taken aback. "Why not?" he asked.

Cedric explained, "We don't have the funds. Although tax revenues have increased significantly thanks to the factories you've established, our expenses have risen even more due to projects like mandatory basic education, urban infrastructure, and road construction. The treasury doesn't have enough money to fund a nationwide railway network."

He added, "At the very least, the railway project will have to wait another year."

Arthur was initially disappointed but quickly understood the situation. "I see," he said, and left his father's chambers to return to his own room.

Sitting at his desk, Arthur began to think. "If we don't have money, we'll have to borrow it. But finding someone with enough money to lend to the government is nearly impossible."

Arthur considered the informal moneylenders who existed in this world, people who lent money at high interest rates. However, without a regulated banking system, these practices were limited and disorganized.

Determined to solve this, Arthur began drafting plans for a legal banking system, complete with regulations and oversight. He also planned to establish a stock exchange in the capital to create a modern financial system. Drawing from memories of his previous world, Arthur included the concept of joint-stock companies in his plans.

In Pendralis, individuals who started a business were personally liable for its debts if it failed. But under the joint-stock company model, the company would be recognized as a separate legal entity, protecting the personal assets of its shareholders. If the company failed, its debts would not directly burden the shareholders.

Arthur carefully gathered his plans and placed them in his drawer. He envisioned how a modern financial system, with banks, a stock exchange, and joint-stock companies, could significantly enhance the kingdom's economy.

Through the stock exchange, the government could issue bonds to borrow money quickly and efficiently whenever needed. This wouldn't just aid in economic activities like building railways, but, as Arthur recalled from his knowledge of history, it would also give the state a significant advantage in times of war. A government capable of borrowing large sums at low costs could outlast its enemies in conflict.

Satisfied with his plans, Arthur decided to present them to his father the next day. He knew that quick and affordable borrowing was vital for any nation's strength. After placing the plans back in his drawer, Arthur changed his clothes and went to bed.