Chapter 5: Chapter 5, Property Autonomy

Translator: Nyoi-Bo Studio Editor: Nyoi-Bo Studio

Engaging in social activities is also very expensive, and the life of nobility in Austria is quite corrupt; Franz has not yet achieved financial independence.

Currently, Franz’s income is very limited, primarily coming from the money given by his parents, or to be more precise, the pocket money from his mother.

Due to his father’s indifference towards affairs, the financial authority in the family fell into the hands of Madam Sophie, and Franz has not yet taken possession of his own inheritance.

Of course, with his status, it would be easy for him to make money, but Franz is careful about his reputation; unethical acquisitions are definitely not an option.

The current environment in Europe is also not suitable for investing in industry. In just over a year’s time, the February Revolution in France will break out and quickly spread across the European Continent, and every country, except for Russia, will be troubled by the revolution.

In history, Vienna fell into the hands of the rebel army. If he were unlucky enough to have his factories burned down by the rebels, where would he go to cry?

There are many businesses with huge profits, such as arms dealing, narcotics, counterfeit currency, and lotteries. Franz believes that mining and salvaging sunken treasures are more suitable for him.

After pondering over it, Franz had no choice but to give up these tempting money-making schemes for a very simple reason: he is the heir to the Austrian Empire, not an ordinary capitalist.

The Conservatives certainly do not wish to see a capitalist Emperor. With the Vienna revolution about to erupt, Franz cannot afford to lose the support of the Conservatives.

“Franz, are you studying again? Young people should be more active; you’re too somber. Why don’t you join me for a hunt?”

The speaker was his current father – Archduke Franz Karl, a man with a highly unstable mind whose greatest passion seems to be hunting, followed by taking his sons out to hunt.

As a member of the Regency Council, Archduke Franz Karl is the least significant, as his low intelligence due to a congenital defect makes it too difficult for him to engage in politics.

Had it not been for his high status, the Austrian Regency Committee would never have allowed him to join.

“Father, you go by yourself. Today I have an appointment to visit Archduke Louis, so I do not have time to hunt!” Franz hurriedly refused.

This is the aftermath of being too young; no matter how mature Franz behaves, in many people’s eyes, he is still just a child.

When Archduke Franz Karl is in his right mind, he is still a good father and does care for him, but Franz finds this kind of care a bit too much.

…

“Mother, as you know, my expenses have been a bit high lately…”

Before Franz could finish his sentence, Madam Sophie spoke, “So you want to take back the property in your name, right?”

As a Grand Duke of Austria, how could he possibly not own any property?

Due to the lack of mental capacity in his father and uncle, as the eldest son in the third generation of the Royal family, his grandfather was extremely delighted to confer the title of Grand Duke onto him after confirming his mental soundness.

However, Franz’s title as a Grand Duke was somewhat hollow; it seemed the domain was not within Austria’s control, so relying on its revenue was out of the question.

The Habsburg Family has many such honorary titles, such as King of Jerusalem. If Austria was ever to reclaim Jerusalem, then the title would truly be deserved.

Having a good grandfather makes a difference. Although the title was purely honorary, as the most favored eldest grandson, he still inherited a substantial estate.

According to Franz’s knowledge, this included five estates, two mines, a few small workshops, and tens of thousands of rhine shields in cash.

(A rhine shield gold coin weighs 8 grams; the gold content depends on the coiner’s integrity, as there is no uniform standard.)

In this era, that was also a substantial sum of money, enough to support Franz’s personal expenses with no trouble at all.

“Yes, mother! You know I have grown up and can now freely manage my property!” Franz replied straightforwardly.

The cultural traditions of Europe differ from those in the East, being that parents’ property and children’s property are distinctly separated.

In Eastern society, if someone dared to suggest such an idea, they would be sure to get a scolding, but in the West, Franz’s request was completely normal.

Parents, as guardians, could no longer manage their children’s property after they came of age, including auditing the income and expenses of these estates; Franz could do that himself.

“Well, that is your right! However, considering your age, I will not give up my supervisory rights as a mother for the next year, and you must report to me any major expenses!” Madam Sophie considered for a moment before saying.

“No problem!” Franz said without hesitation.

These were minor issues. As long as he could take back control of his property, reporting was fine; after all, he could spend his own money as he wished.

“Hmm, then Franz, bring your financial officer and come settle accounts with me. After deducting your expenses over the years and my management fees for your properties, I will transfer the remaining wealth to you!” Madam Sophie stated calmly.

It was crucial for mother and son to settle accounts clearly to avoid any harm to their relationship caused by money, something that Madam Sophie was well-prepared for.

“Mother, I think we can dispense with the settlement; I trust your character!” Franz said ingratiatingly.

For Franz, money was a minor issue as long as he had enough for now. He had ways to obtain plenty of wealth in the future; there was no need to fret over these matters.

Naturally, this only applied to his mother. Based on his understanding of Madam Sophie, Franz didn’t believe she would cheat him out of his money.

“Franz, this is your right. If you give it up, don’t regret it later. I will only settle with you once!” Madam Sophie said seriously.

“Of course, mother. I am very clear about what I’m doing!” Franz replied confidently.

…

At the end of 1846, Franz successfully completed the handover of his property. The few workshops of that year no longer existed; the industrial era had arrived, and workshop production had long been outdated.

However, the estates and mines still existed, and their current profits were quite good, generating roughly ten thousand rhine shields in net income each year.

With high income came high expenses. Franz took a look at the account books and saw that his spending was higher than expected. Just the dozen or so private tutors alone were a significant expense.

Then there were the servants, maids, guards, tailors, coachmen…

All these expenses were borne by Franz himself, and as for the issue of alimony, it was better left unmentioned. He had the money and no need to rely on his parents.

All in all, he hadn’t saved much money over these years; all his cash together amounted to just over sixty thousand rhine shields, including the cash from his inheritance.

Typical of nobility, to have saved so much cash and yet not invested it to earn more, Franz couldn’t be bothered to criticize.

This was the current state of Austrian Nobility, who had not yet transitioned from being great nobles to great capitalists, and were conservative when it came to investment.