"My Lord, at this rate, we'll exhaust our winter stores," Wyman Poole, the steward of Winterfell, complained to Eddard, holding a thick ledger.
Eddard had come to understand the saying, "You don't know the cost of rice until you're the one buying it."
Winter Town had started with only five thousand residents, but over twenty thousand more had poured in, bringing the total population to over thirty thousand. With all the houses sold, many residents were temporarily housed in tents outside Winterfell.
Initially, prices in Winter Town had been stable, as the North had just completed a bountiful harvest. Many residents had arrived in Winter Town with their carts laden with corn and grain.
But soon, food prices began to rise.
Many of the farmers settling in Winter Town had brought grain with them in carts and wagons, but many of those from the mountain clans were herders. Farmlands were scarce in the mountain clans, and most residents made their living by raising sheep. Many of them had arrived in Winter Town driving flocks of sheep.
Others, having traveled a long distance, had sold their stored grain before coming to Winter Town, arriving with money. Even if they received land and planted their crops, they wouldn't see a harvest for months.
With so many people to feed, Eddard sold out the food the lords had contributed to Winterfell for Rickon's birthday feast in a single day.
Eddard requested that Lord Wyman of White Harbor increase the supply of food to Winter Town. The food supply, which came up the White Knife River, was sufficient, but the price had risen considerably. Many residents began to complain about the rising prices. Some began to consider whether Winter Town was really suitable for long-term residence. Some residents from places closer to Winterfell, such as Seaworth and Torrhen's Square, packed their things and left Winter Town to return to their hometowns.
When Winter Town was overcrowded, public order became a major problem. Jory Cassel, the Winterfell guard captain, was in charge of Winter Town's security. The guard's size was expanded to 500 men, but maintaining order was still difficult.
Fights were commonplace. There was always fighting in the casinos, brothels, and taverns. A few days ago, the Norrey clan's shepherds had a fight with some of Winter Town's original residents.
The cause was that the shepherds had brought their sheep to the original residents' farmland, destroying the newly sprouted farmland.
In previous winters, when the mountain clans came to Winter Town, they wouldn't bring goats. However, it was now summer, and many mountain shepherds wearing animal skins had driven their flocks. When the original residents of Winter Town discovered that their farmland had been destroyed, the two sides fought.
Fortunately, those who fought only suffered minor injuries. Eddard made the shepherds compensate the farmers with a few sheep, and the farmers compensated the shepherds with a bag of corn. The matter was considered settled.
Almost every day, thieves were caught, and the number of poachers in the Wolfswood had clearly increased. Eddard had promised that during the harvest season, the residents of Winter Town could hunt legally, but now many lands had not yet been reclaimed, and these people…
Jeor Mormont of the Night's Watch was probably the only one satisfied with the decline in Winter Town's public order. The more serious criminals among these scumbags were sent to The Wall. Some others were sent to the Gift's military settlements.
Winterfell had been cooperating with the Night's Watch to develop the abandoned land in the Gift. The first military camp was overseen by Thomard, a Winterfell guard, and was located in Aftercrown. According to the letters Thomard sent back to Winterfell, they had cultivated more than ten acres of land, planted corn, and built beehives. Every household in the military camp kept dogs, ready to deal with wildling raiders at any time.
A few days ago, a major fire in the tent area nearly spread to the gates of Winterfell and the bustling area of Winter Town, but it was fortunately extinguished in time.
The settlement project in Winter Town was progressing well. People were cutting wood from Wolfswood and transporting it to Winter Town to build wooden houses quickly. However, the price Eddard had set originally was 100 copper pennies for a house and an acre of land, which was far below market price. Every time a wooden house was built, Winterfell's treasury lost a sum of money.
Many people suggested raising the price of houses and land, but Eddard refused. These people had been attracted to Winter Town by Eddard's preferential policies; raising the price would only break faith with the people.
In the study, Wyman Poole stood before Eddard, pointing at the accounts with his finger.
"Many residents of Winter Town have already eaten up their supplies. According to your orders, my lord, I transferred three carts of dried frozen meat, five carts of corn, and one cart of ale from Winterfell's winter reserves yesterday, and it was all sold out before dark. We made a lot of money, but we can't save any of it. Because the guards, building houses, beehives, salt storage, military camps, and purchasing supplies all cost money, and in the end, we still have to subsidize it."
Eddard said, "I've already sent people to Dreadfort, Barrowton, and Karhold to buy grain, and White Harbor's grain is constantly being transported from the south. It's summer now, and our bannermen all say that the grain reserves in various places are sufficient."
Wyman Poole sighed, "My lord, have you forgotten the Stark family words? Winter is coming! This summer has lasted for six years, but who knows when it will end? Maester Luwin says that even the Citadel can't accurately predict seasonal changes. What if autumn winds suddenly rise, snowstorms rage, and our crops freeze in the snow, and the snow seals the mountains and freezes the earth, what will we do?"
Eddard laughed, "Then Winter Town can just be a place to get through the winter."
Wyman Poole closed his ledger. "I hear a large number of craftsmen are arriving from all over. Is my lord really going to wait until we've spent Winterfell's last Gold Dragon before stopping? Those people outside Winter Town are nothing but useless mouths. They'll eat everything around us sooner or later."
Eddard said calmly, "We need patience. We'll have to tighten our belts and get through this period."
Wyman Poole said dryly, "I hope so, my lord. My lord, I am the steward of Winterfell, not Winter Town. I really can't take it anymore. Didn't my lord say he was going to hire a..."
Eddard patted Wyman Poole on the shoulder. "You've been working hard. Lord Wyman sent a raven. He has hired a chief financial officer for me from Braavos. He's already in White Harbor and should arrive at Winterfell in a few days. Then, the Braavosi steward will manage the finances of Winter Town, and you can focus on the affairs of Winterfell."
Since Eddard planned to develop Winter Town into a city, he needed a professional to manage the finances. Wyman Poole, as the steward, was conscientious, but he was not very experienced in many things like tax rates, prices, loans, and investments.
Lord Wyman recommended a Braavosi named Klar. He was a former employee of the Iron Bank and had also worked in a merchant house in Tyrosh, so he was very experienced.
Wyman Poole left after leaving the accounts. Eddard frowned as he looked at the large expenses.
What would he do once Winterfell ran out of money? Raise taxes? If he did, his vassals and subjects would complain, and raising taxes alone wouldn't solve the problem.
Borrowing from the Iron Bank of Braavos was an option, but the debt would be a heavy burden on Winterfell. The Iron Bank was known to be unforgiving.
Any kingdom that defaulted on its debt to the Iron Bank would find the bank funding rebellions within the kingdom's borders. The royal family would be constantly battling insurgents, worn down by the endless conflict. Moreover, Eddard was only the Duke of the North, not even royalty.
Catelyn entered, holding Rickon.
"What are you doing?"
Eddard put down the ledger with a frustrated sigh. "Still fretting over money. Sometimes I wonder why my lands don't have any gold mines. Those Lannister bastards have their fortress sitting on a mountain of gold, while we Northerners toil away farming, shepherding, raising cattle, and breeding horses, and we barely make ends meet."
Catelyn chuckled. "That's just how the world is. I warned you that expanding Winter Town, Salt Town, and the military garrison would strain our finances. What do you plan to do?"
Eddard said, "The plans must be carried out. If necessary, we'll borrow money to get by."
Catelyn said, "If you need to borrow, you could ask Littlefinger. Don't forget, Petyr Baelish is my father's foster son, and he's the Master of Coin now. He's the best person to borrow from. If I ask him, he won't refuse."
Eddard hummed. "I'm curious how Robert's court can still lend money. He loves tournaments, wine, and women. Rumor has it the royal family is perpetually in debt. I won't borrow from Littlefinger. If I truly need to ask the crown, I'll go straight to Robert."
Catelyn pressed, "Going through Littlefinger isn't necessarily borrowing from the crown. He's the Master of Coin; he knows many avenues for loans. Through him, we could borrow from the merchant houses of Tyrosh, the banks of Myr, or even the Iron Bank of Braavos."
"I can contact those merchant houses directly. Why involve Littlefinger, that middleman?" Eddard's only feeling toward Littlefinger was disgust.
....
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