Mirabeau had begun drawing up plans for coal and iron extraction here at the Crown Prince's request back when France had first taken control of the Rhineland. By now, he had revised them several times.
He immediately leaned forward slightly and said:
"Your Highness, the Cologne Coal Mine has completed its share offering, and the supporting washing, crushing, and transport equipment has all been purchased in advance. Production can begin within one or two months.
"However, the Aachen Coal Mine and the iron mine in the Hunsrück Mountains have not received sufficient investment and cannot be developed in the short term.
"Especially the iron mine. Because most domestic investors have chosen to establish ironworks in Wallonia or Luxembourg, the Palatinate iron mine has currently secured subscriptions for only 22 percent of its shares."
Joseph could not help but frown slightly.
He had anticipated that investment might fall short. After all, these were large coal and iron mines beside the Ruhr Area, second only to Westphalia in scale, and the funds needed for development were enormous. But securing only one-fifth of the investment was truly far too little.
Mirabeau hurriedly explained:
"Your Highness, France has already put a large number of coal and iron mines into production in Wallonia and Alsace-Lorraine, keeping coal and iron prices at a relatively low level. Investors generally do not have a favorable view of the profitability of the Rhineland's coal and iron mines."
Joseph nodded.
It seemed that although Italy and South Germany's markets had been integrated, before railways—the great devourers of iron—came online, the coal and iron output of Wallonia and Alsace-Lorraine alone had already basically saturated the consumer market.
And that was without those two regions having been fully developed.
Yet he knew even more clearly that once high-power Steam Engines achieved a