News of the fall and thorough purging of Lys swept through all the remaining independent Free Cities on the continent of Essos. Among them, the most shaken was undoubtedly Braavos; the city-state fell into an unprecedented state of tension.
In the secret chamber deep within The Sealords Manse, the atmosphere was so heavy it felt as if it could drip water. Sealord Ferrego Antaryon sat in the primary seat, stripped of his usual composure.
His eyes stared unconsciously at the table, where a map was spread out. The red areas representing the Valyrian Empire's control had already swallowed half of the Free Cities. Especially with the recently devoured Lys, the red ink on it was still wet, looking like fresh, undried blood.
Along both sides of the long table sat almost all of Braavos's most powerful figures: the Admiral of the Fleet, the Keyholders representing the Iron Bank, the President of the Merchant Guild, the High Priestess of the Temple of the Moonsingers, a representative from the House of Black and White who almost never attended meetings, and representatives from other factions.
"Gentlemen," Ferrego began, his voice sounding somewhat dry. "Now Lys has also fallen, and overnight at that. That Dragon King didn't even give them a chance to surrender. I think we can no longer pretend to convince ourselves that this Targaryen will be satisfied with his current territory. We must prepare for war."
In truth, his influence in Braavos hadn't been very large originally; after all, there were too many ancient and powerful factions here. Even as the Sealord, he couldn't act without considering their opinions. Ironically, Viserys's existence had made him significantly more important than before; he might even have him to thank for that.
Then the Admiral spoke, his voice heavy. "Sealord, although our fleet is the strongest among the Free Cities, if I may speak frankly, it's simply not enough against those dragons. Our warships are wood, and our sailors are but flesh and blood. Once war breaks out, the Narrow Sea will become our grave. And as you all should know, our ancestors were able to build this city not by defeating Dragonlords with Scorpion Crossbows, but because the Dragonlords of that time were merciful and spared them."
The representative of the Iron Bank took up the conversation. "From a purely profit-driven perspective, going to war with the Valyrian Empire has infinite costs but almost zero—or even negative—returns. Our trade with the Valyrian Empire has doubled in the past few months, and the exchange business for dragon coins is progressing steadily. This is an extremely stable and high-potential new market. On the other hand, looking at the iron throne..."
He paused, his voice devoid of any inflection. "Robert Baratheon's ability to repay continues to deteriorate. Internal instability and debt risks have reached a critical level. Therefore, we at the Iron Bank will initiate the highest level of collection procedures, doing our utmost to recover the principal while searching for new investment-worthy individuals. Viserys is a person very much worth investing in, so the Iron Bank will not support your idea. We still believe that as long as we don't actively provoke Viserys like Lys did, there shouldn't be a problem."
Those last few sentences sent a chill through everyone in the secret chamber. Terminating support for the iron throne and preparing to extend an olive branch to Viserys... it was possible the Iron Bank had already sided with Viserys.
At this point, the High Priestess and some other attendees voiced their objections. After all, everyone knew Viserys favored the faith of the red god and had a beautiful priestess of the R'hllor faith by his side. If Braavos joined his camp, the Temple of the Moonsingers might suffer the greatest loss.
They argued in the secret chamber for a long time without convincing one another.
Then, the representative of the House of Black and White, who had been sitting there silently, began to speak. His face looked very ordinary and plain, but no one dared to underestimate him. "Our god tells us not to oppose a true dragon." This indicated that the House of Black and White also agreed not to go to war, but rather to befriend the true dragon.
The House of Black and White held a unique status in Braavos; even the High Priestess did not wish to offend them.
Ultimately, under the devastating threat of the dragons and the interests of most factions in Braavos, a consensus was gradually reached. Braavos would take the initiative to approach Valyria and establish a more solid relationship with it.
A few days later, a large Braavosi delegation boarded the naval flagship, the 'Titan's Daughter', and set sail for the Valyrian Peninsula.
The delegation was led by the Sealord's cousin, Horo Antaryon, a member of the Antaryon family known for his wisdom. He carried a personal letter from the Sealord and precious gifts, accompanied by representatives from other factions.
The negotiations in the council chamber of Dragonstone lasted for a full day. Horo Antaryon lived up to his reputation as one of Braavos's cleverest men; his words were humble, fully expressing Braavos's sincerity while also striving to secure as many practical interests and guarantees as possible for the city.
The resulting treaty contained content far exceeding a typical city-state trade agreement.
First, the Iron Bank of Braavos would provide the Valyrian Empire with a massive, interest-free long-term loan specifically for the empire's construction and trade development. Furthermore, merchants from both sides would enjoy a fifty percent tax reduction for mutual trade. Braavos recognized the dragon coin, allowing it to be used directly in Braavos, and would assist in promoting its circulation elsewhere.
Braavos explicitly declared that the debt relationship between the Iron Bank and the Westeros iron throne had nothing to do with the Valyrian Empire. When the Empire regained power in Westeros in the future, it would not need to assume any debts owed by the iron throne.
Additionally, Braavos's intelligence network would share information with the Empire's intelligence agency, focusing on internal movements within Westeros and unusual activities in other Free Cities.
The Empire, in turn, promised that as long as Braavos did not take hostile actions or harm the Empire's interests, the Empire would not initiate military force against Braavos and would guarantee its legitimate trade.
This treaty was a definitive decision made by Braavos after weighing the pros and cons. They abandoned the old debts that were difficult to recover and the crumbling iron throne, choosing instead to bet on the New Valyrian Empire, using gold and intelligence to trade for Braavos's future survival.
News of the treaty's signing spread rapidly throughout Essos. City-states that had been holding out hope, such as Norvos, Qohor, and Lorath, saw that even the mighty Braavos had bowed. They all immediately dispatched envoys to Valyria, bearing loyalty and gifts.
Illyrio, the Magister of Pentos, reacted even more swiftly. He not only formally signed a treaty at the first opportunity but also, in the guise of an 'old friend', proactively offered to supply the Empire with grain, timber, and other resources at a discounted price for the long term.
He also opened the port of Pentos to the Imperial Navy as a supply and repair base, fully supporting the Empire's cause.
Within just two months, the New Valyrian Empire's diplomatic situation opened up completely. Merchant ships from all directions crowded the Empire's ports, the dragon coin mints ran day and night, and the imperial treasury filled at an astonishing rate.
Furthermore, after this period of development, news from Westeros finally arrived.
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