Financial Losses
Timber was probably a commodity in which he did not usually deal, and he may have got the price wrong; alternatively, he may just have paid an inflated price that was appropriate at the time, but not later. Whatever the reason, this business made a very substantial loss. The underlying problem was probably that the embargo was lifted in 1719, and Swedish iron came in again direct. The imports had anyway only been temporarily interrupted, as Swedish iron soon began to find its way into England, re-exported from Prussian and Dutch ports. The price of iron is likely to have returned to its pre-crisis level, leaving Rea bound to a contract for wood at what had become an uneconomically high price. The result for him was financially disastrous.
Read more about this topic: William Rea (ironmaster)
Famous quotes containing the words financial and/or losses:
“What people don’t realize is that intimacy has its conventions as well as ordinary social intercourse. There are three cardinal rules—don’t take somebody else’s boyfriend unless you’ve been specifically invited to do so, don’t take a drink without being asked, and keep a scrupulous accounting in financial matters.”
—W.H. (Wystan Hugh)
“Hold back thy hours, dark Night, till we have done;
The Day will come too soon.
Young maids will curse thee, if thou steal’st away
And leav’st their losses open to the day.
Stay, stay, and hide
The blushes of the bride.”
—Francis Beaumont (1584-1616)