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)
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