A Pretty Fortune by Wareham Andrew

Author:Wareham, Andrew [Wareham, Andrew]
Language: eng
Format: epub
Publisher: PublishNation
Published: 2022-12-15T00:00:00+00:00

“We shall be laughed out of the fleet, sir, the mockery of all! The frigate that had to take a tow from a Moorish galley to make her way out of Mahon!”

“I know, Mr Swanson. It is not what I like but we must go about our orders. We are to reach Cagliari at soonest and there pick up a convoy of mining tubs. I do not know how many there may be, we shall discover that on arriving there, but there will be more than a thousand tons between them, the Admiral’s Secretary said, of lead, copper and silver, in ingots, with a proportion of iron as well. All are needed, most especially the silver. It seems that John Company is in the most urgent need of silver, though I do not know why.”

Kennet, naturally, did know.

“China, sir. The Chinese demand payment in silver for their produce, and will accept nothing else. Just of late, I am told, there has been some sale of opium into Canton, which has been most welcome to them, but they will buy none of our manufactures. I have read that China has more than half of the world’s silver sat in its vaults, unused. Apparently the Chinese Emperors believe this makes them rich and powerful.”

Swanson thought, initially, they were right. Discussion suggested that if the silver was never used for purchases, then it contributed nothing to their well-being.

“But, sir, that is to say a rich man is not rich if he does not spend his riches, and if he spends his riches, he is no longer rich.”

Nick thought carefully before agreeing with that statement. He wondered what Adam Smith might say.

“A paradox, is it not, gentlemen? I suspect, as a first thought, that it depends what one’s riches are. If I have a million guineas in coin, sat in chests in my cellar, I am rich, but might starve to death if I do not buy bread. Should I have fifty thousand acres of wheatland, worth that same million, then I am truly rich, because my wealth produces bread for me each year.”

“So, sir, the Chinese might have great wealth, but in fact are poor because they do not use it. That would explain, perhaps, why we are able to threaten them militarily while being obviously less powerful, in their minds. A ridiculous paradox indeed. We have wealth, which we spend, and are therefore rich and powerful. They have wealth which they do not spend and are therefore rich and weak. How very strange!”

Coming from a rich family, Swanson found the discussion disconcerting. He had always believed that gold was gold, and silver, silver, and both indisputably a sign of wealth and power. To discover that was not necessarily so seemed to subvert the whole nature of Society.

“It is strange indeed, gentlemen. Whatever the case, John Company needs its silver and we must, and shall, convoy it to them. Make all ready to take a tow at dawn, Mr Swanson. Prepare to offer all salutes to senior ships.

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