Ch. 1103Liquidation
The United Kingdom lost its Cane Sugar strategy after Prussia refused to deliver, leaving Petty and the Cabinet facing massive defaults. The government sacrificed the Robert-Cooper Trading Company, while Joseph’s tight supply controls drove sugar prices in Paris and London to unprecedented heights.
- Petty discovered that Prussia’s refusal to deliver had wiped out his expected supply, leaving him with less than 23,000 dan of Indian Sugar as French capital watched for an opportunity.
- Grenville sent Fox to Berlin to confront Prussia, while Pitt the Younger urged the Cabinet to minimize its losses by suspending London Warehouse deliveries and shifting the defaults onto Robert-Cooper Trading Company.
- George III approved the plan to let Robert-Cooper Trading Company go bankrupt, sacrificing its assets and the royal family’s shares to limit the United Kingdom’s losses.
- London newspapers reported Robert-Cooper Trading Company’s impending bankruptcy, prompting sugar merchants to turn toward Paris for Cane Sugar.
- Joseph kept Paris’s daily sugar supply below 5,000 dan, and Cane Sugar prices climbed to 5 Francs in Paris and 5 Francs and 2 Sous in London.