Chapter 1032: The Blocked Path of British Chemical Technology
The gentlemen of the management committee were well aware of just how successfully the steam paddleboats from France's Brest Shipyard were selling.
Currently, these vessels accounted for thirty percent of the traffic on the Rhine-Danube route—an achievement reached in less than two years. The remaining seventy percent, consisting of traditional oar-and-sail galleys, represented a volume accumulated over many decades.
Steam paddleboats were appearing everywhere across the Mediterranean as well. While their market share there was not yet as high as in river transport, the sheer volume of Mediterranean trade meant their absolute numbers were even greater.
Under the pressure of steamships, the freight rates for old-fashioned galleys continued to plummet. It was foreseeable that within a little over a decade, the inland shipping market would be completely unified under the banner of steam.
The French had already seized the initiative in such a massive market; Britain had to catch up as quickly as possible.
What most swayed the management committee was the Chatham Dockyard's promise: within two years, the price of their own steam paddleboats would be fifteen percent lower than comparable French models.
In other words, they would dominate the entire inland shipping market by then!
According to the most conservative estimates, this would generate an annual profit of 200,000 pounds.
Of course, the promise that costs would be "significantly lower than French goods within two years" was something Frank had strongly urged Director Hope to include. He had guaranteed that by that time, he could drive down the price of the steam engines supplied to the shipyard by forty percent.
In any case, he would certainly have returned to France in two years. Whether Chatham would be held accountable then was none of his concern.
Shortly after, Sir Malik loudly announced the results of the vote: "Twelve votes in favor, two against. The application is approved!"
The two committee members who voted against it only felt that the investment amount was somewhat too high, hoping instead to split it into two phases of 250,000 pounds each.
In the VIP gallery on the second floor of the hall, Lord Star, Assistant to the Chairman of the British Board of Trade, nodded repeatedly. He turned to his aide and remarked, "This is the industrial rising star we truly need! Report the progress of the Chatham Dockyard to me regularly every month from now on."
He had previously advocated for the Government Investment Fund to copy the French model entirely, and he had been quite resistant to the idea of using votes to determine investment directions.
However, after Malik had placed a proposal on his desk to "invest 1.1 million pounds in coal and iron mining, 700,000 pounds in iron smelting, and 500,000 pounds in chemicals," he finally realized that such a path was unfeasible.
The industrial conditions of Britain and France were completely different. Britain already possessed the industries France was investing in, while France was not investing in the areas where Britain was lacking.
Since the "assignments" were different, copying the answers would certainly result in a failing grade.
As today's voting commenced, Lord Star suddenly found that this model seemed rather effective.
The officials on the management committee possessed rich experience and accurate judgment; meanwhile, public voting could prevent corruption.
The voice of Malik's assistant rang out from the stage again: "Next. The London Gallyvale Coal Company, applying for a project to install gas streetlights in the west of Chelmsford. Investment amount: 200,000 pounds..."
The entire hall fell into a sudden, deathly silence.
The gentlemen of the management committee exchanged quiet glances, their eyes filled with tension and anxiety.
Indeed, the "Lightning Coal Company" disaster years ago had caused the bankruptcy of over twenty British companies, left thousands of workers unemployed, led to over a hundred suicides, and forced four Members of Parliament to resign in disgrace.
The French had even turned the incident into a joke, bringing it up whenever they had the chance.
Consequently, since then, "gas streetlights" had become an almost untouchable taboo for the British.
The Gallyvale Coal Company was one of the few survivors of the "Gas Light Scandal." They had gritted their teeth and invested tens of thousands of pounds to finally develop coal carbonization technology, only to find that they couldn't find a single city in all of Britain willing to install gas streetlights.
After the company paid a large sum in bribes, the Mayor of Chelmsford reluctantly agreed to the project. However, to avoid risk, he demanded the company provide the initial funding themselves. The city hall would only sign the contract and pay once the streetlights in the western part of the city were fully installed.
Two hundred thousand pounds was no small sum, so Gallyvale Coal had turned to the Government Investment Fund.
Half a minute later, Malik announced loudly, "Zero votes in favor, fourteen against. The application is rejected!"
The gentlemen of the management committee breathed a sigh of relief.
Several observers whose relatives had committed suicide due to the Lightning Coal incident slowly unclenched their fists.
Only Lord Star on the second floor frowned deeply.
As the official in charge of industry, he knew very well that Britain desperately needed gas streetlights right now.
Urban lighting was secondary; the primary reason was that only with gas streetlights could large-scale coal carbonization begin.
With coal carbonization came massive quantities of coal tar. From there, they could refine cheap phenol and synthetic dyes, ultimately driving the development of the entire chemical industry.
The French were already using these products to earn millions of pounds in profit every year, while Britain had made no progress at all.
Synthetic dyes, in particular, would likely impact the textile industry in the future.
But Star was powerless.
If he dared to aggressively push for gas streetlights, he would likely be dismissed from his post the very next day.
He could attempt to skip the streetlights and move straight to coal carbonization to develop chemical technology, but the products created that way would be dozens of times more expensive than French goods.
In France, coal tar was considered "waste." The cost of carbonizing the coal was already covered by those using the gas lamps; everything produced afterward was pure profit. There was simply no way to compete with those costs.
Star sighed, comforting himself internally: 'Once the steam paddleboat industry starts making money, those funds can be used to subsidize the chemical industry.'
From the front came the voice reading the next investment application: "Next. The Leeds Miracle Textile Mill, applying for a project regarding steam-powered automatic jacquard looms..."
...
In the gardens of the Palace of Versailles, Joseph basked in the warm sunlight as he listened to Lavalette's report on the events triggered by the British steam warship's sea trials.
"This Second Lieutenant Portier is indeed a talent in the field of intelligence," Joseph said with a thin smile and a nod. "His plan was very clever. So, what was the result?"
The Director of the Security Bureau hurriedly replied, "It went very smoothly, Your Highness. Jervis terminated the investigation, and afterward, the British fund management committee approved the Chatham Dockyard's application by a vote of twelve to two..."
"Wait," Joseph said, suddenly raising a hand. "Are you saying the British are using a voting system to decide on investment applications?"
"That is correct, Your Highness. The British Parliament made that sudden decision at the beginning of this month."
Once Joseph had clearly understood the latest operational model of the British investment fund, a smile spread across his face. "We cannot afford to miss such a golden opportunity. Please notify Mr. Hart and have him immediately arrange for the Boulton-Watt Company to also apply for government investment."
"The project title should be 'The Latest 180-Horsepower Steam Engine Project.' Set the investment amount at 500,000... no, let's make it 800,000 pounds."
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