Chapter 819: Changing Course
William Pitt Junior leaned back in his chair, flipping through the shipbuilding proposal. "How much investment will this require?" he asked.
"600,000 pounds," Admiral Jervis replied immediately, having clearly prepared the budget well in advance. "That covers the research and development for the new warships, as well as the construction costs for the first twenty vessels."
600,000 pounds was equivalent to 15 million francs. Given that they were working without a pre-defined developmental roadmap, this was actually considered quite conservative.
After all, even with existing steam engines at his disposal, Joseph had spent over ten million francs constructing the first batch of twenty-odd Mediterranean Light-class frigates.
Jervis stole a glance at the Prime Minister’s face, which was currently darker than a lump of coal, and added, "A significant portion of this budget is earmarked for improving the steam engines. As you know, our domestic engines prioritize stability and thus utilize low-pressure technology. We still need to carry out high-pressure modifications to reach the power output required for warships."
Pitt took a deep breath and paused for several seconds before finally nodding. "Very well. I will submit the appropriation bill to Parliament."
As both Prime Minister and Chancellor of the Exchequer, he was acutely aware of the state of the British treasury.
Having lost the massive revenues from sugar and being forced to subsidize domestic sugar prices, the war against France had nearly drained Britain's finances dry.
60,000 pounds might not seem like much—no, that wasn't right. The later construction phases would cost a fortune; the total expenditure would likely exceed one million pounds. For the British treasury at this moment, it was a heavy burden.
More importantly, they could not allow France to monopolize Mediterranean trade.
This was no longer just a matter of commerce; it would bolster France's political influence over the nations bordering the Mediterranean. For a Britain committed to the policy of Continental Balance of Power, such a situation was absolutely unacceptable.
Therefore, never mind one million pounds—even if it were two or three million, he would have to grit his teeth and find the money!
Once the First Lord of the Admiralty had departed, the Duke of Portland spoke to the Prime Minister with concern. "Mr. Pitt, if I may be so bold, such a massive shipbuilding program will place immense pressure on our national finances."
Pitt nodded, his voice calm. "I intend to propose the introduction of a personal income tax to Parliament."
An income tax would indeed generate massive revenue for the government, but it would also alienate every single person in Britain. Although the concept of an income tax had been proposed long ago, it had failed to pass for years.
Now, Pitt had no choice but to play this final card, even if it severely damaged his political future.
...
Birmingham.
Inside the offices of the Boulton and Watt Steam Engine Company, the three largest shareholders were raising their glasses in celebration.
"A 150,000-pound order!" Boulton exclaimed, shaking his head with a wide grin. "Thank God, and thank our Navy!"
Faulkner laughed heartily alongside him. "With this money, the company can step out of its crisis immediately. And not just escape the crisis—as long as the Navy keeps building new warships, we will become the wealthiest men in Britain!"
Six months ago, he had invested 60,000 pounds to buy into the company, securing a 22 percent stake. Since then, however, the company had been bleeding money. French steam engines had almost completely monopolized the European market, and even British mine owners were purchasing them through smuggling channels.
Fortunately, Watt had developed a new 27-horsepower model, which allowed them to retain a portion of the low-end market, but they were still failing to make ends meet.
Then, just yesterday, representatives from the Chatham Royal Dockyard had approached them, requesting the production of a steam engine with an output exceeding 50 horsepower.
Between the research and development grant and the procurement contract, the total value reached a staggering 150,000 pounds!
To put that in perspective, the company's total assets were only worth about 150,000 pounds.
The two men turned their gaze toward the company's chief technician, Watt. "And now, everything depends on our great inventor!"
"Five months should be no problem for a man of Mr. Watt's caliber."
According to the production requirements, their company had to produce a stable and functional high-pressure steam engine by March of next year.
Watt, however, sat there stunned, failing to respond for a long while.
Boulton slapped him on the shoulder with his free hand and laughed. "Come now, tell us you already have a plan in mind."
"I..." Watt stammered, hiding his face behind his glass. "I will do my best."
He had always championed low-pressure steam engines and had almost no technical reserves regarding high-pressure machinery. At this moment, he truly felt out of his depth.
After the brief celebration ended, Faulkner pulled Boulton aside as they walked downstairs, lowering his voice. "My old friend, if Mr. Watt fails to complete the development on time..."
Boulton shook his head immediately. "No, I believe in him. He has never let me down."
"This is a Navy order," Faulkner’s voice grew colder. "If he messes this up, we won't just be facing bankruptcy. We could end up in prison!
"To be honest, ever since I joined this company, I haven't seen him touch a single thing related to high-pressure steam engines."
Boulton froze.
He knew Watt had done little research into high-pressure technology. If Faulkner’s fears proved true, it was no laughing matter.
Faulkner continued, "That Mr. Sandell you mentioned before—the senior technician from the French United Steam Engine Company..."
Boulton shook his head. "I tried to recruit him, but he wouldn't even give me the time of day."
What Boulton didn't realize was that although Sandell only held a 3.5 percent stake in the United Steam Engine Company, the company's sales were so astronomical that his annual dividends and patent royalties had already made him wealthier than Boulton himself.
Boulton had tried to bribe a man wealthier than himself to abandon a booming industry and return to Britain to "toil"—it was an absolute joke.
Faulkner spread his fingers wide and said in a low voice, "Then offer more benefits until he is moved. At the very least, we must buy some high-pressure steam engine technology from him. You must make another trip to France to try."
Boulton nodded helplessly. "Fine. I'll book the passage immediately."
...
Brussels.
Inside an exquisite villa in the south of the city, Talleyrand was briefing the Crown Prince on the diplomatic results of his recent trip to Italy.
"Beyond Genoa reaffirming its commitment to neutrality, Parma, Modena, Lucca, and even the Two Sicilies have expressed a willingness to abandon their neutral status and strengthen trade and diplomatic ties with our nation..."
Joseph was quite surprised to hear this.
It was normal for small states like Parma and Modena to lean toward France; after all, with Napoleon's army of tens of thousands sweeping through Melas's forces, they essentially had no other choice.
However, the Kingdom of the Two Sicilies was the largest state on the Italian Peninsula. Although its King shared the bloodline of the Spanish royal family, the kingdom had always pursued a policy of remaining close to Austria and maintaining a balance between the other great powers.
Had they truly decided to change their tune this time?
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