31 December 1792 · Pre-Revolutionary
Nantes closes its books on colonial debts it will never collect
›Read the full entryClose
On 31 December 1792 the Nantes house of Chaurand ruled off the accounts of eight fully documented slaving voyages. After the initial payments they had expected 2.8 million livres from buyers in the French Caribbean. They were credited with 2.3 million, about eighty two per cent of it. Holding back a slice of the price had become ordinary practice among colonial buyers, and roughly a tenth of the money owed was never handed over at all. Across the port as a whole, people in the colonies owed the Nantes traders something like 45 million livres arising from the previous decade of slaving alone, divided between deliveries still under way, deliveries of the last three years and older debts. That is close to three quarters of the 63 million livres the Nantes houses afterwards recorded as lost through the Haitian Revolution. Rather than put fresh money into the islands the traders began taking over the management and then the ownership of plantations that could not pay them.