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Sign up freeNorfolk Gazette And Publick Ledger
Norfolk, Virginia
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Extract from a letter dated July 4, 1809, from Malta describes extreme market inactivity due to overstocked goods from England, Portugal, Spain, and the end of the American embargo. No sales of colonial produce except by barter; Turkey glutted. Hopes for Italian ports reopening tied to Austrian successes, but potential great losses loom for U.S. cargoes. Mocha coffee suggested for Turkey amid money scarcity.
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Extract of a letter from Malta, dated July 4, 1809.
Perhaps this market never experienced a moment of greater inactivity, than the present, overstocked with goods of all descriptions from England, Portugal and Spain, and the suspension of the embargo in America adding to the stock, besides filling every foreign source of its consumption. No sales of colonial produce are making, except by barter; in this way two American cargoes have been got rid of, one at Messina, and the other here. Turkey is completely glutted, and while a direct and uninterrupted intercourse is carried on by the English to the Mediterranean from their own and the Spanish and Portuguese colonies, the hope of any advantage in the American adventures must be destroyed, even should the ports of Italy and the Adriatic be re-opened, of which happy event the late glorious success of the Austrian army gives the best expectations. Should we, however, be disappointed it is hard to say what will become of the immense quantities of colonial produce now filling every accessible port, very great loss must be sustained, particularly upon the cargoes from the United States.
"A cargo of Mocha coffee would do well in Turkey; money is very scarce there, as well as in Candia this island, but a public bank having been established here, our necessities in this respect are likely to meet great relief."
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Foreign News Details
Primary Location
Malta
Event Date
July 4, 1809
Outcome
market inactivity with no sales of colonial produce except by barter; two american cargoes disposed via barter; turkey glutted; potential great losses on u.s. cargoes if italian and adriatic ports do not reopen.
Event Details
Malta's market is overstocked with goods from England, Portugal, Spain, and America due to the suspension of the U.S. embargo, leading to extreme inactivity. Colonial produce sells only by barter, with two American cargoes bartered at Messina and Malta. Turkey is glutted, English trade dominates the Mediterranean from their colonies, diminishing American prospects. Austrian army success raises hopes for reopening Italian and Adriatic ports, but disappointment could cause immense losses on accumulated colonial goods, especially from the U.S. Mocha coffee recommended for Turkey where money is scarce; a new public bank in Malta to relieve financial needs.