Miss C's Design Notes #7 – Currency Conversions
All monetary values mentioned in the timeline will be followed by a conversion into 1900 pounds sterling like this hypothetical example.
April 1880: The US navy spends $1,000,000 {£208,154} on widgets
To put into modern terms one pound sterling in 1900 is worth approximately 140 to 150 US dollars in 2022 (I use 145). I choose to use the pound sterling as at 1900 because I know the relative value has not changed from the OTL in any meaningful way. The figures are based on purchasing power and workers wages, not exchange rates. As per normal, the existing chapters have been updated to include this information (along with a few minor alterations which have all been highlighted).
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May 1871: The Treaty of Frankfurt is signed ending the Franco-Prussian War. France is forced to cede Alsace-Lorraine and pay an unprecedented indemnity of five billion gold francs {£204,317,897}. German troops are to remain on French soil until the indemnity is paid. The Treaty also formally establishes the German Empire, combining the independent Southern German states with the North German Confederation
May 1871: After tense and difficult negotiations, the Treaty of Washington is signed settling many of the disputes between Britain, Canada and the US. [...] A joint US Canadian Fisheries Commission is to be established to regulate the Halifax fisheries and the US will make an annual payment of $500,000 {£95,306} directly to Canada for twenty years, [,,,] the issues of the Alabama Claims and Fenian Raids proved far more difficult to resolve. Eventually, while admitting no liability, the US agrees to pay the Canadian government $2,000,000 {£381,224} as 'assistance' in repairing the damage done in the Raids and act to prevent its citizen participating in any future such raids...
October 1872: The arbitration tribunal of Swedish, Swiss, and Chilean jurists established by King Christian of Denmark after the Treaty of Washington releases it decisions. Regarding the Alabama Claims it finds by at two to one majority Britain was in error regarding international law covering the conduct of neutrals when it failed to prevent the delivery of the Alabama, due to the fact the US had presented evidence it was probably destined for the Confederacy. As a result they award the US $15,5000,000 {£2,835,330} in damages. Against this, the British are awarded $2,000,000 {£365,849} damages for illegal blockade practices during the Civil War...
September 1873: A drought in the Indian region of Bihar lead to crop failures. Richard Temple, Lieutenant-Governor of Bengal, fearing the possibility of widespread famine quickly organises an effective relief program, importing and distributing large quantities of rice from Burma as well as extensive public works programs to provide employment. Temple's program is a huge success, with virtually no excess mortality due to the famine, plus major improvements to infrastructure as a result of the public works program. The ration provided also allows all workers to remain sufficiently healthy to immediately return to the fields when the rains finally arrive. Despite his success, Temple is heavily criticised for the expense involved, with the relief efforts costing some £360,000 {£330,160} though his timely actions are praised by the radicals in parliament.
August 1876: Li Hongzhang and Thomas Wade sign the Chefoo Convention resolving the Margary Affair. In light of the decision to educate the Guangxu Emperor in Britain, the demands have been significantly reduced. The compensation demanded has been reduced from 700,000 taels of silver {£185,906} to 300,000 {£132,790}...
October 1876: With the death toll now into the millions, stories of the scale of the famine in India and resulting unrest begin to appear in the British press. These stories include prominently the fact that the Viceroy is orchestrating the export of hundreds of thousands of tons of foodstuffs from India the face of this tragedy. The Liberals are quick to seize upon this as another path to attack Disraeli's government. Despite the unrest, the famine provokes widespread sympathy with charitable donations pouring in. Queen Victoria herself donates an unprecedented £10,000 {£9,210}, in line with her recent elevation to Empress of India. The size of the Queen's donation is widely and favourably reported in the Indian press, though comparisons with her £1,000 {£917} donation to the 1873 Bihar famine are scrupulously avoided.
October 1879: In an effort to resolve the ongoing stand off between the Russians and Chinese in the Ila Valley in Xinjiang, the Zongli Yamen or Qing foreign ministry dispatch a team of negotiators headed by Wanjan Chonghou in an effort to find a diplomatic solution. The Chinese are in an extremely strong position. [...] the resulting Treaty of Livadia is exceptionally one sided toward the Russians. Under its terms Russia will retain much of the Ila Valley, the Qing will pay a five million rouble {£512,613} indemnity...
July 1880: The Imperial Conference is held in Montreal. The conference is attended by the Australian, Canadian, South African, and New Zealand colonies and Dominions along with the British. While the conference achieves little, it is hailed as a great success. The only practical outcomes are the Australian Dominions and New Zealand agree to pay £126,000 {£126,085} annually toward the Royal Navy in return for the British agreeing not to reduce the Pacific Squadron without their consent...
February 1881: Chinese ambassador to Russia, Zeng Jize, with the backing of British Ambassador Lord Dufferin, is able to successfully renegotiate the Treaty of Livadia. [...] despite Russian demand for a massive increase in the indemnity, Zeng is able to hold the increase to just six million roubles {£605,573} against the nine million {£908,359} demanded due to Lord Dufferin's support...
July 1883: As part of Trevelyan's commitment to land reform in Ireland, the Land Law (Ireland) Act is passed [...] The act also permits the Land Court to waive rent arrears of less the £30 {£30}...
May 1885: Trevelyan's attempts to defuse the Panjdeh Crisis through diplomacy are proving fruitless, with the Russians using the pause to reinforce their positions and the situation worsening. With it now clear the situation will not be resolved through negotiation, Henry Campbell-Bannerman, supported by Joseph Chamberlain and Charles Dilke organises a leadership challenge and replaces Trevelyan as Prime Minister. Campbell-Bannerman immediately begin preparations for war, requesting £16,000,000 {£17,725,513} credit from Parliament...
August 1886: Privy Council deliver their findings on the Gorst-Stout panel. [...] As a token gesture, Campbell-Bannerman convinces New Zealand Premier Stout to uses the provisions of the New Zealand Constitution Act to divert 25% of the sale of any remaining Crown Land purchased by the New Zealand Company to set up a fund for Māori welfare. However Stout caps this fund at a Maximum of £10,000 {£11,649}...
May 1888: Brazilian Minister of War Deodoro da Fonseca, after receiving a large bribe, orders 120,000 Lebel rifles for the Brazilian army for 150 Franc {£7}, well over their regular price. The contract stipulates delivery should be made within the year.
August 1888: With the Plan of Campaign now clearly failing due to financial pressure and confident of Lord Salisbury's sincerity in his commitment to limiting blocking of legislation in the Lords, Campbell-Bannerman, in consultation with the Irish Reform Party, introduces further reforms to deal with the unrest in Ireland. Thus the Purchase of Land (Ireland) and Congested Districts (Ireland) Bills are introduced. The first provides a £40 million {£46,244,411} fund for the government to purchase land in Ireland to be resold to tenants...
July 1889: With unrest continuing in the wake of Boulanger's attempted coup the French government seizes the Lebel rifles being manufactured for Brazil for compulsory purchase. However they only offer the current purchase price of 85 Franc {£4} per rifle as compensation. In the resulting scandal in Brazil, the bribe paid to Minister of War Deodoro da Fonseca comes to light...
November 1890: Having made considerable speculative investments in Argentina, many of them dubious, Edward Baring, director of the Barings Bank in London, has been funnelling cash into the Argentine banking system to stave off a financial collapse since the 1888 crisis. [...] The rescue plan writes off over £20 million {£22,276,016} of Barings debt, and the bank is restructured as public company with a new board. Edward Baring himself loses his personal fortune and is required to retire, with many others involved sharing his fate. As a final result of the crisis, credit is cut off to Argentina. The government goes into sovereign default and its banking system collapses, plunging the country into depression.
July 1891: The arbitration commission in The Hague established in 1890 to resolve the Bering Sea Sealing Dispute and the Alaskan Boundary Dispute delivers its findings. Regarding the Bering Sea Sealing Dispute, the arbitration commission finds in favour of the British and Canadians on all points and awards Canada $500,000 {£108,050} in compensation for interference with its sealing industry. However it also imposes a serious of restrictions on the taking of seals intended to preserve the seal herds. Regarding the Alaskan boundary it establishes a compromise solution, roughly dividing the competing claims in half and awarding much of the Lynn Canal to Canada. The results of the arbitration are generally well received in Canada and the US, though some in the US feel too much had been granted to the Canadians.
==McUpdate==