The sale of crown property in 1810-1820: reflections of a national crisis

Abstract

We have here, for the first time, an account of the greatest sale of crown property before 1834, made necessary by the dire financial straits of the realm and limited access to credit both at home and abroad. The overall value of the sale fell far short of what was needed: it yielded only 439 «contos» while the Treasury's debt at the end of 1819 was over 17,000 «contos». An analysis by regions shows that the largest number of sales were in the district of Santarém (lezírias), the Lisbon district, Alentejo and the district of Castelo Branco. In the rest of the country the absence of buyers was clear evidence of the shortage of capital. The most outstanding group was that of the Lisbon merchants (almost 30% of the sales by public auction), but even so this group did not include the most important ones, who preferred to invest their capital in banks and operations abroad. The great crown donees, the titled nobility and religious institutions, were notable for their absence both in remission of privileges and sales by public auction. As the agrarian base to which they were able to gain access was thus narrowed down, this contributed to the weakening of the seigniorial regime. On the other hand, these sales had a considerable effect on the accumulation of private rural property, both by the richer farmers and local cattle breeders and by outside rentists (this was particularly common in Ribatejo, Alentejo and Beira Baixa).