Absztrakt

Historians usually assume that the rapid collapse of factories founded in the first half of the nineteenth century was normally a result of the lack of capital, expensive credit or the recession of the early 1840s. However, the documents concerning the foundation, management and bankruptcy of the Sugar Refinery (Cukorfinomító) established in Pest in 1830 by antiques dealer Károly Lichtl and his brother-in-law, Viennese merchant Károly Ellenberger, suggest that the downfall of their short-lived enterprise was rather brought about by the founder’s lack of expertise and adventurer personality. Besides the risks associated with the return on investments, the study demonstrates the dangers of imprudent bank loans and provides a glimpse into the rivalry among Pest merchants at the time. Lichtl was a genuine adventurer entrepreneur who jumped into any enterprise that promised good profit. He was quick to take bold chances as long as the consequences were to be borne by others. His creditor, Pest wholesaler Frigyes Kappel, was hoping for quick return on his investment when he loaned a significant sum to Lichtl without due care and thorough assessment. He was able to recover his capital only after a lengthy lawsuit and had to bear the unsavoury effects of defamation when his debtor sued him for usury.