The principality, which was reduced in size and deprived of resources, was in an extremely difficult financial and economic situation. Raising taxes further was impossible. Back in the 1850s, the authorities decided to improve the matter by opening a casino, but the gambling house of the French businessman Duran was soon closed due to lack of transport connections and lack of competitiveness. The businessman Lefebvre, who bought the company, also failed to fix the matter.
After several attempts to revive trade, Charles III and his mother Carolina decided to organize a company called the “Sea Bathing Society”. Continue reading