I'm specifically interested in the early 1800s, right before the Napoleonic Wars. In an episode of Horatio Hornblower, a peace treaty between Britain and France leaves the title character stranded ashore on half-pay, without a ship to command, reduced to pawning off his greatcoat and sword to make rent. His friend, who served as first lieutenant, is in similar financial straits. How historically accurate is this? Can anyone provide salaries relative to the cost-of-living in a typical port city? I have a hard time believing the pay was so low even for commanders that they were forced to live in genteel poverty.

If that were the case, why didn't officers take other jobs, e.g. with a merchant ship, during peacetime? Was it because their half-pay bound them as full-time employees in the Royal Navy, despite... well, not being employed?