12 - The Mid-Victorian Boom Flashcards
Why did ideas from the Rothamstead Agricultural Research Foundation spread?
Due to graduates of the Royal Agricultural College of Cirencester coming onto the job market
How much was spent on drainage?
£20 million on a 4million acre area
What changes were brought about due to greater awareness of the market?
Farmers adapted to railways, new fertilisers such as guano used, Vale of Evesham adapted to provision of fruit and veg
How much did prices of wheat and cheese grow since 1840?
Cheese 102%, wheat same price
What did a rise in wages lead to?
A rise in demand
How much did farming output increase by?
20-50%
What were the main weaknesses of agriculture during the mid Victorian boom?
Labourer treatment bad, mainly small farms, poor returns on investment, wasted investment due to cheaper imports, landlords could still evict tenants, lack of secret ballot, farming largely dependent on weather
What percentage of farms were suited to ‘new age’ farming?
Just 20% of 100 acre farms and 30% of 300 acre farms
Upon investing £500k, how much did the Duke of Northumberland receive?
Just 2% extra
Why were there poor harvests in the 1960s?
Heavy rainfall
Why did economy, industry and trade grow?
No serious rivals, good banking system, geographical position, international trade, transport network, home market, supply of coal, cheap labour
What were problems with economy, instructed and trade?
Lack of investment in new technology, decline in entrepreneurship, poor education, social divisions, social elite aloof
What was the great exhibition?
A massive building in London demonstrating the success of British industry
In regard to property, what did every major city have by the 1860s?
Housing projects and developments
What happened to wages and prices?
Prices rose steadily. Real wages grew, as did investment and production
Where and when was gold discovered?
California 1848 and Australia 1852
What did British found gold result in?
Went to Bank of England therefore cut interest rates and increased lending. Overseas gold increased demand for British goods
How did the exports grow?
1845 worth £53 million, 1857 worth £122 million, 1860 worth £136 million - continued growth into 60s
Why were railways significant?
Abroad, Britain crucial in developing railways - in 1860s, Brassey had railways being built in 5 continents. 1846-68, 20-25% of trade in railways was British
What were the causes of the mid Victorian boom?
Work of Peel, work of Gladstone, railways, stable financial situation, new inventions, lack of rivals, empire, population, construction
What were Gladstone’s principles?
Administration of money was a sacred trust, economy was a real virtue, to take as little of the taxpayer’s money as possible
What did the 1950-51 Caird Survey Reveal?
Cases of husbandry, some areas of pioneering work
When did Gladstone get put on the board of trade?
1842
When and why did Gladstone resign?
1845 over Maynooth Grant
When was Gladstone back in politics?
1852, appointed chancellor of the exchequer by Aberdeen
When did Gladstone serve as chancellor of the exchequer?
1852-65
How many goods did Gladstone reduce duties on 1852-55?
200
What did Gladstone introduce on inherited wealth?
Scales of death duties
What did Gladstone and Cobden achieve with France?
Free Trade Treaty. France reduced duties on British coal and manufactured goods whilst Britain almost abolished duties on French imports and wines
What did Gladstone do in 1860?
Abolished all but 48 duties
He reduces duties on sugar and tea, as well as repealing duty on paper. Set up post office savings bank and a public accounts committee
:)
How much did trade with France increase?
300%
What were some negative impacts of Gladstone as Chancellor.
Little money left to spend on social problems, British arms spending severely decreased
Why did Palmerston have a stable majority?
Due to events at Willis’ Rooks in 1859
Why was Palmerston so dominant?
Credit for Crimean War, stable majority, no controversial legislation 1859-65, accepted GRA but didn’t want further reform, patriotic foreign policy
What were Somme of Palmerston’s reforms?
Newcastle Commission on elementary education and the Revised Code 1862 to deal with findings, allowed Russell to introduce a reform bill
Why did Palmerston want class cohesion?
To ensure peaceful transition to enlarged electorate
How many people were employed in various sectors of the railway system in 1845?
250k
How did railways effect demand for British coal and iron?
Soared. 300 tonnes of iron were required per every mile of railway track
