2.3 - Trade and Commerce Flashcards
What was a general assumption about the Empire in 1890?
The Empire made Britain wealthy
What did Gladstone’s Liberals concern themselves with regarding the Empire?
The cost of Empire and whether it was beneficial
By what year did more people begin to question the justification of the Empire’s costs?
1914
What percentage of British exports went to the Empire in 1913?
37.2%
What was the value of India’s share of Britain’s total exports by 1914?
£150 million
From which regions did Britain import vast quantities of food?
- Canada
- New Zealand
- Other non-colonial countries
What types of raw materials did Britain’s manufacturing industries source from the Empire?
- Cotton
- Wool
- Timber
- Cocoa
- Tea
- Palm oil
What was the Ugandan Railway used for?
To consolidate the expansion in East Africa
What percentage of British investment overseas took place in the Empire by 1914?
40%
Who automatically bought imports from Britain due to simplicity and duty?
Colonial governments
What was the main reason for the static trade with the Empire by 1913?
Only 25% of British imports came from the colonies
What did some critics argue about the availability of cheap imperial products?
It prevented the British from developing its scientific enterprises
What was Hobson’s belief regarding imperialism and living standards?
If living standards were raised, there would be no clamour for imperialism
Empire was ‘capitalist plot@’ for rich elite
What does ‘invisibles’ refer to?
Exports that provide income without a physical presence, like insurance and banking services
What trading system replaced mercantilism in the mid-19th Century?
Free trade
Who was a significant supporter of the Empire and proposed ‘Imperial Preference’?
Joseph Chamberlain
What was the purpose of ‘Imperial Preference’?
To trade freely within the Empire while protecting against foreign competition
What was a major opposition to the idea of Imperial Preference?
Manufacturers trading with non-Empire countries feared reduced profits
What happened in the 1906 General Election regarding Imperial Preference?
The Liberals won a landslide victory, confirming free trade would continue
What was the reaction of some Dominions after Imperial Preference was not implemented?
They sought trade agreements with other countries
What movement in India sought to undermine British rule after 1905?
The swadeshi movement
