Chapter 3 - Trade and Commerce Flashcards
What did free trade mean for Britain?
Saw imperial trade and investment grow enormously creating an industrial empire
What technological advancements occurred?
Railways, steamships, underwater cables and telegraph lines as well as innovations in banking and company organisation
Cargo ships built to carry goods
What did sailing ships carry?
Opium, tea and spices
High profit goods
What were steamships used for?
Bulky and heavy goods and were efficient when travelling far away for trade
Which colonies saw large investments into railways?
. Canada
. Australia
. New Zealand
What was developed in India?
Canals after 1857 - connecting cotton and the jute market
Britain imported £6m worth of cotton from India- 1876
How much of Britain’s imports came from the colonies?
20% by 1875
How much of Britain’s investment went into railways?
70%
What did Australia and New Zealand produce?
Agricultural raw materials like wool
What did South Africa produce?
. Coffee
. Cocoa
. Groundnuts
. Palm oil
Where were rare minerals found?
Sierra Leone - diamonds
Gold Coast - gold
Nigeria - tin
When were gold deposits found in South Africa?
1886 - Witwatersrand
Diamonds were also found in the area
When was gold found in Australia?
1851 - New South Wales
How much gold was produced by 1886?
Victoria was producing £124 million
New South Wales produced a further £25 million
