Economic Empire 1890-1914 Flashcards
Imperial trade good? (vague- not stats)
Investments
Colonies provided markets for exports
Colonies provided natural resources and foodstuffs for imports
Stats re British imports and exports
C.1875-1900, 20% Br imports came from colonies and roughly 1/3 Br exports went to Empire market
Importance of India for exports?
By 1914, India provided market for 20% of Br total exports worth 150m
Increase in Br oversea investment between 1900-13?
From 2 to 4bn (2x amount of Fr and 3x amount of Germany)
How much Empire trade worth in 1896?
745m
Imperial trade bad? (vague- not stats)
Britain lagged behind in development of new industries- they relied on rubber imports from SE Asia while the French, Germans and Russia all had generated their own synthetic rubber production by 1910
Colonies, ie dominions, began to impose their own protectionist tarriffs (eg Au, NZ and SA) all did before WWWI and Canada had own trading agreements with Germany, Japan, Italy and France
No internal free trade between colonies
Expansion of empire didnt always mean expansion of trade
How much of Br exports went to Africa by 1894
Only 1.2%
Wheatflour: Canada v USA
Britain spent 64m on wheat imports; 30.2m from USA vs 3.6m imported from Canada (1894)
Imperial Federation League?
Established in 1884 to promote closer economic ties with imperial possessions but was disbanded in 1893 reflecting lack of interest and hope for the Empire’s commercial importance
Total trade share with empire decline c.1860-1929
From 49% to 36%
Specific groups of people who trade with the empire impacted on?
- The city (bankers/ finance houses/ insurance etc.)
- British public (workers/ tax payers)
- British industry
Pos effects on the city?
Finance capitalsits made huge profits: 22 new merchant banking millionaires c.1860-1919
Britain became economic hub of the world- between 1913-14 60% of the transactions passing through the City didnt even involve a British party
British freight suppliers specifically profitted- profits rose from 80m (1870) to 150m (1914). BUT THIS COULD BE SEEN AS RESULT IN WORLD TRADE INCREASING
Tourism companies thrived- By 1900, Thomas Cook and Sons was the largest single Egypian employer (helped by Baring’s role in Egypt)
British freight suppliers stat
profits increased from 80m in 1870 to 150m in 1914
Neg/ opposing evidence re the city?
Frieght suppliers- growth in global trade
Only 1/4 of 6bn invested by the city from 1850 went to the Empire
Many colonial investments led to losses (eg EAC went bust)
Investment elsewhere (eg Latin America and America) suggest the Empire wasnt necessary
Pos effects on British public?
Administration of the EMpire was very cheap- only 20p/head/year
Naval spending meant increase in British shipbuilding yards which employed 1m people; particularly beneficial to portsmouth, belfast and glasgow
Indian army was supplied by Br manufacturers- employed nearly 1m by outbreak of WWI