Free trade

Question 1

How much % of Suez shares did GB have and what did it give GB

Answer 1

44%- significant leverage

Question 2

Suez influence on foreign trade example

Answer 2

tripled between 1870-1914

1914- export 1/3 higher than Germany and 50% larger than USA

Question 3

Disraeli quote on Suez

Answer 3

‘highway to our Indian Empire’

Question 4

Geographic benefit of canal- trade routes

Answer 4

cut trading routes by 9000km

Question 5

Example of geographic route benefit

Answer 5

London to Bombay reduced 41% as ships didn’t have to circumnavigate Africa

Question 6

Geographical influece on trade

Answer 6

Expansion- profability and efficency of trade
Allowed trade with Far East
Relationship with China and Egypt

Question 7

Effects of trade in Asia

Answer 7

exotic goods- silk, cotton, spices

Greater profit and trade

Question 8

Influence on ships

Answer 8

Preference to steam ships- more efficient

Question 9

Steam tonnage effect in GB

Answer 9

steam tonnage in GB ports from Asia rose 178%

benefited Britian- industrialy advanced easily make steam ships

Question 10

Example of tonnage in Suez

Answer 10

1874 3/4 of tonnage through Canal was British- positive impact of canal

Question 11

Impact of GB control on trade routes

Answer 11

GB maintain control of trade routes + local region

Political control- expansion of trade

Question 12

Increase in dividends of share

Answer 12

rose from 4.7% in first 5 years to 33% in 1911

Question 13

Benefits of increase dividend of share

Answer 13

reinvested into colonies and trade

Question 14

British leverage regarding Africa

Answer 14

expansion for GB assisted against other countries in ‘Scramble for Africa’

Question 15

Slave trade on ports

Answer 15

flourish- Liverpool, Bristol, Glasgow due to plantocracy agents trading ships/goods

Question 16

How many slave ships leave Liverpool a year

Answer 16

130

Question 17

Slave trade benefit to Navy

Answer 17

large pool of workers for Navy to choose from

Question 18

Triangular trade

Answer 18

manufactured goods from GB to W Africa , slaves from W. Afr. to W. Indies and raw materials from W. Indies to Brit. -

Question 19

Thomas Leyland slave trade example

Answer 19

banker, Thomas Leyland, carries £8,326 of goods to Africa on the ‘Lottery’ and returns with £12,091

Question 20

Business interest example (slave trade)

Answer 20

church of England owned Codrington plantations in Barbados

• Sir Richard Neave (Gov. of the Bank of England) chaired the Society of West Indian Merchants

Question 21

why slave trade abolished

Answer 21

moral uprising 11k signautres Manchester
Religious institutions against slavery
slaves rebelling
Unstable- high morailty rates among slaves

Question 22

Effect of navigation acts

Answer 22

colonial goods had to be exported on GB ships and ports

Question 23

Peel on navigation acts

Answer 23

1842- Robert Peel gets rid of protectionist tariffs

Question 24

Effect of Importation Act

Answer 24

1846- repeals Corn Laws and Sugar duties

Question 25

Success of Singapore

Answer 25

Tax-free status brings merchants from all over South-East Asia and ships of all nationalities could trade

· Ships can offload goods during a journey in return for textiles/guns/opium

· Creation of merchant houses for loading/unloading and storage - other services like banks and auction houses are built - 1846: 20 Brit. merchant houses had been built

· Ships going between China and Brit. can trade here

Question 26

Benefit from acquisition of Hong Kong

Answer 26

exclusive control over trade
Chinese laws only allow Brit. merchants in a small area of Canton and piracy dominates the seas between Singapore and China

· East India Co. end up w/ a negative balance of trade w/ a higher demand for Chinese goods in Brit. than vice versa

· Decide to change to selling opium and this trade accelerates as they deal directly with the producers

Question 27

effect of navigation acts on colonies

Answer 27

prevent development of colonies and generate profit for GB

Question 28

How many tariffs did Peel abolish

Answer 28

1200 from 1842-46

Question 29

What were impact of sugar duties and corn laws

Answer 29

Sugar Duties ensured preferential rates for sugar producers in the British West Indies and the Corn Laws prevented foreign grain from entering British markets, thereby increasing the profits of British landowners who produced corn

Question 30

Impact of importation act on GB trade

Answer 30

increased the volume of trade throughout the world. British producers were forced to reduce costs or lose out to imports. Therefore, the adoption of free trade provided a stimulus to British trade

Question 31

Benefit of free trade to ROW and GB

Answer 31

increased volume of trade

enabled GB to import and export more

Question 32

Theories of mercantilism and example

Answer 32

export higher value of goods than imported

Spain achieved positive balance of trade with silver mines

Question 33

% of income from ports from slave trade

Answer 33

40%

Question 34

Benefit from Shanghai

Answer 34

Situated mouth of China’s largest river- navigable waterway of 1000 miles
Gateway to further territory- denied by treaty of nanking
Principle trading port of China- international city, opium trade- Chinese middlemen to avoid violence