How successfully was overseas trade developed? Flashcards by Winnie FEY

What industry, apart from agriculture, employed a significant amount of people in Elizabethan England?

textile industry

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What was the Book of Rates?

-taxes on import goods->make money

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What was England’s biggest export?

cloth

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Who was England’s biggest trading partner?

-Antwerp (Netherlands)

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When did the trade embargo with Spain begin?

-1563

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How does Elizabeth make her money?

-crown lands
-import/exports (Book of Rates)
-taxes

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What was the percentage of all exports between London and Antwerp? Why is it an issue?

-75%
-if anything happened there would be a issue with trade->can’t trade

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What were new trade routes?

-cloth was in decline so needed to find new trade routes
-much of the finance came from private investors
-joint-stock company - Muscovy Company - first major chartered joint stock company (1555)

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What is a Joint-Stock Company?

-investors bought shares in the company and received profits in proportion to their investments

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What was the first major chartered joint stock company? When?

Muscovy Company 1555

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Who were England’s different trade routes? (7)

-Antwerp
-Russia
-Guinea Coast
-Mediterranean
-America
-North West Passage
-Near and Far East

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What was Antwerp’s trading company? What did England trade?

-Merchant Adventures had their base
-trading cloth

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What was Russia’s trading company? What did England trade?

-Muscovy Company was developing trade here
-trading cloth

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What did the Muscovy Company have monopoly of until what year?

-monopoly of trade between London and Moscow until 1598

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What did Russia trade?

-woollen goods sold and furs brought back
-later - hides, tar, timber for masts, hemp for ropes and wax

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How much was Russia’s trade worth a year?

£25,000

What was the problems with trade with Persia?

the Persia leader didn’t want to trade with them as he worried it would anger Turkey if they traded with non-muslims
-eventually gave up by 1573

What was England’s further aim with Persia?

-further aim was to use the route down the River Volga to Persia to buy spices and silks to undercut the Portuguese

Was trade with Russia successful compared to other trade options?

most successful

Who were interested in trade with Guinea Coast?

-London
-the West Country

What happened in 1562 with the slave trade?

-1562 - with financial support from his friends he sailed and acquired 300 slaves->sold them to 3 different West Indian locations
-gains made when he was able to capture and not buy slaves
-his 2nd voyage saw Cecil and Leicester (Dudley) with a stake

When John Hawkins arrived home in 1563 what did he bring?

hides, ginger and sugar

Who was John Hawkins? What was his involvement with Guinea Coast?

-sailed to the Canary Islands for slaves

What gains did John Hawkins make?

-gains made when he was able to capture and not buy slaves
-his 2nd voyage saw Cecil and Leicester (Dudley) with a stake

What were the problems with trade with Guinea Coast?

-Spain has monopoly -Spanish fleet attacked Hawkins in 1568 -there was also resistance to Hawkins’ capture of slaves -he tried to deal with this by taking advantage of the different warring tribes -trade developed and more invested

What was the Mediterranean's trading company?

-the Levant Company

What was trade like in the 1570s with the Mediterranean?

-1570s- trading directly with the Mediterranean - silks, spices, olive oil and currants

What did the Levant Company establish trade with in the 1580s?

the Turkish Empire

When did the Eastland Company form? What did it try to do?

-1579 - the Eastland Company formed to try and break into the Baltic trade (exported cloth and imported naval supplies) which was dominated by the Hanseatic League

What was the Near and Far East Venetians controlled by?

-controlled by Portuguese and Venetians

Who was America controlled by?

Spain (New World)

What was the impact of Spanish control over American trade?

-Spanish empire in South America - only allowed to buy goods from Spanish Merchants, but often needed goods that Drake could supply

Who was the North West Passage dominated by?

Portuguese

Who did trade in the North West Passage win the backing of?

-the Queen -Burghley (Cecil) -Leicester (Dudley) -Walsingham

What were the problems with trade in the North West Passage? Why did it fail?

-weather caused problems -geographically the inlets they sought were hard to find and penetrate -lost at sea

What were the main causes of issues with trade? (9)

-Spanish monopoly -religion/cultural differences -further away from places of potential trade geographically -Dutch revolt - European trade impacted -faction in the Russian court -trade with Persia limited as the ruler didn’t want to anger Turkey by trading with non-muslim's -Spain claimed monopoly of the slave trade -Hanseatic League resented attempts to trade in the Baltic -weather conditions limited expeditions over the North-West passage

How successfully was English overseas trade developed during the reign of Elizabeth I?

Although there were many challenges Elizabeth had to face, there was evidence of success in the development of overseas trade into new markets. However, there was failure due to issues such as religion and the Spanish Monopoly.

Overall what was trade like?

-compensated for some of the Antwerp decline -foreign trade didn’t expand overall and where she did caused problems -cloth remained the main export but there were changes in the types sold -real success lay in the future (East India Company)

Overall what was overseas trade like?

limited