Retardation or Depression? 1873-96 Flashcards
What was the argument in favour of adopting bimetallism during the 1873-96 depression?
The argument for bimetallism suggested that increasing the quantity of money would raise prices and thus reduce nominal debt, but also suggested it would be beneficial in the long term
What did contemporary I. Fisher think of calls for bimetallism?
I. Fisher thought bimetallism to be a “fallacy” of permanent gains
Who claimed that increasing the value of money would only work if it came as a surprise, otherwise rates would adjust in anticipation
R. W. Demand and R. G. Betancourt claimed that increasing the value of money via bimetallism would not work to redistribute wealth
What was T. W. Fletcher’s argument of recognition of the depression in agriculture?
Its existence ‘was, and is, universally accepted’
What is a contemporary quotation of the state of agriculture in the years 1873-1896?
J. A. Venn (1923) claimed agriculture was ‘plunged into the abyss’
What did E. Ojala study?
E. Ojala studied wheat crop contribution to gross agricultural output
What can be said about the contribution of wheat crop during the depression?
E. Ojala found that while wheat contributed 13% to gross agricultural output 1867-76, by 1894-1903 it contributed only 4%
What does T. W. Fletcher dispute about wheat contribution in the depression?
T. W. Fletcher argues that changes in wheat prices did not mirror general agricultural fluctuations, there is little evidence to suggest complete contraction
What is the difference between T. W. Fletcher’s assessment of wheat and E. Ojala’s assessment?
T. W. Fletcher uses the Saurbeck’s index unlike E. Ojala, asserting that it is more representative of British changes as a whole
What was the rate of population growth 1851-71?
The rate of population growth 1851-71 was 1.3%pa
What was the rate of real wages growth 1851-71?
The rate of real wages growth 1851-71 was <1%pa
What was the rate of population growth 1871-1901?
The rate of population growth 1871-1901 was 1.5%pa
What was the rate of real wages growth 1871-1901?
The rate of real wages growth 1871-1901 was 2%pa
What is a contemporary source for the impact of wage change on British farming?
P. A. Graham (1899): ‘the sort of man who had bread and cheese for dinner forty years ago now demands a chop’
In what period did dairy and meat prices rise in relativity to the wheat crop?
1846-1870s dairy and meat prices were congruent with wheat
What occurred between the years 1871-5 and 1896-00?
Wheat and flour imports increased 90%, meat imports increased by 30% and butter and cheese imports increased 110%
What can be said about the relationship between population and agriculture?
The population in the fin de siecle was growing faster than the demand for wheat was
What is the impact of the international markets with regard to the wheat industry?
Wheat prices were a direct reflection of the world price because British wheat was a homogenous product on the international market
When was there a severe outbreak of sheep disease?
There was a severe outbreak of sheep disease 1879-1881
According to Fletcher how much did total net income decline by in the depression?
Total net income fell by 7.5% according to Fletcher
During the depression what was the change in arable output?
Arable output during depression fell from £65mil to £41mil (2/5 drop)
During the depression what was the change in livestock output?
Livestock output during depression rose from £64mil to £71mil
By the mid-1890s what was the relevance of wheat in arable output?
Wheat by the 1890s was worth >1/6 total arable output
What must be acknowledged in forming arguments of depression in agriculture according to T. W. Fletcher?
T. W. Fletcher stresses that historical abstractions such as the ‘national farm’ as a lens of analysis are useless because it cannot be wholly prosperous or depressed- farming varied
What facilitated the tie between bread and livestock in domestic consumption patterns?
fall in bread prices stimulated demand for livestock farmers, helped by improvements in transport, international trade, and living standard rises
Who made up the commissioners in the Royal Commission on the Depressed State of the Agricultural Interest?
Headed by the Duke of Richmond; 4 aristocrats, 2 landed gentry, 6 others
What was the pervading interest of those involved in the Commission on the Depressed State of the Agricultural Interest?
Agricultural- 12/17 members had direct interest in agricultural success
When was the Royal Commission on the Depressed State of the Agricultural Interest set up?
The Richmond Commission was set up in 1879
Outline the nature of witnesses called to the Richmond Commission:
35 farmers, almost all tenants. Only 1 <100 acres, 31 >300 acres, 25 >500 acres, 10 >1000 acres
What was the average farm size during the depression era? What does this mean for the Richmond Commission?
<100 acres, yet only one farmer-witness had this sized farm. The Richmond Commission wasn’t representative
What does T. W. Fletcher say was a flawed assumption of the Richmond Commission?
T. W. Fletcher suggests that the Richmond Commission assumed that depression was general- but this was based on hearsay evidence
What did the Richmond Commission find to be the immediate cause of the depression in agriculture?
Weather was found to be the immediate (and universal) cause of agricultural depression
When was the second commission set up?
The second commission was set up in 1894 by the Gladstone ministry
What was the name of the second commission?
The second commission was called the Royal Commission on the Depressed Condition of the Agricultural Interests
What was the make up of members of the second commission?
2 aristocrats, 3 landed gentry, 1 MP, 2 farmers, 1 civil servants, 2 ‘experts’, 2 lawyers, 1 Scot, and 1 Welsh
What was the nature of witnesses for the second commission?
22 witnesses were east and south farmers, over 18 north and west. But only 5/39 farmed <300 acres
