The Impact of Industrialisation Flashcards
Who were the first recognised bankers in Britain?
Goldsmiths
Why did Goldsmiths in London have lots of trade?
More people looked to them for secure deposits and a means to borrow funds.
How did Goldsmiths help the economy grow during industrialisation?
It made financial transactions much easier and safer which meant new businesses could access funds quickly and become more established.
When were county banks allowed to issue bank notes?
1797
What effect did county banks distributing bank notes have on the middle classes?
Prompted the development of personal banking, and also gave employers an effective way of paying wages from a central fund.
What impact did the availability of capital have on industry?
Emerging technological innovations could be adopted commercially and across the nation.
What impact did the increased availability of capital have on cottage industries?
Turned them into large scale productions because there were now funds to build or buy and furnish factories with machinery etc.
How much was Britain importing in 1761?
3 million lbs
How much was Britain importing in 1833?
300 million lbs
How many people were being employed in 1833?
833,000
When did Richard Arkwright invent the water frame?
1769
When did Samuel Crompton invent the spinning mule?
1779
What is a joint stock bank?
The title given to a bank owned by several people, each with shares in the bank’s capital.
When was the cap removed allowing the growth of joint stock banks?
1826
What happened when banks grew in size?
They became more stable and investors felt more confident with the protection that joint-stock banks gave them.
What happened to smaller private banks as stability grew?
They were absorbed by larger joint-stock banks which meant they were able to manage large great sums of money and operate on a national scale.
Where and when was the first joint stock bank?
Lancashire Banking Company - October 1826
When were joint stock banks in London allowed to issue cheques?
1833
By what year were there 154 joint stock banks and how many branches did they have nationwide?
1866 - 850
When did the Marquess of Bute build the docks at Cardiff Bay?
1839
Who established the Whitehaven Harbour in Cumberland?
Earl of Lonsdale
Before 1801, how many acres of land were there in Britain?
37.3 million
Before 1801, how much of Britain and Wales land was under arable cultivation?
1/4
Before 1801, how much of Britain and Wales land was under pasture and meadow?
1/4
Before 1801, how much of Britain and Wales land was waste and barren land?
1/4
How much of land in Scotland was uncultivable?
3/4
In 1801, what happened to the size of arable acreage?
Stayed the same
In 1801, what happened to the size of land that was pasture and meadows?
Rose by 20%
In 1801, what happened to the size of waste land in the North West of England?
Declined
In 1801, how many acres in Scotland were waste?
19 million
How much did crop yields increase by in the 18th century?
40%
How much of the increase in crop yields during the 18th century was caused by the intense use of land?
2/3
Why were people losing jobs in the countryside?
Enclosure of land
What were turnpike trusts like in the 1770s?
Were local and inefficient. They were unable to maintain heavily used roads which degenerated in bad weather into muddy tracks.
By what year were there 22,000 miles of turnpike roads?
1836
By 1850 how many miles of railways were there?
6000
When international trade grew, where did industry move to?
Areas with good transport links
Where was the centre of textile manufacturing?
North-West England
Where was there a strong mining and ship building industry?
North-East England
What did the Midlands become well known for?
Engineering works
Why did the wool industry falter in the south?
They lost out to Yorkshire, who had better access to coal to power the steam engines in mills and factories
By 1851, how many cities had a population with over 50,000 people?
29 (previously only London and Edinburgh)
By 1851, how many cities by had populations of over 100,000?
9
What was London’s population by 1851?
2.3 million
By 1851, how many workers were there in Britain?
9.7 million
By 1851, what % of workers worked in textiles?
6%
How much did carpenter’s wages in London increase by between 1765 and 1795 of the rates paid in London?
64% to 88%
How much did urban areas grow by between 1801 and 1851?
23%-29%
How much did Glasgow’s population grow by in the 1810s?
46%
How much did Manchester’s population grow by in the 1820s?
44%
How much did Bradford’s population grow by in the 1810s?
63%
How much did Bradford’s population increase by in the 1820s?
69%
How much did Bradford’s population increase by in the 1830s?
52%
What fraction of children died in their first years of life?
3/20
How many children failed to reach their 5th birthday?
1/2
By 1800, what % of people lived in towns?
25%
By 1880, what % of people lived in towns?
80%
What fraction of workers were employed in the manufacturing industry by 1801?
2/5
What fraction of workers worked in the manufacturing industry by 1871?
2/3
How much did work in agriculture and fisheries decline by?
From 35% of the population to 15% of the population
How much of national capital was invested in industry, trade and transport in 1760?
5%
How much of national capital was invested industry, trade and transport in 1860?
26%
What was the average annual income per person in 1750?
£12
What was the average annual family income by 1780s?
£24
How many miles of navigable canals and waterways were there by 1820?
4000
By 1811, how much did British manufactures produce and how much of this was exported?
By 1811, British manufacturers produced £130 million worth of goods of which £40 million was exported
How much was Richard Arkwright worth when he died in 1792?
£500,000
How many men did Benjamin Gott employ in the wool industry?
1500
How much did Benjamin Gott have in the bank?
£100,000
What did Richard Crawshay own?
The Cyfartha ironworks at Merthyr Tydfil
How many people did Richard Crawshay employ?
5000
How much was Richard Crayshaw worth by 1830?
£200,000
