The Lords of Trade Flashcards
who set up the Lords of Trade and when?
1675- Charles II
how many colonies did they oversee in 1675?
10 colonies on the NA seaboard
half a dozen Caribbean islands, including Jamaica
why was it created?
to have better control over the colonies and oversee trade
what three companies outside of Europe did they not have to keep a close eye on and why?
the Hudson Bay Company provided trade for the London furriers
the Royal Africa Company was necessary for the slave trade until the 1690s
the East India Company kept its position in India into the 1800s
what did they make effective in the colonies? what did it become known as?
the Navigation Acts- Acts of Trade
how did the Acts impact England and the colonies differently?
in England they encouraged English shipping
in the colonies its main impact was on trade
how was the importance of the Lords of Trade shown in the colonies?
by hearing appeals from colonial courts
what was the main intention of the Lords of Trade?
in the 1670s it was made clear that they intended to have a network of trade among all English colonies
it would give them access to the English market and allow London to have the whole reexport market from the entire empire
which Navigation Act strengthened the reexport market?
1663 the Staple Act- prohibited the colonies from trading with European countries or their colonies
what was a preferential tariff? what is an example?
products of the colonies were guaranteed the English market
e.g. tax on foreign sugar was twice that on West Indian sugar
what happened to single lord proprietor colonies?
no new ones were created after Pennsylvania- over the next 50 years the government bought out most of the proprietor’s rights
how did Charles view the colonies?
knew the colonies would provide him income in time
