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History Empire > Trade > Flashcards

Trade Flashcards

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1
Q

How was trade originally handled in the Empire?

A
  • All trade within the colonies had to be carried on English ships
  • Colonies that produces the main products of the Empire could only export these goods to England
  • After 1707 they could export to other markets like Scotland and the other colonies
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2
Q

What happened to European goods under mercantilism?

A
  • If they were exported to the colonies they had to pass through Britain first where they’d be taxed
  • Tariffs were placed on goods imported into the country so they’d be more expensive than domestically produced products to protect British companies
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3
Q

What happened to raw materials under mercantilism?

A

Brought to Britain to be manufactured so the colonies never became competition for Britain

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4
Q

How was the Royal Navy beneficial?

A

They ensured British merchants had safe and unimpeded access to consumers and traders across the world.
Aimed to support British trade against its rivals like the French to Dutch
Enforced the British Navigation Acts

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5
Q

How were the two periods of the Empire split financially?

A
  • From 1660 it was defined by mercantilism, protection and competition with the the French/Dutch
  • Second period from the 1820s onwards defined by the economic ideology of free trade and low tariffs
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6
Q

Why was the British debt growing between 1763 and 1821?

A

American War for Independence

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7
Q

What is meant by protectionist?

A

Protecting domestic goods by placing tariffs

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8
Q

What is meant by mercantilism?

A

Controlling imports and exports from colonies within the Empire,.

Limiting imports but maximising exports

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9
Q

What was free trade and why did the government adopt this policy?

A
  • International free trade left to its National course with low tariffs and no restrictions.
  • Britain had too many goods, they needed people to buy it, but if they had high tariffs it would be too expensive
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10
Q

Why did the standardisation of trade help Britain in the mid 19th century?

A

Tariffs are standardised - opens up market to sell their surplus goods to others

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11
Q

When was the Slave Trade abolished in Britain?

A

1807

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12
Q

Why was the slave trade difficult to abolish?

Financial reasons

A
  • Slavers trades British goods for slaves at West African Ports
  • Britain dominated the ‘Triangular Trade’ 1 ship in 1798 (Lottery) sold 453 slaves and made £12,000 profit
  • Slaves were treated poorly and would often die so there was never a shortage of demand for new ones
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13
Q

Why was the slave trade difficult to abolish?

Government necessity

A
  • Government places taxes and tariffs on the slave trade and used the money to finance the Royal Navy and fight European Wars
  • Skilled sailors in the slave trade could be recruited in times of war
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14
Q 
Why was the slave trade difficult to abolish?
Ruling class influence
A
  • Main slaving port cities became full of merchants and agents for plantation owners
  • Many ruling class invested in the slave trade
  • In 1766 40 members of Parliament had estimated financial interests in the slave trade
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15
Q

When and what was the even more restrictive Navigation Act?

A

Passed in 1786 confirmed that every ship trading within the British Empire had to be built in either Britain or a British colony and barred American shipping from the West Indies

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16
Q

When was the Society for Effecting the Abolition of the Slave trade founded in Britain?

A

1787

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17
Q

Why was the French Revolution necessary for the Slave trade?

A
  • In 1794 France banned slavery
  • British PM William Pitt was influenced to push anti-slavery legislation but the majority of parliament were hesitant to abolish it due to resulting in a revolution like France
  • In 1799 Napoleon reintroduced slavery so Britain wanted to take the moral high ground and ban it
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18
Q

What were economic benefits of ending slave trade?

A
  • By 1833 when British colonies ended the use of slaves they could move towards free trade
  • Industrial Revolution meant manufacturing would be the basis of British economic strength
  • Economic growth is promoted when workers are rewarded with earning wages and purchasing their property
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19
Q

What was the Foreign Slave Trade Bill?

A

Introduced in 1806 prohibited any British subjects from supplying slaves to French colonies

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20
Q

What reasons of public pressure influenced the end of the Slave trade?

A

Rise of evangelical Christianity

500 petitions sent to parliament

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21
Q

What was Adams Smith book called, when was it written and what were his ideas?

A
  • The Wealth Of Nations •1776
  • Colonies were a drain on Britain as didn’t provide sufficient finance through taxation and were costly to defend
  • He said to allow the colonies to develop their own economies
  • If colonies produced goods cheaper than British manufactured costs it would create lower costs for British consumers
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22
Q

How was America beneficial for the Empire after the War for Independence?

A

Britain feared US would shut off trade but actually required British goods to help its development

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23
Q

What were the political barriers to introducing free trade?

A

Politicians argued tariffs need to be put on foreign goods so British companies benefit. When the public want to buy the Foreign cheap goods some politicians argued if you help the French/Spanish economically they will get to powerful and invade.

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24
Q

What were the Corn Laws?

A

Passed in 1815, prohibited the importation of Foreign corn into Britain. This protected the profits of landowners due to high prices for corn but caused the working/middle classes to suffer from the rising costs of all food including bread.

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25
Q

What did Robert Peel argue about free trade?

A

He became PM in 1841 and argued free trade and tariff reduction was key, if goods in Britain were cheaper it would spark greater consumption and the government could earn more through taxation on goods services

26
Q

How did Robert Peel prove free trade was superior?

A

From 1841-1844 went from a debt of 7.5 million to a surplus of 4 million

27
Q

What was the solution to the Corn Laws?

A

An Anti-Corn Law League was created in 1838

Robert Peel uses he Irish famine to show how destructive British policies have been

28
Q

How many import duties (taxes) had Robert Peel abolished by 1845?

A

Over 400

29
Q

What were the three key aspects the Navigation Acts enforced?

A
  • Colonial goods produced for export could be carried on English built and owned ships
  • Certain goods like sugar and tobacco had to be shipped to an English port before being exported to Europe
  • European imports to British colonies need to land at an English port first
30
Q

When was the Repeal of the Navigation Acts?

A

1849

31
Q

When was the Importation Act passed and what did t mean?

A

1846, but landowners in the Conservatives saw it as a betrayal. It removes sugar duties and the Corn Laws. It destroys Peels PM position. British sugar plantations in West Indies declined as they lost business to slave owned Foreign sugar.

32
Q

Who took over after Peel?

A

Lord Russel under the Whigs, he expanded free trade almost all existing tariffs were dismantled. Foreign ships could carry grain into Britain.

33
Q

How did Britain do after the Navigation Acts were ended?

A

Following sixty years world trade grew by 10x
By 1913 Britain made up 25% of the worlds imports
British exports grew considerably

34
Q

When was the acquisition of Singapore?

A

1819

35
Q

What were the problems for trade with China and what was the solution?

A
  • Trade was heavily regulated by Chinese authorities. Only way to reach Canton from the EIC base in Calcutta was through the straits of Malacca (colonised by Dutch)
  • Sir Stamford Raffles acquired a trading base in Singapore by opening a trade route to China. He got permission from his EIC superiors but not the Chinese/British governments
36
Q

What was the reason for success in Singapore?

A

It was an Entrepôt, which meant all ships could dock without paying taxes or tariffs. There was rapid growth and a Treaty with the Dutch was made

37
Q

What was the Treaty of Nanking?

A

Peace treaty that ended the First Opium War between Britain and China in 1842

38
Q

After Singapore what problems remained for Britain surrounding China?

A
  • Still had strict enforcement on trade laws that confined British merchants to a small area at Canton.
  • Also pirate vessels sailed this route so EIC ships were attacked.
  • Britain found itself with a negative balance of trade so were forced to use silver billions to purchase goods.
39
Q

What was the solution to Britain’s negative balance of trade in China?

A

They switched their main source of trade to opium as it was grown cheaply in India. However an imperial ban was placed so opium was smuggled in and the balance of trade was reversed.
Silver bullion was flooded out of China

40
Q

What was the Chinese blockade?

A

Chinese government put a blockade settlement at Canton after opium was being smuggled in.
They held merchants hostage and forced them to surrender their goods, 1,000 tons of opium was burned

41
Q

What was the British solution to the Chinese blockade?

A

Lord Palmerston introduced Gunboat diplomacy

British ships were sent in, defeated Chinese ships and seized the island of Hong Kong

42
Q

What was the significance of the acquisition of Hong Kong?

A

Hong Kong is an island so much easier to defend and take over than China.
It would be a good military base/territory to have

43
Q

What were some of the economic terms of the Treaty of Nanking?

A
  • Pay 6 million silver dollar in compensation for destroyed opium
  • 3 million in debts to Britain merchants in Canton
  • 12 million in reparations to Britain
  • Had to be paid within 3 years, 5% interest annually to late payments
44
Q

What were other terms of the Treaty of Nanking?

A
  • China had to give up Hong Kong to Britain
  • Had to open the ports of Amoy, Foochow, Ningpo and Shanghai to foreign traders
  • Lift restrictions to traders in Canton
  • Import tariffs at these Chinese ports standardised at the low rate of 5%
  • British citizens to be given legal protection in China
45
Q

Why was the opening up of Shanghai so important?

A
  • Sits at the mouth of China’s longest river, Yangtze
  • British traders could access the length of Yangtze and trade with anyone at Shanghai instead of the colony monopoly
  • Opium Trade boomed, 500 tons of Opium being sold in 1880
46
Q

Why did British merchants benefit from the Taiping Rebellion?

A
  • Even though 20-30 million Chinese died in the fighting, the sales of arms sold to Chinese Emperor helped.
  • Britain persuaded Chinese government to give the collection of custom tariffs to them
47
Q

When and who did Britain open up Shanghai to?

A

Opened up to the French in 1844
Opened up to Americans in 1848
Opened up to others around similar times

48
Q

How much of the worlds coal and cloth was Britain producing in 1851?

A

2/3 of the worlds coal

1/2 of the worlds cotton

49
Q

How much of the world trade of textiles did Britain have in 1913?

A

70%

50
Q

When was the Suez Canal built and opened?

A
  • Construction took from 1859-1869
  • Excavated mostly by hand by tens of thousands of labourers
  • Cost 433 million francs to make
  • Opened in 1869
51
Q

Which PM had personal shares in the Suez Canal?

A

Gladstone

52
Q

How did the French come to build the Suez Canal?

A
  • 1798 Napoleon invaded Egypt to attack British commerce and threaten trade routes to India
  • 1846 French groups proved the difference in sea level was negligible reviving an interest in the Canal
  • Majority Of stock shares sold in France, Khedive had 44% of shares to ensure construction progressed
53
Q

How did Britain come to control the Suez Canal?

A
  • 1872 Gladstone introduces Ballot Act so men would vote in secret
  • Backfired when Disraeli won the 1874 election
  • 1875 Britain bought £4 million worth of shares in Suez Canals
  • 1882 Suez Canal came under British Control
54
Q

What did Disraeli say was the reason for his actions concerning the Suez Canal?

A

It was a political transaction, saying it was political protection of Egypt against the nationalists and Pasha

55
Q

Why was Zanzibar important?

A
  • Trading post for slaves and ivory
  • After 1815 Britain uses the Royal Navy to persuade the Sultan to ban the export of slaves from Zanzibar (50,000 traded annually)
  • 1859-1879 Zanzibar was more important as an Entrepôt for trade of Ivory, rubber, cloves etc
56
Q

Why was the German Trading Company a problem in Zanzibar?

A
  • Set up by Karl Peters in 1884
  • William Mackinnon responded by raising £250,000 to create British East Africa Association
  • Secures British interests in East Africa
  • 1890 Germany and British sign deal - Germany gave up its rights in Zanzibar in exchange for an island in North Sea
57
Q

What happened after the Sultan died in Zanzibar?

A
  • 1896, his cousin takes power, Britain preferred someone else
  • Bombarded the city of Zanzibar - 500 Zanzibar citizens died in 38 minutes, 1 British sailor was injured
58
Q

When was the Lease of Weihaiwei?

A

1898

59
Q

What was the Great Game?

A

A term given to the political and economic rivalry between the Russian and British Empires for the supremacy in Central Asia during the 19th century

60
Q

Why did Japan evacuate Port Arthur and why did this concern Britain?

A
  • 1895, Russia had 58 ships compared to Japans 51

* British wanted to protect British interest in China but were reluctant to get involved in a power struggle with Russia

61
Q

What did the lease of Weihaiwei show about Britain?

A
  • Change from commercial interests to political interests
  • Britain seized the nearest harbour to Port Arthur just in case it turned out to be useful in countering Russian development

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