Trade and Commerce 1857-1890 Flashcards
link between empire and trade - canals and rivers
often the focus of explorers quests - Zambezi river use to access central parts of Africa
rivers sometimes had to be straightened, deepened and diverted
canals built to avoid hazardous stretches of water or to provide water ways where there were none
Canada - after 1867, canals were deepened around great lakes seaway system
India - canals developed on huge scale after 1857
link between empire and trade - agriculture
In Canada, Australia and New Zealand there were vast tracts of land permitting the production of cheap produce, these were goods that were available in Europe but much cheaper
South America produced goods not available in Britain
link between empire and trade - railways
largest single investment of the period in self governing companies
opened up canada prairies, enabled Australia to export its wool and allowed South Africa to expand its border
enroached upon indigenous land, disrupted long standing ecologies, often led to displacement
India - linked cotton growing areas to mills of Bombay and Calcutta
less westernised areas - provided route to the sea
link between empire and trade - ships and shipping
clippers - suited to low volume, high profit goods like tea and opium, ships had a short life expectancy of 20 years
steamships - bulky and heavy goods
british iron-hulled ships made more efficient enabling steam ships to trade with distant possessions
1850s - steamship companies reduced travel time between Britain and west africa to 3 weeks and increased cargo capacity
opening of the Suez canal
link between empire and trade - mining
discovery of gold in south africa prompted a gold rush to previous struggling Transvaal, recent mine closes in cornwall led to 30,000 miners travelling to Transvaal
encourage British ambitions in the area - role of Chartered companies
discovery of diamonds led to Kimberly Diamond Syndicate in 1890
gold discovered in Australia in 1851 and by 1866 was producing £124 million worth - 1/3 of global production
link between empire and trade - industry
limited development as could not compete with British manufacturing - forced to buy british goods
undeveloped areas were propelled to modernise
independent economic development curbed by the way the british controlled and exploited their economies
modernised India - increase in tea plantations
why was there a need for trade?
britains urbanisation increased reliance on imports
worlds largest consumer market for food and raw materials
need for tropical goods form Inida etc.
importance of London
worlds financial capital
50% of worlds trade financed in British pound
sterling became the main currency of international trade
trade with the informal empire
Argentina 1881 - invested directly into the countries utilities and Charles Momson acquired the mercantile bank
Mexico 1861 - naval pressure was used to keep access open and to uphold free trade treaties
Thailand - brought under British influence through trade treaties
Chinese empire forced to make concessions with British as used navy during opium wars
the treaties of Nanking (1842) and Tientstin (1858) britain gained trading bases including Shanghai and Hong Kong
trade in the 18th and 19th century
18th and early 19th - ‘mercantilism’ colonies had been obliged to send their produce to Britain, buy British manufactured goods and use British ships for imports and exports
mid 19th - replaced with free trade to maximise prosperity with no restrictions
imperialism of free trade - application of force sometimes used to sustain economic development
what is a chartered company
where a trading company would gain status, legal rights and privileges which would prevent companies from challenging their position
seen as a way of extending British trade and control
examples of Chartered company
North Borneo Trading Company 1881 - purposes of administering the territory, benefitted from deposits if coal, iron and copper, represented a key strategic site for Britain in the South China Sea
Royal Niger Company - George Goldie, gave permission for expansion Northwards
Imperial British East Africa Company
British South Africa Company - Cecil Rhodes
purpose of chartered companies
generate profit for shareholders in Britain
often led to ruthless exploitation of local people and environments
Cecil Rhodes
personal ambition - Cape to Cairo red line
diamond magnate - 90% of world production with his De Beers company, went into partnership with London based Diamond Syndicate
‘futherance of British empire and bringing of the whole of the uncivilised world under British rule ‘ - social darwinist views
British South Africa Company - control a large area of land in the interior of Africa, named Rhodesia in 1895
failure to annex Bechucaland protectorate
