Trade and Commerce 1890 - 1914 Flashcards
What was the general assumption in 1890 regarding t +c
That Empire would make Britain wealthy
What did GB have in its own colonies?
Free trade
What did GB import from New Zealand?
Dairy, lamb
Imports from Australia
Wool, sugar
Imports from Canada?
beef = 10% --------- by 1914 wheat = 15% ------ by 1914
The importance of shipping and rail? an example of where railway was built for trade and commerce?
Supplied major trade and commerce networks - Uganda to Mombassa - from African interior where agricultural production to shipping ports
Benefits became less significant in mid 1890s, shown by the dissolvement of what in 1893?
Imperial Federation League (est. 1884)
Did GB start to become more reliant on non empire countries?
Yes!!!!!!!!!
By 1896, how much of trade was with Empire?
£183 million out of £745 million - roughly 1/4 of trade with empire in 1896!!!!
How much food did Empire provide GB with?
Only 10%
In 1913, the % of imports from Empire?
25%
1913, Exports to Empire accounted for how much?
37%
What did this shift in trading focus create in GB?
Economic debate between imperialists like Joseph Chamberlain and manufacturers
What did the manufacturers, bankers, shippers argue for?
Free trade as Empire was not self sufficient and it cost too much
What idea about Empire was being introduced?
Empire was too costly - a burden to maintain
What did Chamberlain argue for?
Imperial preference - to only trade with Empire - tariffs and protectionism
How did international pressure support those against imperial preference?
The rise of international European powers e.g Germany who had domestic development in industry, overtook GB in chemical and electrical engineering
What did Chamberlain do in 1902 to try and create imperial preference?
A Colonial Conference to solidify economic ties with empire
When was the idea of imperial preference rejected by the British?
1906 - Liberals win election - supported free trade, domestic reform
Investment in Empire 1890 - 1914: main location of overseas investment?
Not Empire - USA - India although crown colony was self financing
By 1914, how much GB had India absorbed?
20% of exports and £150 million - exported tea, cotton to GB
What was the Gold Standard and how did it help British trade?
It fixed the value of the pound backed by gold reserves - became basis for global monetary system - symbol of British economic status - International interest rather then exclusively empire
What were invisibles?
Insurance companies - sold insurance to shippers, merchants and international trade developed - this money was then invested in colonies e.g Rail from Uganda to Mombassa 1900
- type of trade changed from commodities - overseas investment from £2million to £4million in 1914
