History - Knowledge Builder - Trade

Define protectionism

Taxes and tariffs on imports and exports to protect domestic markets

Define mercantilism

A nation should seek a positive balance of trade, while keeping dependent trading partners in a negative balance of trade

In what year did Britain emerge as the sole superpower in the world, with global dominance in trade?

1815

Describe how Britain made money on all three points of the slave trade triangle

Sold manufactured goods to Africa- often weapons to incite racial tensions and tribal warfare - sold slaves to Americas and West Indies, sold raw materials produced on plantations in Europe

How many MPs had investments in plantations in the 1760s?

40

How much money did Thomas Leyland’s Lottery make a single voyage of the triangular trade?

£12, 091

How much would a single slave be sold for at auction, on average?

£50

Name three port cities in Britain that grew wealthy as a result of the slave trade

Bristol, Glasgow, London

How many ships sailed from Liverpool each year on the Slave Trade?

120 - 130

Name a Bristol family who owned plantations in the Caribbean

Pinneys

Name one impact of the abolition of slave trade on British trading patterns

Looked East for new markets

What did Britain use taxes levied from the slave trade to fund?

The Royal Navy

Why was there never a shortage in demand for new slaves from Africa?

They were worked to death

Which Lord Mayor of London owned thousands of acres in plantations?

William Beckford

What percentage of Bristols income was tied to the slave trade?

40

Which governor of the Bank of England chaired a pressure group in favour of planters and plantation owners?

Sir Richard Neave

Which plantation was owned by the CofE in Barbados?

Codrington

How many slaves were there in this plantation?

400

Which group began campaigning for abolition in 1783?

Quakers

Which PM supported the abolitionist movement?

Pitt the Younger

In what year was a proposed bill for the Abolition of the slave trade defeated in the House of Lords?

1806

In which French colony was there a slave rebellion?

Haiti

What did Britain do as a result of this rebellion?

Invaded, hoped to seize the island, the slaves and the plantations

What did Napoleon do in 1802?

Reinstated slavery in the French colonies

How did this change the British position?

Britain now wanted to abolish slavery in order to undermine the French and incite rebellion in the French colonies

When was the slave trade abolished in England?

1807

When did the slave trade finally cease in British colonies?

1833

When did the Slave Trade end in the West Indies?

1834

Who led the abolitionist movement?

William Wilberforce

What proportion of ships involved in the slave trade lost money in the 18th century?

1/10

In 1778, how much did investors in the slave trade make?

£700, 000

How much did the government pay to slave owners in compensation for their lost revenue?

£20, 000, 000

Of what % of government revenue was this figure?

40%

What is a positive balance of trade?

Export value being higher than import value

What is a negative balance of trade?

Export value being lower than import value

What book did Adam Smith write in 1776?

The Wealth of Nations

What are the main arguments in this book?

Monopoly capitalism was foolish, as was mercantilism

Which group dominated parliament before 1832?

Landowning elites

Which colonies were in open rebellion, then all out war, against Britain as a result of mercantilist thinking?

The 13 colonies

In which other colony did Britain experience unrest as a result of mercantilist thinking?

Ireland

Which was the second largest city in the Empire, after London?

Dublin

Where was the wealth centered in Ireland?

Rich protestant landowners

What happened in Ireland in 1778?

Protests demanding free trade (free trade or this - message strapped to cannons)

When were protectionist tariffs removed entirely from Ireland?

1779

What was the main reason trade restrictions were lifted in Ireland?

To avoid additional conflict

What kept the grain price high until 1815?

The Napoleonic Wars

Which law was passed in 1815, to protect the income of landed elites in Britain?

The Corn Laws

Which party was elected in 1830?

Whigs

What was passed in 1832?

The Great Reform Act (Representation of the People’s Act)

By how much was the electorate expanded in 1832?

60%

Which groups now had better representation in parliament?

Merchants and industrialists

In what year was the Conservative Party founded?

1834

What was formed in 1838?

Anti-Corn Law League

Which PM repealed more than 1200 protectionist tariffs?

Peel

How did Peel balance government finance with the loss of these tariffs?

Reintroduced income tax

The repealing of which two protectionist laws saw Peel lose the election to Lord Russell?

Sugar and Corn (in the Importation Act)

What are the 3 elements of the Navigation Acts?

* Colonial goods must be carried on British ships
* Some goods had to be shipped to England first to be taxed
* European exports to British colonies had to land in Britain first

In what way might have the Navigation Acts have suited British colonies?

They exported primarily raw goods anyway, and it made no difference where their final destination was

What approach had Britain traditionally taken to enforcement of the Navigation Acts and mercantilist system as a whole?

Salutary neglect (not enforced)

When did the above change and why?

1763 - end of the 7 years war

What did the Royal Navy do as a result of this change?

Seize ships and cargo if not abiding to the acts

In what year were the Navigation Acts repealed?

1849

In what way did the repealing of the Navigation Acts prioritize Free Trade over defence?

Less British ships at sea as goods didn’t have to be carried on British ships, therefore less trained seamen for the Navy to impress during times of war

Which PM was responsible for the repeal of the Navigation Acts?

Lord Russell

When was the Tariff Reform League founded?

1903

What was the main aim of the Tariff Reform League?

Return to protectionism but within the empire

What happened to the Tariff Reform League?

Joseph Chamberlain lost the election, League fell apart

Which company wished to expand trade into China in the 1800s?

EITC

Where did China restrict foreigners trading to?

Canton

What was the only passage to this area and which foreign power controlled it?

Straits of Malacca, the Dutch

When was Singapore founded and by who?

1819, Sir Stamford Raffles

How many Spanish dollars flowed through Singapore by 1824?

11 million

What is an entrepôt?

Port with no taxes or tariffs - goods can be loaded and unloaded free of charge

What was the aim in setting up Singapore as a base?

To outcompete the Dutch and secure stronger trading links with China

In what way did Singapore’s new entrepôt status make trading more efficient and profitable?

Ships could load and unload, so cargo destined for Europe from China did not have to make the journey in a single voyage or vice versa

How many merchant houses were in Singapore by 1846?

60

What are some earlier examples of entrepôts?

Antwerp

What did the success of Singapore convince British policy markers of?

Free Trade

By 1797 the EITC was in a budget deficit and was using silver bullion to purchase Chinese goods. What product did it decide to sell to make up the shortfall?

Opium

In what 2 years did Britain send ambassadors to China in an effort to open up trade with the Chinese Empire?

1792, 1816

What had Britain managed to trade with China before 1842 (not opium)?

Wool and cotton from India

How many tonnes of opium were sold in China in 1775?

75

How many in 1800?

200

How many in 1822?

347

When did the EITC monopoly on trade with China end? (2nd Charter Act)

1833

How many tonnes of opium were traded in 1839?

2553

How many addicts were there in China as a result?

12 million

When was the blockade of Canton?

1839

How many tonnes of opium did the Chinese authorities burn as part of this crackdown on the British opium trade?

1000

Who was the British foreign secretary at the time?

Lord Palmerston

What is gunboat diplomacy?

Forcible access to new trading markets, use of the Navy to do so

When did the British seize the island of Hong Kong, using gunboat diplomacy to do so?

1841

Which British ship (EIC) led the British to a decisive victory in the Opium Wars?

Nemesis

What is significant about the geography and geology of Hong Kong?

Largest deep water port in the world

What was the population of Hong Kong by 1900?

100, 000

Which treaty opened Shanghai to British traders in 1842?

Nanking or the Unequal Treaties

How much, in silver dollars did the British demand in compensation for the burned opium?

6 million

How much did they demand in reparations?

3 million

Shanghai sits at the mouth of which major river?

Yangtze

How many miles into the Chinese interior does this river flow (to Wuhan)?

1000