Trade and Commerce 1850s-1880s (Mining- a huge influence in Britain's…
Trade and Commerce 1850s-1880s
Mercantilism- keeping the financial economy of British colonies, British. Protective tariffs on any other external nation or colony that wasn't British.
Colonies obliged to sell/produce materials for Britain. Be transported by British ships.
Obliged to buy manufactured goods
Free Trade- the idea of globalisation of economy in the 1800s, challenged British protectoratism.
Britain would adopt it in the 19th century HOWEVER no internal free trade between colonies.
Dominions could impose trading tariffs.
Trade with the US
After independence= £3.7 million GB exports US. HOWEVER disrupted by Civil War. A reason for Britain interested in Egypt for its cotton.
1850-75 The colonies= 20% of British imports.
The colonies= 30% of British exports.
1850s, invention of the steamship=efficient economic transport. Example, 1870, GB companies sending steamships up the Niger.
Railways= economic development, control over colonies. Example 1860s, Canada forced to accept GB policies on defence because of London capital guarantees.
India- used for transport soldiers=maintain control. Linked the cotton and jute growing areas of the north=economic efficiency.
British imports from India 1876.
Raw Cotton= £5,800,000
Raw jute (fiber)=£2,800,000
British imports from India pre-mutiny.
Mining- a huge influence in Britain's expansion into Africa. ESPECIALLY due to 1873 economic depression.
Tin in Nigeria (West Africa)
Gold in the Gold Coast (West Africa)
Diamonds in Sierra Leone (West Africa)
Copper in Northern Rhodesia (South Africa)
Coal and Gold in Southern Rhodesia (South Africa)
Gold and Diamonds in the Transvaal (South Africa)
Gold in New South Wales (Australia)= 1866=£25 million worth of gold.
Gold in Victoria (Australia)= 1866= £124 million worth of gold produced.
Charter companies- government recognised companies would expand into a territory and take control of the government to make money.
North Borneo Company 1881
Tobacco and rubber plantations
Royal Niger Company 1886
Palm oil= lubricant for machinery
30 trading posts around the river Niger
Natives forced to trade through the company
King Jaja tried to make his own trading network, was exiled by Britain