Trade and commerce

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  • Topic 9
    • Gold Standard
      • Set the standard for international trade and all colonies had to mirror this
        • By 1908 only China, Persia and a few central American countries were operating at silver standard
    • Debates on trade and commerce
      • Joseph Chamberlin was the conservative colonial secratary who convened the 1902 London Colonial conference
        • They discussed creating closer economic ties in the form of an imperial customs unit
      • Chamberlin believed that imperial trade was bette as it is more reliable in emergencies and would lead to greater productivity
        • Shipping and manufacture companies did not agree with Chamberlin
      • Companies that did trade across seas or into close allied countries believed in free trade
        • Food would also increase in price which the general population were against
      • The fall of imperial preference happened in 1906 and the general election rejected Chamberlins ideas
    • Importance of colonial trade
      • India provided raw cotton and tea
      • South Africa and Australia provided wool and sugar
      • New Zealand provided dairy products and lamb
      • Canada provided beef and wheat
      • West Africa provided timber cocoa rubber peanuts and palm oil
      • Protectionism was the theory of shielding a countries domestic industry from foreign competition by taxing imports


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