The Industrial Revolution

Bibliographic data

Monograph

Identifikator:: 1027928145

URN:: urn:nbn:de:zbw-retromon-159926

Document type:: Monograph

Author:: Cunningham, William http://d-nb.info/gnd/128907487

Title:: The Industrial Revolution

Place of publication:: Cambridge

Publisher:: The University Press

Year of publication:: 1922

Scope:: xxii S., S. 404-886

Digitisation:: 2021

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

PARLIAMENTARY COLBERTISM A.D. 1689 and allowances were made to support the operations of the ~75% Company, but it never answered the expectations of the pro- moters, and it called out the scathing criticism of Adam Smith. Another trade in which the Dutch maintained their supremacy and from which they had ousted the English, in the time of James I, was the Greenland whale fishery. To recover it, a joint-stock Company was formed in 1692, which was subsequently permitted to import whale-oil duty-free? In the course of a very few years, however, they ran through their capital of £82,000, and the trade was abandoned, till the South Sea Company endeavoured to re-open it; but they prosecuted it without success. From this time onwards, however, the business was left to the enterprise of private individuals, though Parliament paid large sums with the view of fostering it. In 1733 a bounty of 20s. per ton on vessels engaged in the business was offered, in 1740 it was raised to 80s., and in 1749 it was raised to 40s. This large bounty was successful in stimulating the trade, but though it was continued for many years it did not serve to make it prosper. In 1755 mo less than £55,000 was paid for this purpose, but in 1770 the tonnage employed had so far declined that the bounties had fallen to £34,800. Arthur Young, who wrote in 1768, did not notice any signs of decay, and thought the merchants at Hull deserved “much commendation for entering into a business so extremely expensive, hazardous, and so often disadvantageous®.” The alleged justification for this continued expenditure, in attracting English capital to a direction in which it did not find profitable employment, was of course political ; it was supposed that we could in this way furnish ourselves with whale-oil on easier terms than by buying it from foreign and more successful fishermen, and this had been the underlying motive from the first. A similar expedient was tried with regard to the con- 0 Ship struction of large vessels. Bounties had occasionally been building, given on the building of big ships’. and this mode of »¥ i4W.and M. c. 17. 2 7and 8 W. III. c. 33. For an account of the Iceland trade from Broadstairs, see Pennant, Journey from London to the Isle of Wight, 1. 112. 3 Northern Tour, 1. 158. ' Macpherson. 1x. 563: m1. 179. 25 C. Il. c. 7. $ Vol. 1. p. 413,

Access restriction

Copyright

fullscreen: The Industrial Revolution

Monograph

Table of contents

Download

Monograph

This page

Image fragment

Citation links

Citation recommendation