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.

Document type:: Monograph

Structure type:: Contents

Collection:: Economics Books

TN CONTENTS liability, and these were largely used for trans-oceanio shipping. The trade of the East India Company to India was thrown open in 1813, but the exclusive trade with China was retained till 1833, The abandonment of well-ordered trade through the Hongists, in favour of open competition, had disastrous results, when the last remnant of monopoly in ocean trade was given up. The danger of monopoly growing up for internal communication led to the interference of Government on behalf of the public, and to the institution of the Railway Commission. . ‘ . . * 816 275. Banking Facilities. The inadequacy, for modern requirements, of the credit system was brought out by the crisis of 1825, which led to a renewed agitation against the monopoly of the Bank of England, and to the development of provincial banks, and of London banks with the power of issuing notes. By the Act of 1844 the responsibility for issuing notes was concentrated in the Bank of England, but this did not prevent the occur- rence of crises; the large amount of capital sunk in railway enterprise, and the necessity for large payments abroad, together with a sudden change, due to a good harvest, in the corn trade, brought about the crisis of 1847, The Bank has justified its position not so much by controlling the issue of notes 8 by maintaining the reserve. . . . . . . . 822 276. Public Policy in regard to Navigation. The new conditions of commerce gave rise to an agitation by London merchants against the system of commeroial regulation through the Navigation Acts. Reciprocal trade onder treaties was adopted with several maritime powers, and preferential tariffs were arranged within the Empire. Though the privileges of English shippers were done away with in 1849, English maritime supremacy has been successfully maintained owing to the introduction of iron ship- puilding. ee eo s + eo a e os 829 277. Financial Reform. Commercial progress had been hampered by the pressure of taxation ; this was reduced, with the view of encouraging in- dustry, before Peel undertook the thorough reform of the fiscal system. Under reduced rates, trade revived and revenue expanded. The change of system was tided over by the temporary imposition of an income tax, which has been retained as a regular charge, owing to its convenience, v . £823 278. The Relative Depression of the Landed Interest. Economie and political antagonism was roused against the Corn Laws, as recast in 1815, since they benefited a particular class, to the disadvantage of the manufacturing interest. The Irish Famine rendered suspension inevitable, and repeal followed in 1846. The policy of fostering a home-grown food supply was discarded as a failure, and the landed interest was relegated to a secondary place in the State, but the work of improvement was taken up by substantial tenants. before the full effects of foreign competition were felt. . . . . . o . . . . . 840 279. Effects on Ireland. The depression of the landed interest was specially noticeable in Ireland after the Union, for she could not take advantage of the new commercial prosperity by obtaining markets for manu: Iactures; and subsistence farming was maintained, with disastrous results in the Famine. The repeal of the Corn Laws deprived lreland of an advantage in the English market, and the State has neither succeeded in atiracting capitalist farmers nor in developing a peasant proprietary. . 845 280. Emigration and the Colonies. The economic principles of latexes

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