the benefits of the salve trade on the british economy Flashcards
(10 cards)
what were the four main benefits to the british economy?
major slave-trading ports,employment,banking and borrowing money and insurance and profit and entrepreneurs
explain the major slave trading ports
from 1761 to 1809,traders based in british ports transported 1,428,00 african captives across the atlantic and pocketed £60 million.90% of the slave ships leaving britain either came from liverpool,bristol or london.
explain employment
the slave trade generated a lot of jobs like shipbuilders,jobs that would prepare the slaves for sale,dock workers,carpenters,crew,surgeons ,captains and many more.
explain banking and borrowing money
slave merchants and sugar plantation owners had ro be able to borrow some money.if a trader needed to buy a boat,fill it with trade goods and wages to pay the crew they will have needed a sum of money to cover all of those costs
the bank of england provided this money for them,david and alexander barclay set up this service and they took all of the profit from the slave trade to make barclays bank
explain insurance
insurance was expensive but needed,if something was to happen to the ship or any of the slaves or crew they would need that money back.
lloyds of london made a lot of profit from insuring a lot of slave ships and their ecargo ,which then led to it becoming one of the largest banking businesses
what are the three cities that provided the best ports?
bristol,london and liverpool
explain bristols contribution to the slave trade
bristol played a huge part in the slave trade,bristol businesses provided financing to over 2000 slave voyages before 1807 and carried over 500,000 enslaved africans to america.
people in bristol made a klot of money from the jobs they could get builidingds slave ships etc.
these traders were trusted my african middlesmen,and bought guns etc off of them
explain london’s contributions to the slave trade
london developed into the into the financial centre for the slave trade,they provided banking and insurance for people in the trade,these developed in the oldest part of london known as the “city”
explain liverpool’s contribution to the slave trade
because of the slave trade liverpool became one of the richest cities in the world.
liverpool’s docks were the best in the country because they were large,deep and unaffected by the tides .ships could be loaded and unloaded quickly which further reduce the “parking” costs
liverpool merchants avoided costs by storing there goods on the isle of man .the goods never entered britain so costs were never charged.they also hired inexperienced young men for slave ship captains instead of experience ones as they were much cheaper
as a result they managed to sell there slaves £4 or $5 cheaper than bristol merchants
explain profit and entrepreneurs
the slave trade dominated the british economy and profit was enormous,people got dragged into the slave trade thinking that they were going to become rich because of it.some voyages made more profit than others
thomas leyland made a £736,00 fortune from slavery.
