trade and commerce

Question 1

what is the gold standard

Answer 1

a monetary system where a countries currency or paper money has a value directly linked to gold

Question 2

what is imperial preference

Answer 2

home producers 1st
empire producers 2nd
forien products last

Question 3

when did many contries abandon the gold standard

Answer 3

during ww1

Question 4

when did the us return to the gold standard

Answer 4

1919

Question 5

when did br return to the gold standard

Answer 5

1925

Question 6

when was the wall street crash

Answer 6

1929

Question 7

what led people to lose confidant e in br economics in the 1920s

Answer 7

economic stagnation
london decline as a financial centre

Question 8

when was br forced to abandon the gold standard for the 2nd time

Answer 8

1931

Question 9

how did ww1 leave british economy

Answer 9

the war was economically exhausting and public financing left br in debt
sterling had to leave gold standard

Question 10

what happened to br overseas investment post ww1

Answer 10

most of had been wiped out

Question 11

what was the result of ww1 on the british export market

Answer 11

br lost some of their domination and not all was won back eg textiles

Question 12

why did br need dominance in the export market

Answer 12

to help run the empire

Question 13

what was the result of ww1 on the br financial sector

Answer 13

suffered as there ability to pay back loans diminished

Question 14

what was the result of the great depression on br economy

Answer 14

intensified problems

Question 15

how much did india contribute to ww1

Answer 15

almost £146 mill

Question 16

how did india suffer economically during ww1

Answer 16

inflation and shortages

Question 17

in 1914 what number of india’s imports come from britain’s do how did this change

Answer 17

2/3
this began to fall

Question 18

how did the level of taxes on indian imports change and what did this protect

Answer 18

11% 1917-25% 1931
from competitors

Question 19

how did exports fare post ww1

Answer 19

badly

Question 20

how did ww1 effect canada

Answer 20

benefited emerging as an industrial power
formed closer ties with the us

Question 21

how were aus and new z effected by the war

Answer 21

as exporters of food the relied heavily on the british market so they were hit hard by the war

Question 22

what act was passed in 1929

Answer 22

colonial development act

Question 23

how does british focus shift post ww1

Answer 23

focus on the importance of the empire for british commerce and imports increased

Question 24

what helped to ease the impact of ww1

Answer 24

most currencies were fixed against the pound and many kept their reserves in sterling

Question 25

how did the % of cotton goods going to empire change

Answer 25

1913 51.7% 1934 52-2%

Question 26

how did the % of rail carriages going to empire change

Answer 26

1913 58.4% 1934 68.3%

Question 27

what category of exports began to fall and why

Answer 27

textiles competition eg with japan

Question 28

until when did the empire remain a key export recipient

Answer 28

the 1930s

Question 29

between the wars what did some believe br should go back to and who opposed this

Answer 29

imperial preference doninions

Question 30

when was the ottawa conference

Answer 30

1932

Question 31

what was decided at the ottawa conference

Answer 31

10% tax on all colonies bar crown colonies britain and the dominions gave each others exports preference

Question 32

what did the ottawa conference show

Answer 32

it reinforced the importance of the empire for britain

Question 33

what was imperial trade like

Answer 33

not all uniform as curtain parts of the empire increased their commercial links than others

Question 34

how did ww2 hit the empire

Answer 34

even harder than the 1st

Question 35

what defeats in ww2 were particularly crippling

Answer 35

W, E, SE Asia

Question 36

what impact did ww2 have on british trade

Answer 36

a severe and dramatic one

Question 37

what % of the british fleet was lost during the war

Answer 37

54%

Question 38

what happened to britains balance of trade during ww2

Answer 38

it was in a deficit

Question 39

what was the impact of the loss of colonies during the ww2

Answer 39

it disrupted trade eg rubber from malaya

Question 40

how much of overseas assets were sold because of ww2

Answer 40

1/3

Question 41

for what was britain increasingly dependant on the empire for from ww2

Answer 41

imports

Question 42

how were colonial reserves used during ww2

Answer 42

to pay for the war

Question 43

under what agreement did britain borrow money from usa

Answer 43

lend lease

Question 44

when was lend lease ended

Answer 44

august 1945

Question 45

what replaced lend lease

Answer 45

br got a £900 mill loan with conditions attached such as the £ had to be freely convertable by spring 1947

Question 46

when was the colonial development and welfare act

Answer 46

1940 and 1945

Question 47

what did the colonial development and welfare act of 1940 say

Answer 47

wrote of some colonial debts provided colonial grants/loans of up to £5 mill per year

Question 48

what did the colonial development and welfare act of 1945 say

Answer 48

increased the aid avaliable to colonies to £120 mill over 10 years required each colony to produce a 10 year development plan showing how they would use such funds

Question 49

when was the bretton woods agreement

Answer 49

1944

Question 50

what did the bretton woods confrence set up

Answer 50

IMF World bank

Question 51

when was the sterling crisis

Answer 51

1947

Question 52

what did the sterling crisis of 1947 reveal

Answer 52

how weak br economey was