Skip to main content Accessibility help
×
Hostname: page-component-78c5997874-j824f Total loading time: 0 Render date: 2024-11-04T20:25:52.887Z Has data issue: false hasContentIssue false
This chapter is part of a book that is no longer available to purchase from Cambridge Core

Chapter 3 - The Rise of the Greenland Trade, 1750-1783

from Part One - The Traditional Whaling Trades, 1604-1914

Get access

Summary

By the mid-eighteenth century politicians were well accustomed to arguments about the advantages derived from trade. Pitt's famous dictum, “When trade is at stake you must defend it or perish,” echoed views that had inspired the Navigation Laws a century earlier. Since the sum of world trade was limited, trade warfare was necessary to increase the British share of world prosperity, a prosperity which could only come about, according to the “bullionist” theory that still held sway, when Britain imported more gold than she exported. Matthew Decker put the matter succinctly in his Essay on the Decline of Foreign Trade in 1739; “if the Imports of Britain exceed its Exports, we must pay foreigners the balance in Treasure, and the Nation grow poor.” The basic unsoundness of bullionist theory (gold flows alter the terms of trade and, if left alone, are selfrighting) did not detract from its popularity, and from the time of Walpole governments had considered it their duty (encouraged by vested interests), to use protection and bounties to encourage British industry and shipping in their “fight” with foreigners.

Some trades were permanently in the red: bullion had to be shipped abroad to pay for the luxuries from the East Indies and the raw materials from Northern Europe. Any savings that could be made elsewhere were therefore particularly welcome, and the Greenland trade seemed a useful trade to defend - or encourage. It was, moreover, a trade which, with the other fisheries, had long been venerated as a “nursery of seamen,” hardened to the worst of conditions. The naval inadequacies uncovered by the War of the Austrian Succession (1740-1748), and the likelihood of further world-wide conflicts, persuaded government to invest in fishermen. “Though the tonnage bounties,” wrote Adam Smith,

do not contribute to the opulence of the nation, it may perhaps be thought that they contribute to its defence by augmenting the number of its sailors and shipping. This, it may be alleged, may sometimes be done by means of such bounties at a much smaller expense than by keeping up a great standing navy…

With these factors of wealth and security in mind the bounty on fishing boats was advanced to thirty shillings per ton in 1750, and that on whalers, which had hitherto failed to respond to bounties, to forty shillings per ton.

Type
Chapter
Information
Publisher: Liverpool University Press
Print publication year: 2004

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

Save book to Kindle

To save this book to your Kindle, first ensure [email protected] is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

Available formats
×