Why Britain Became More Involved In the Slave Trade

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  • Why Britain Became More Involved In the Slave Trade
    • Banking and Insurance
      • Overseas trade and colonial expansion relied on trading houses, insurance companies and banks
      • Because slave voyages could take 18 months, and each of the three legs of the journey involved buying and selling, credit was used to underwrite the journeys.
      • a group of merchants or  would finance a ship; over Lloyds and Barings banks were established for this purpose. Enslaved Africans were insured as goods, along with other property
    • British Manufacturing
      • Copper, cloth, glassware, beads, ammunition, alcohol, guns and ammunition, and metal hand cuffs, leg irons, chains and manilas went from Britain to Africa.
      • Enslaved Africans and indigo went from Africa to the Americas (ivory, gold and palm oil also came back to Britain). Raw sugar, rum, rice, coffee, tobacco and cotton went from the Americas back to Britain.
    • Sugar
      • With the European colonization of the Americas, the Caribbean became the world's largest source of sugar. These islands could supply sugarcane using slave labor and produce sugar at prices vastly lower than those of cane sugar imported from the East.
      • sugar became enormously popular
        • change in the eating habits of many Europeans they began consuming jams, candy, tea, coffee, cocoa, processed food etc
      • sugar surpassed grain as "the most valuable commodity in European trade it made up a fifth of all European imports
      • Reacting to this increasing craze, the islands took advantage of the situation and set about producing still more sugar
    • Merchants and Investors
      • Liverpool was a major slaving port and its ships and merchants dominated the transatlantic slave trade
      • Although Liverpool merchants engaged in many other trades and commodities, involvement in the slave trade pervaded the whole port.
  • Banking and Insurance
    • Overseas trade and colonial expansion relied on trading houses, insurance companies and banks
    • Because slave voyages could take 18 months, and each of the three legs of the journey involved buying and selling, credit was used to underwrite the journeys.
    • a group of merchants or  would finance a ship; over Lloyds and Barings banks were established for this purpose. Enslaved Africans were insured as goods, along with other property

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