| Act of Parliament | |
 | |
| Citation | 6 & 7 Vict. c. 29 |
|---|---|
The Canada Corn Act was passed in 1843 by the British Parliament and allowed Canadian grains (then referred to as corn) to enter the British market at reduced duties. [1] The act was repealed in 1846.
| Act of Parliament | |
| |
| Citation | 6 & 7 Vict. c. 29 |
|---|---|
The Canada Corn Act was passed in 1843 by the British Parliament and allowed Canadian grains (then referred to as corn) to enter the British market at reduced duties. [1] The act was repealed in 1846.
British passage of the Importation Act 1815 – the Corn Law – impacted the market for Canadian grains by restricting their importation into Britain, despite the fact Canada was part of the British Empire. [2]
The 1843 act was enacted to provide some relief to grain farmers in Upper Canada, by reducing the duty of Canada wheat imported into Britain to (a nominal) 1 shilling a quarter. [3]
The reduced tariff led to increasingly profitable shipping through the St. Lawrence route. [4] To attract business for shipping businesses in the United States, the American government responded by allowing Canadian grain bound for Britain to pass through the Erie Canal without import duties. [5]
The Act allowed for the importation to the UK of Canadian grain, be it processed or not. Accordingly, a trade sprung up in American grain, shipped to Canada for milling, and then on to the UK. This impetus caused a boom in the Canadian flour-milling industry. [6]
After a short time, the advantages to Canada of the Corn Act were undone when British Prime Minister Sir Robert Peel moved Britain towards free trade. A shortage of food caused by the Great Famine of Ireland created the need for cheap imported grain, [7] and the act was repealed in 1846. [8]
This was seen at the time as blow to Canada by abolition of the (effective) imperial preference the act had created; [9] the impact of the repeal to grain exports in practice, in the later 1840s and 1850s, [8] remains a subject of historical debate. [1]
David Ricardo was a British political economist, politician, and member of the Parliament of Great Britain and Ireland. He is recognized as one of the most influential classical economists, alongside figures such as Thomas Malthus, Adam Smith and James Mill.
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The Corn Laws were tariffs and other trade restrictions on imported food and corn enforced in the United Kingdom between 1815 and 1846. The word corn in British English denoted all cereal grains, including wheat, oats and barley. They were designed to keep corn prices high to favour domestic producers, and represented British mercantilism. The Corn Laws blocked the import of cheap corn, initially by simply forbidding importation below a set price, and later by imposing steep import duties, making it too expensive to import it from abroad, even when food supplies were short. The House of Commons passed the corn law bill on 10 March 1815, the House of Lords on 20 March and the bill received royal assent on 23 March 1815.
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The Iron Act, also called the Importation, etc. Act 1749, was an Act of the Parliament of Great Britain, which was one of the legislative measures introduced within the system of Trade and Navigation Acts. The Act sought to increase the importation of pig and bar iron from its American colonies and to prevent the building of iron-related production facilities within these colonies, particularly in North America where these raw materials were identified. The dual purpose of the Act was to increase manufacturing capacity within Great Britain itself, and to limit potential competition from the colonies possessing the raw materials.
Manchester Liberalism comprises the political, economic and social movements of the 19th century that originated in Manchester, England. Led by Richard Cobden and John Bright, it won a wide hearing for its argument that free trade would lead to a more equitable society, making essential products available to all. Its most famous activity was the Anti-Corn Law League that called for repeal of the Corn Laws that kept food prices high. It expounded the social and economic implications of free trade and laissez-faire capitalism. The Manchester School took the theories of economic liberalism advocated by classical economists such as Adam Smith and made them the basis for government policy. It also promoted pacifism, anti-slavery, freedom of the press and separation of church and state.
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A corn exchange is a building where merchants trade grains. The word "corn" in British English denotes all cereal grains, such as wheat and barley; in the United States these buildings were called grain exchange. Such trade was common in towns and cities across England until the 19th century, but as the trade became centralised in the 20th century many such buildings were used for other purposes. Several have since become historical landmarks.
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Importation Act may refer to:
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