HIST113 Lecture Notes - Lecture 3: Social Business, Credit Risk, Marine Insurance
25 Oct 2016
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Week 2- j. t bosher - success and failure in trade to new france summary. Thesis/main topic: merchant trading - nature of fur trade industry (impossible to strictly define one"s success or failure (bankruptcy) due to multiple variables: government, war, religion, economics, & social. Colonies in new france were not self-sufficient (needed house-ware, grain, flour, other food stuff and wine/brandy) to newfoundland, acadia, and louisbourg. What defined bankruptcy": credit was based on the confidence of his creditors . Continual assessment of merchants as credit risks: credit status was based on reputation/rumors within market which comprised of creditors and debtors. There was, in short, a collective or public estimate of each merchant as a credit risk. pg. Decrease in value meant creditors would seek payment quickly. Whatever the facts were about merchant"s wealth, character and ability, his credit depended on what his fellows thought or felt about him pg.
