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HIS263Y1 (268)

the atlantic colonies: society, politics, and economies to the 1840s

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Mc Kim/ Penfold

The Atlantic Colonies to the Mid-Nineteenth Century I. The Maritime Colonies Nova Scotia, New Brunswick, and P.E.I Agriculture: Fertile regions became occupied by Loyalists in Nova Scotia. Difficult to make a living on infertile land. So difficult was their existence, that many moved west into New Brunswick, and south to New England Economic growth Stable fueled economies: Timber, Banking, Railways, codfish, coal, etc. Economic development differed depending on region Timber: plentiful in New Brunswick; wood to build ships for Britain. Becomes known as Britians lumberyard, as the Brits heavily relied on New Brunswick. By 1860s forest products, made up 23 of New Brunswicks exports. There are implications for the entire regions economy. Shipbuilding emerges as an important manufacturing industry. It was necessary to transport these trees overseas to GB. Timber merchants realized that they could limit their costs, thus maximizing their profits by building their own ships. These vessels are made cheaply in comparison to iron steamers. Production iron steamers increase dramatically as a result of an econommy of scale decrease of wood ships Banking: Financial needs of people involved in the timber industry lead to a banking industry Bank of Nova Scotia: function is to accumulate capital, which is given to entrepreneurs to invest that
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