BOUNTY OF QUEEN ANNE Meaning and
Definition
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The Bounty of Queen Anne refers to a British law introduced in 1702 during the reign of Queen Anne. Specifically, the term "bounty" here denotes a monetary reward or subsidy provided by the government to encourage certain industries, typically related to trade and maritime activities. The focus of this particular bounty was on boosting the British export of high-quality naval stores, including tar, pitch, and resin.
The Bounty of Queen Anne aimed to enhance British naval power by ensuring a reliable domestic supply of these essential materials, which were crucial for shipbuilding and maintenance. Under this law, individuals or companies engaged in the production and export of naval stores were economically incentivized. They would receive a fixed monetary reward from the government for each ton of approved naval stores exported, directly fostering the growth of this particular industry.
The implementation of the Bounty of Queen Anne significantly contributed to the expansion of Britain's maritime dominance. By encouraging the production and export of naval stores, the nation could maintain a strong navy and support its burgeoning overseas trade. The bounty system helped boost the competitiveness of British marine industries, leading to greater national prosperity and economic stability.
Overall, the Bounty of Queen Anne refers to the financial reward system established by the British government in the early 18th century, intended to nurture and promote the production and export of naval stores, ultimately enhancing the nation's naval power and economic standing.
