Timeline / 1840 to Before 1800 / PORTUGAL / ECONOMY AND TRADE

Date Country Theme

1844 Portugal Economy And Trade

Foundation of the National Tobacco Company in Xabregas, Lisbon. Following the 18th-century tendency, the profits of tobacco manufacturing and trade became the major source of revenue for oligarchic businessmen (known as the Caixas) seeking its control. The monopoly was rented out by the state, usually on a triennial base.

1846 Portugal Economy And Trade

Merger of Banco de Lisboa and the investment company Companhia Confiança Nacional (1844–46) creating Banco de Portugal, which by 1887 shares the right to issue banknotes with other institutions. By 1891, Banco de Portugal becomes the sole issuer of bank notes for the mainland, the Azores and Madeira.

1849 Portugal Economy And Trade

The Tribunal de Contas (Supreme Audit Institution), the independent financial control department, is separated from the financial administration. The public accounts are verified by the Tribunal de Contas and approved by Parliament.

1851 Portugal Economy And Trade

Launch of an ambitious plan of modernisation and the stable Regeneration period mostly led by Minister Fontes Pereira de Melo (1819–87) (and named Fontism after him) Infrastructure building, industrial production and business laws are promoted. Porto wine production and trade thrives and exports increase until the 1860s.

1864 Portugal Economy And Trade

Banco Nacional Ultramarino is established in Lisbon, as the issuing bank for Portuguese overseas territories. BNU has a significant role in supporting the economic development of the country and the former colonies. Its savings, investment and issuing role facilitates the currency circulation throughout them.

1864 Portugal Economy And Trade

The unpopular tobacco monopoly is ended by parliamentary law. Hereafter tobacco will be auctioned and exploited by those offering the best price to the state. Some of the main tobacco companies merge into bigger companies to ensure its exploration. The Companhia Lisbonense de Tabacos, founded in 1865, becomes a major player.

1867 Portugal Economy And Trade

First phylloxera disease reaches the Portugal countryside. Porto wine and Portuguese wine production in general is reduced dramatically. This disease causes economic, financial and social distress and leads to the abandonment of vineyard farms. The loss of revenues and unemployment increases emigration, especially to Brazil.

1867 - 1880 Portugal Economy And Trade Date Country Theme

Phylloxera Commission created by the government in order to protect vineyards from the disease. To combat the disease demands new methods of planting and production. New organisations of wine producers claim from central government the preservation of regional varieties as well as the definition and defence of Port and Douro wine “Denominação de Origem Controlada”.

1875 - 1876 Portugal Economy And Trade

In 1875 the French government convenes the Diplomatic Conference of the Metre that proclaims the Metre Convention. Portugal receives the tenth copies of the metric and kilogram standards.

1892 Portugal Economy And Trade

13 June: bankruptcy is declared in Portugal causing tremendous popular outrage. The deficit in the public finances, the dependence on foreign funding and incipient industrialisation are contributing factors to this crisis.

1898 Portugal Economy And Trade

Industrialist Alfredo da Silva refounds CUF (Companhia União Fabril), in Barreiro in the beginning of the 20th century. CUF produced soap, candles and vegetable oils, later becoming a leader of the fertilizer and other chemical products sector. Da Silva gave residential quarters and free education to all his employees nationwide.

1914 - 1926 Portugal Economy And Trade

Crisis of the First Republic (1914–26). Lack of political stability due to the absence of parliamentary majorities able to undertake much-needed reforms, together with the political consequences of Portugal’s participation in World War I from 1916, contributes to the deterioration of the economic situation, hastening the fall of the Republican regime.