One of the major uses for the telegraph was the first funds transfers that could happen quicker than moving paper (or bullion) from one location to another. London banks would telegraph correspondent banks in India, Australia, etc.
This essentially doubled the capital intensity of international trade since the goods had to move in one direction but the money could be sent instantaneously in the other.
This essentially doubled the capital intensity of international trade since the goods had to move in one direction but the money could be sent instantaneously in the other.