FOOTNOTES:[7]Viz. 5-1/2 per cent on all advances on cash or current accounts, and 1/2 per cent commission on all sums overdrawn.[8]Table showing the quantity of grain, including flour and meal, entered for home consumption, from 5th July 1846, to 5th February 1847, from theLondon Gazetteofficial returns:—qrs.Quarters of grain (including flour and meal) entered for home consumption, in the months from 5th July to 5th January as reported, 1st February,5,148,449Quantity duty paid in month ending 5th Feb.539,418Do. do. flour and meal, 427,036 cwts.142,345_______681,763_________Quantity duty paid up to 5th January,5,830,212In bond, 5th February,68,939Do. do. flour and meal, 318,240 cwts.106,080_______175,019_______Quantity in qrs. of duty paid and presently in bond, from month ending 5th July to 5th Feb.6,005,231_________[9]1844.1845.1846.Imports,total official value,£75,441,555£85,281,958Sugar, cwts."4,139,9834,880,7805,231,818Tea, lbs."41,369,35144,195,32146,728,208Coffee, lbs."31,391,29734,318,12136,781,391Butter, cwts."180,965240,118255,130Cheese, cwts."212,286258,246327,490Live animals, No."8,00734,426140,752Brandy,"1,033,6501,058,7771,515,954Geneva,"14,93715,53640,266Rum,"2,198,8702,469,4852,683,515[10]In 1840, the total amount was estimated at £180,000,000, of which £47,000,000, at that period, was for exportation, and £133,000,000 for the home market. As this £47,000,000 had swelled, in 1846, to £53,000,000, it is reasonable to suppose that those for the home market had undergone a similar increase, and are now about £200,000 annually.—SeeSpeckman's Stat. Tables for1842, p. 45.[11]Table of Average Prices of Wheat in Prussia and in England, from 1816 to 1837.Average prices in Prussia Proper including Dantzig and Konigsburg.Average prices in Brandenburg and Pomerania.Average prices per London Gazette.Difference between English Prices and Mean of Prussian Prices.Foreign Wheat and Flour consumed in Great Britain.s. d.s. d.s. d.s. d.Qrs.181636 944 676 235 6225,263181752 760 994 037 81,020,949181849 653 583 832 21,593,518181934 337 672 336 4122,133182027 330 065 1037 234,274182125 628 954 527 32182226 026 843 316 11——182324 226 951 926 512,137182418 620 062 043 315,777182517 317 966 649 0525,231182618 621 056 1137 2315,892182722 325 956 932 9572,733182827 228 960 532 5842,050182932 335 066 332 71,364,220183029 634 064 332 61,701,885183139 639 066 427 11,491,631183234 033 658 824 11325,435183325 023 652 1128 882,346183423 923 046 221 1064,653183523 024 039 415 1028,483183621 023 048 626 630,046183722 626 056 1032 7244,085[12]"The excessive consumption of these and other articles has, however, only led to a drain of bullion to the extent of three millions and a half, while, upon a moderate computation, they would appear to call for three times that amount. This is to be accounted for by two facts—The first being that we have not imported, and paid for as much as we have consumed, since, conjointly with our importations, we have been steadily eating up former reserves, so that our stock of all kinds—coffee, sugar, rice, &c., are low; and, next, because we have diminished our importations of raw material in a remarkable degree, and hence, while paying for provisions, have lessened our usual payments on this score. Here, too, in like manner,we have been drawing upon our reserves. Our manufactures have been carried on with hemp, flax, and cotton, which had been paid for in former years, and we have left ourselves at the present moment short of all these articles, the stock of the latter alone, on the 1st of January last, as compared with the preceding year, being 545,790 against 1,060,560 bales. We are not only poorer, therefore, by all the bullion we have lost, but by all the stock we have thus consumed."Thisprocess cannot go on any longer. We have now no accumulations to eat into, and must, consequently,pay for what we use. Concurrently, therefore, with our importations of corn and other provisions, (which are now going on at a much greater rate, and at much higher prices than in 1846,) and just in proportion as they beget a demand for our manufactures, we must have importations of raw material. Large purchases of hemp and flax are alleged to have been made in the north of Europe, for spring shipment, and cotton from the United States is only delayed by the want of ships. Wool from Spain, and the Mediterranean, saltpetre, oil-seeds, &c., from India, and a host of minor articles, have also been kept back by the same cause, and will pour in upon us to make up our deficiencies directly any relaxation shall take place (if such could be foreseen) of the universal influx of grain. In this way, just as one cause of demand diminishes the other will increase, and the balance will be kept up against us for a period to which at present it is impossible to fix a limit."We thus see that no call that can possibly arise for our manufactures can have the effect of preventing a continuous drain of bullion. That a large trade will occur no one can doubt, but at present it is scarcely even in prospect. From India and China each account comes less favourable than before; from Russia we are told that 'no great demand can be expected for British goods under the present high duties' in that country; while even from the United States, the point from whence relief will most rapidly come, we hear of a shrewd conviction that we are approachinga period of low prices, and that, consequently, for the present 'the less they order from us the better.'"—Times, March 10, 1847.[13]England in 1815 and 1845, pp. v-vii. Preface to third edition, published inJune1846.
[7]Viz. 5-1/2 per cent on all advances on cash or current accounts, and 1/2 per cent commission on all sums overdrawn.
[7]Viz. 5-1/2 per cent on all advances on cash or current accounts, and 1/2 per cent commission on all sums overdrawn.
[8]Table showing the quantity of grain, including flour and meal, entered for home consumption, from 5th July 1846, to 5th February 1847, from theLondon Gazetteofficial returns:—qrs.Quarters of grain (including flour and meal) entered for home consumption, in the months from 5th July to 5th January as reported, 1st February,5,148,449Quantity duty paid in month ending 5th Feb.539,418Do. do. flour and meal, 427,036 cwts.142,345_______681,763_________Quantity duty paid up to 5th January,5,830,212In bond, 5th February,68,939Do. do. flour and meal, 318,240 cwts.106,080_______175,019_______Quantity in qrs. of duty paid and presently in bond, from month ending 5th July to 5th Feb.6,005,231_________
[8]Table showing the quantity of grain, including flour and meal, entered for home consumption, from 5th July 1846, to 5th February 1847, from theLondon Gazetteofficial returns:—
qrs.Quarters of grain (including flour and meal) entered for home consumption, in the months from 5th July to 5th January as reported, 1st February,5,148,449Quantity duty paid in month ending 5th Feb.539,418Do. do. flour and meal, 427,036 cwts.142,345_______681,763_________Quantity duty paid up to 5th January,5,830,212In bond, 5th February,68,939Do. do. flour and meal, 318,240 cwts.106,080_______175,019_______Quantity in qrs. of duty paid and presently in bond, from month ending 5th July to 5th Feb.6,005,231_________
[9]1844.1845.1846.Imports,total official value,£75,441,555£85,281,958Sugar, cwts."4,139,9834,880,7805,231,818Tea, lbs."41,369,35144,195,32146,728,208Coffee, lbs."31,391,29734,318,12136,781,391Butter, cwts."180,965240,118255,130Cheese, cwts."212,286258,246327,490Live animals, No."8,00734,426140,752Brandy,"1,033,6501,058,7771,515,954Geneva,"14,93715,53640,266Rum,"2,198,8702,469,4852,683,515
1844.1845.1846.Imports,total official value,£75,441,555£85,281,958Sugar, cwts."4,139,9834,880,7805,231,818Tea, lbs."41,369,35144,195,32146,728,208Coffee, lbs."31,391,29734,318,12136,781,391Butter, cwts."180,965240,118255,130Cheese, cwts."212,286258,246327,490Live animals, No."8,00734,426140,752Brandy,"1,033,6501,058,7771,515,954Geneva,"14,93715,53640,266Rum,"2,198,8702,469,4852,683,515
[10]In 1840, the total amount was estimated at £180,000,000, of which £47,000,000, at that period, was for exportation, and £133,000,000 for the home market. As this £47,000,000 had swelled, in 1846, to £53,000,000, it is reasonable to suppose that those for the home market had undergone a similar increase, and are now about £200,000 annually.—SeeSpeckman's Stat. Tables for1842, p. 45.
[10]In 1840, the total amount was estimated at £180,000,000, of which £47,000,000, at that period, was for exportation, and £133,000,000 for the home market. As this £47,000,000 had swelled, in 1846, to £53,000,000, it is reasonable to suppose that those for the home market had undergone a similar increase, and are now about £200,000 annually.—SeeSpeckman's Stat. Tables for1842, p. 45.
[11]Table of Average Prices of Wheat in Prussia and in England, from 1816 to 1837.Average prices in Prussia Proper including Dantzig and Konigsburg.Average prices in Brandenburg and Pomerania.Average prices per London Gazette.Difference between English Prices and Mean of Prussian Prices.Foreign Wheat and Flour consumed in Great Britain.s. d.s. d.s. d.s. d.Qrs.181636 944 676 235 6225,263181752 760 994 037 81,020,949181849 653 583 832 21,593,518181934 337 672 336 4122,133182027 330 065 1037 234,274182125 628 954 527 32182226 026 843 316 11——182324 226 951 926 512,137182418 620 062 043 315,777182517 317 966 649 0525,231182618 621 056 1137 2315,892182722 325 956 932 9572,733182827 228 960 532 5842,050182932 335 066 332 71,364,220183029 634 064 332 61,701,885183139 639 066 427 11,491,631183234 033 658 824 11325,435183325 023 652 1128 882,346183423 923 046 221 1064,653183523 024 039 415 1028,483183621 023 048 626 630,046183722 626 056 1032 7244,085
Average prices in Prussia Proper including Dantzig and Konigsburg.Average prices in Brandenburg and Pomerania.Average prices per London Gazette.Difference between English Prices and Mean of Prussian Prices.Foreign Wheat and Flour consumed in Great Britain.s. d.s. d.s. d.s. d.Qrs.181636 944 676 235 6225,263181752 760 994 037 81,020,949181849 653 583 832 21,593,518181934 337 672 336 4122,133182027 330 065 1037 234,274182125 628 954 527 32182226 026 843 316 11——182324 226 951 926 512,137182418 620 062 043 315,777182517 317 966 649 0525,231182618 621 056 1137 2315,892182722 325 956 932 9572,733182827 228 960 532 5842,050182932 335 066 332 71,364,220183029 634 064 332 61,701,885183139 639 066 427 11,491,631183234 033 658 824 11325,435183325 023 652 1128 882,346183423 923 046 221 1064,653183523 024 039 415 1028,483183621 023 048 626 630,046183722 626 056 1032 7244,085
[12]"The excessive consumption of these and other articles has, however, only led to a drain of bullion to the extent of three millions and a half, while, upon a moderate computation, they would appear to call for three times that amount. This is to be accounted for by two facts—The first being that we have not imported, and paid for as much as we have consumed, since, conjointly with our importations, we have been steadily eating up former reserves, so that our stock of all kinds—coffee, sugar, rice, &c., are low; and, next, because we have diminished our importations of raw material in a remarkable degree, and hence, while paying for provisions, have lessened our usual payments on this score. Here, too, in like manner,we have been drawing upon our reserves. Our manufactures have been carried on with hemp, flax, and cotton, which had been paid for in former years, and we have left ourselves at the present moment short of all these articles, the stock of the latter alone, on the 1st of January last, as compared with the preceding year, being 545,790 against 1,060,560 bales. We are not only poorer, therefore, by all the bullion we have lost, but by all the stock we have thus consumed."Thisprocess cannot go on any longer. We have now no accumulations to eat into, and must, consequently,pay for what we use. Concurrently, therefore, with our importations of corn and other provisions, (which are now going on at a much greater rate, and at much higher prices than in 1846,) and just in proportion as they beget a demand for our manufactures, we must have importations of raw material. Large purchases of hemp and flax are alleged to have been made in the north of Europe, for spring shipment, and cotton from the United States is only delayed by the want of ships. Wool from Spain, and the Mediterranean, saltpetre, oil-seeds, &c., from India, and a host of minor articles, have also been kept back by the same cause, and will pour in upon us to make up our deficiencies directly any relaxation shall take place (if such could be foreseen) of the universal influx of grain. In this way, just as one cause of demand diminishes the other will increase, and the balance will be kept up against us for a period to which at present it is impossible to fix a limit."We thus see that no call that can possibly arise for our manufactures can have the effect of preventing a continuous drain of bullion. That a large trade will occur no one can doubt, but at present it is scarcely even in prospect. From India and China each account comes less favourable than before; from Russia we are told that 'no great demand can be expected for British goods under the present high duties' in that country; while even from the United States, the point from whence relief will most rapidly come, we hear of a shrewd conviction that we are approachinga period of low prices, and that, consequently, for the present 'the less they order from us the better.'"—Times, March 10, 1847.
[12]"The excessive consumption of these and other articles has, however, only led to a drain of bullion to the extent of three millions and a half, while, upon a moderate computation, they would appear to call for three times that amount. This is to be accounted for by two facts—The first being that we have not imported, and paid for as much as we have consumed, since, conjointly with our importations, we have been steadily eating up former reserves, so that our stock of all kinds—coffee, sugar, rice, &c., are low; and, next, because we have diminished our importations of raw material in a remarkable degree, and hence, while paying for provisions, have lessened our usual payments on this score. Here, too, in like manner,we have been drawing upon our reserves. Our manufactures have been carried on with hemp, flax, and cotton, which had been paid for in former years, and we have left ourselves at the present moment short of all these articles, the stock of the latter alone, on the 1st of January last, as compared with the preceding year, being 545,790 against 1,060,560 bales. We are not only poorer, therefore, by all the bullion we have lost, but by all the stock we have thus consumed.
"Thisprocess cannot go on any longer. We have now no accumulations to eat into, and must, consequently,pay for what we use. Concurrently, therefore, with our importations of corn and other provisions, (which are now going on at a much greater rate, and at much higher prices than in 1846,) and just in proportion as they beget a demand for our manufactures, we must have importations of raw material. Large purchases of hemp and flax are alleged to have been made in the north of Europe, for spring shipment, and cotton from the United States is only delayed by the want of ships. Wool from Spain, and the Mediterranean, saltpetre, oil-seeds, &c., from India, and a host of minor articles, have also been kept back by the same cause, and will pour in upon us to make up our deficiencies directly any relaxation shall take place (if such could be foreseen) of the universal influx of grain. In this way, just as one cause of demand diminishes the other will increase, and the balance will be kept up against us for a period to which at present it is impossible to fix a limit.
"We thus see that no call that can possibly arise for our manufactures can have the effect of preventing a continuous drain of bullion. That a large trade will occur no one can doubt, but at present it is scarcely even in prospect. From India and China each account comes less favourable than before; from Russia we are told that 'no great demand can be expected for British goods under the present high duties' in that country; while even from the United States, the point from whence relief will most rapidly come, we hear of a shrewd conviction that we are approachinga period of low prices, and that, consequently, for the present 'the less they order from us the better.'"—Times, March 10, 1847.
[13]England in 1815 and 1845, pp. v-vii. Preface to third edition, published inJune1846.
[13]England in 1815 and 1845, pp. v-vii. Preface to third edition, published inJune1846.
Printed by William Blackwood & Sons, Edinburgh.