An Inquiry into the Nature and Causes of the Wealth of NationsSmith, Adam
History
An Inquiry into the Nature and Causes of the Wealth of Nations
Smith, Adam
Economics
The use of the artificial grasses, of turnips, carrots, cabbages, and the
other expedients which have been fallen upon to make an equal quantity of
land feed a greater number of cattle than when in natural grass, should
somewhat reduce, it might be expected, the superiority which, in an
improved country, the price of butcher’s meat naturally has over that of
bread. It seems accordingly to have done so; and there is some reason for
believing that, at least in the London market, the price of butcher’s
meat, in proportion to the price of bread, is a good deal lower in the
present times than it was in the beginning of the last century.
In the Appendix to the life of Prince Henry, Doctor Birch has given us an
account of the prices of butcher’s meat as commonly paid by that prince.
It is there said, that the four quarters of an ox, weighing six hundred
pounds, usually cost him nine pounds ten shillings, or thereabouts; that
is thirty-one shillings and eight-pence per hundred pounds weight. Prince
Henry died on the 6th of November 1612, in the nineteenth year of his age.
In March 1764, there was a parliamentary inquiry into the causes of the
high price of provisions at that time. It was then, among other proof to
the same purpose, given in evidence by a Virginia merchant, that in March
1763, he had victualled his ships for twentyfour or twenty-five shillings
the hundred weight of beef, which he considered as the ordinary price;
whereas, in that dear year, he had paid twenty-seven shillings for the
same weight and sort. This high price in 1764 is, however, four shillings
and eight-pence cheaper than the ordinary price paid by Prince Henry; and
it is the best beef only, it must be observed, which is fit to be salted
for those distant voyages.
The price paid by Prince Henry amounts to 3d. ⅘ths per pound weight of
the whole carcase, coarse and choice pieces taken together; and at that
rate the choice pieces could not have been sold by retail for less than
4½d. or 5d. the pound.
In the parliamentary inquiry in 1764, the witnesses stated the price of
the choice pieces of the best beef to be to the consumer 4d. and 4½d. the
pound; and the coarse pieces in general to be from seven farthings to 2½d.
and 2¾d.; and this, they said, was in general one halfpenny dearer than
the same sort of pieces had usually been sold in the month of March. But
even this high price is still a good deal cheaper than what we can well
suppose the ordinary retail price to have been in the time of Prince
Henry.
During the first twelve years of the last century, the average price of
the best wheat at the Windsor market was £ 1:18:3½d. the quarter of nine
Winchester bushels.
Public-domain text, read in full here on John Shaqi.
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