Blackwood's Edinburgh Magazine, Volume 58, No. 362, December 1845Various
History
Blackwood's Edinburgh Magazine, Volume 58, No. 362, December 1845
Various
England -- Periodicals; Scotland -- Periodicals
Such a step, we think, at the present moment, would be attended with
mischief in more ways than one. There can be no pretext of a famine at
present, immediately after harvest; and the natural course of events
in operation is this, that the dear prices are inducing a stream of
corn from every producing quarter towards Britain. In such
circumstances, if you raise a cry of famine, and suspend the
corn-laws, that stream of supply will at once be stopped. The
importers will naturally suspend their trade, because they will then
speculate, not on the rate of the import duty, which will be
absolutely abolished by the suspension, but on the rise of price in
the market of this country. They will therefore, as a matter of
course--gain being their only object--withhold their supplies, until
the prices shall have, through panic, attained a famine price here;
and then they will realize their profit when they conceive they can
gain no more. In the course of things at present, the price of fine
wheat is so high, that a handsome surplus would remain to foreigners,
though they paid the import duty. Remove that duty, and the foreigner
will immediately add its amount to the price of his own wheat. The
price of wheat would then be as high to the consumer as when the duty
remained to be paid; while the amount of duty would go into the
pockets of the foreigner, instead of into our own exchequer. At
present, the finest foreign wheat is 62s. in bond--remove the present
duty of 14s., and that wheat will freely give _in the market_ 80s. the
quarter.
It is, therefore, clear that such an expedient as that of suspending
the corn-laws merely to include the bonded wheat to be entered for
home consumption, would, in no degree, benefit the consumer. The
quantity of wheat at present in bond does not exceed half-a-million of
quarters--the greatest part of which did not cost the importer 30s.
per quarter. At least we can vouch for this, that early last summer,
when the crop looked luxuriant, 5000 quarters of wheat in bond were
actually offered in the Edinburgh market for 26s., and were sold for
that sum, and allowed to remain in bond. It still remains in bond, and
could now realise 62s. Here, then, is a realisable profit of 36s. per
quarter, and yet the holder will not take it, in the expectation of a
higher.
Public-domain text, read in full here on John Shaqi.
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