Blackwood's Edinburgh Magazine, Volume 67, No. 411, January 1850Various
History
Blackwood's Edinburgh Magazine, Volume 67, No. 411, January 1850
Various
England -- Periodicals; Scotland -- Periodicals
What wonder, then, if the panic has materially increased, since
the history of free trade, for the last three years, has revealed
such a fearful addition to this estimate: for how stands the fact?
In place of 2,000,000 quarters of wheat annually, from the passing
of the Corn-Law Repeal Act (26th June 1846) until the 5th November
1847, a period of little more than sixteen months, we imported
7,229,916 quarters of wheat--while the total of all kinds of grain
entered for consumption amounted to 16,331,282 quarters! Some idea
may be formed of the effects of such an augmented importation, if we
bear in mind that, from 5th July 1828 to 1st Jan. 1841, a period of
nearly thirteen years, the whole quantity of foreign wheat and flour
entered for home consumption was 13,475,000 quarters.
But lest it should be argued that this was a supply produced by
extraordinary circumstances, and which could only be furnished
from accumulations of former seasons--as was, indeed, said at the
time--the further history of the trade has shown us that our foreign
supplies continue to pour in at precisely the same rate. The total
of all kinds of grain and flour entered for consumption in the last
nine months, ending 5th September 1849, as exhibited by the Board of
Trade returns, shows an amount of 9,870,823 quarters, the quantity
of wheat being for this period 3,821,292 quarters; and of wheaten
flour--besides frightening the farmers, bearing ruin to our own
millers--3,236,993 cwt.--together equivalent to quarters of wheat,
4,746,147. And all this, be it observed, has been imported while the
average price per quarter has been _one sixpence only_ above that
named as likely to exclude the approach of more than 1,500,000 or
2,000,000 quarters from our shores! Formerly--in the first years of
the century, up to 1842--the farmer had to contend against a foreign
supply of grain amounting to little more than 1,000,000 quarters
_per annum_--now, in some cases, under obligations contracted on the
faith of protection to native industry, he is called upon to make
the vain struggle against an inundation of foreign corn amounting to
upwards of 1,000,000 quarters _per month_! He cannot, it is evident,
maintain the contest long.
Such were the facts assumed as the basis of our legislation, and
already they stand forth to the public eye as gross and palpable
blunders. The British agriculturist has, beyond all question, been
injured to an extent infinitely greater than was anticipated by any
one--an extent so vast, that, could it have been predicted as a
certainty, the rashest theorist would have recoiled from the danger
of such an experiment.
Public-domain text, read in full here on John Shaqi.
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