Our belief, as we have said already, is, that the foreigner could afford to go much lower, and that he could furnish us with wheat at little more than 18s. We have stated above an instance of this kind, and, if necessary, we could furnish more. Nor will the statement appear exaggerated to those who will take the trouble of comparing English prices and English burdens, as they existed before the Revolution of 1688, with the prices and rates of the great corn-growing countries of central Europe at the present moment, making due allowance for climate and the difference of social institutions. At the same time, let it be understood that we do not aver, that all the foreign grain which way find its way here can be grown at such low prices. Pomeranian and Bohemian wheat is more expensive in culture than that of Poland; and we know that there is some difference between Hamburg and Dantzic prices. Still our conviction is most decided, that henceforward the foreigner has the game entirely in his hands; that he may prescribe what price he pleases to this country; and that every year, in spite of all efforts, all home harvests, all variety of seasons, prices must inevitably decline. If it were possible that, by high farming, or any other means, we could produce wheat remuneratively at 30s., or 25s., the foreigner would be ready to sell in competition at 25s. or 18s., even supposing he received hardly any profit. His business is _to get hold of the British market_, and that once accomplished, he may elevate or depress prices as he pleases. The declension will be gradual, but it will be perfectly steady. This year wheat has been brought down to 40s., not in consequence of an exuberant harvest, as in 1835, but through competition. A million of quarters per month have been poured in to sink prices, and we are now debating at home whether British agriculture can go on under such circumstances. Tenants are mourning over their losses; labourers are feeling the pinch of lowered wages; some landlords, in apprehension of diminished rents, are exhorting to further outlay of capital; statesmen are consulting with chemists; and agitators, who have made all the ruin, are shouting for financial reductions. In the mean time, the winter is crawling on apace. The price of grain in Britain has been beat down by competition _with a poor foreign crop_, for such unquestionably was the yield of 1848. That of 1849 was a splendid one, and, the moment the ports are opened in spring, its influence will be felt. The question will not then be of 40s, but of a price still lower; and we apprehend that, in that event, the argument will be nearly closed. We do not, however, anticipate that the reduction will be rapid. The dealers at the different foreign ports will best consult their own interest by keeping, as nearly as possible, just below the quotations current in the British market. In this way large profits will be secured during the whole