1812 1818 1824 1828 1830 1832 Average Price of L s d. L s. d. L s d L s. d L s d L s. d Gold. per oz 4 15 6 4 0 3 17 61/2 3 17 7 3 17 91/2 3 17 10 1/2 Value of currency. per cent 79 5 3 97 6 10 100 100 100 100 Price of 3 per cent consols 591/4 781/4 935/8 86 893/4 821/2 Wheat per quarter 6 5 0 4 1 0 3 2 l 3 1 1 10 3 14 6 2 19 3 English pig iron at Birmingham 7 l0 0 6 7 6 6 l0 0 5 10 0 4 l0 0 English bar iron at Birmingham 10 10 0 9 10 0 7 15 0 6 0 0 5 0 0 Swedish bar iron in London, excluding duty of from L4 to L6 10s per ton 16 10 0 17 10 0 14 0 0 14 10 0 13 15 0 13 2 0 As this table, if unaccompanied by any explanation, might possibly lead to erroneous conclusions, I subjoin the following observations, for which I am indebted to the kindness of Mr Tooke, who may yet, I hope, be induced to continue his valuable work on High and Low Prices, through the important period which has elapsed since its publication. 'The table commences with 1812, and exhibits a great falling off in the price of wheat and iron coincidently with a fall in the price of gold, and leading to the inference of cause and effect. Now, as regards wheat, it so happened that in 1812 it reached its highest price in consequence of a series of bad harvests, when relief by importation was difficult and enormously expensive. In December, 1813, whilst the price of gold had risen to L5, the price of wheat had fallen to 73s., or 50 per cent under what it had been in the spring of 1812; proving clearly that the two articles were under the influence of opposite causes. 'Again, in 1812, the freight and insurance on Swedish iron were so much higher than at present as to account for nearly the whole of the difference of price: and in 1818 there had been an extensive speculation which had raised the price of all iron, so that a part of the subsequent decline was a mere reaction from a previously unfounded elevation. More recently, in 1825, there was a great speculative rise in the article, which served as a strong stimulus to increased production: this, aided by improved power of machinery, has proceeded to such an extent as fully to account for the fall of price.'