The stocks of 1849 and 1852 were, as we see, nearly alike, and the prices did not greatly differ. Taking them, therefore, as the standard, we see that a _diminution_ of supply so small as to cause a diminution of stock to the extent of about 400,000 cwts., or only _about three per cent. of the import_, added about _fifteen per cent._ to the prices of the whole crop in 1850; whereas a similar _excess_ of supply in 1851 caused a reduction of prices almost as great. The actual quantity received in Europe in the first ten months of the last year had been 509,000 cwts. less than in the corresponding months of the previous one. The average monthly receipts are about a million of cwts. per month, and if we take the prices of those two years as a standard, the following will be the result:-- 1851...... 12,000,000 cwts. Average 16s. 9d.... £10,050,000 1852...... 11,500,000 " " 20s. 3d.... 11,643,750 ---------- Gain on short crop ............................. 1,593,750 If now we compare 1850 with 1851, the following is the result:-- 1851 as above .................................. 10,050,000 1850...... 11,000,000 cwts. Average 21s. 9d.... 11,971,250 ---------- 1,921,250 Now if this reduction of export had been a consequence of increased domestic consumption, we should have to add the value of that million to the product, and this would give............................. 1,187,500 ---------- £3,108,750 ==========