PRICE OF WHEAT.
TIMES—Domestic wheat, it appeass, has now not only reached, but even passed that price at which the duty upon the imported article is lowest. That which is bonded, therefore, will be let out ; and we fervently hope fresh importations will take place before the severity of winter Commences,— before the commerce of the North is bound "in icy chains." It is remark- able that, after wheat reaches 73s. per quarter, the duty upon the foreign article is fixed at a shilling. This, indeed, is no great matter; but we can- not help thinking, and shall never cease from recommending, that revenue be consulted, in the import duty on grain of all kinds. Let it be recollected, that the principle of prohibitive duties has gone near to involving us in a war with America, and has actually plunged us into commercial hostilities with that country, from which no man can see his way clearly. Admit, under all circumstances of price at home, foreign wheat, on such terms as will yield the greatest amount of duty ; and not only may some agricultural tax be remitted, but British and foreign wheat will not have to compete with ground stone. As the import duty cannot be lower than at present, and the bonded wheat in the country is said not to amount to more than 300,000 quarters, it is probable that the whole may be brought into consumption. But we confess we should not, even front hence, look for a great reduction in the market price of corn, unless fresh importations were promptly to fill up the vacuum,
Previous page
