The corn averages declared on Thursday exhibit a further n
duction in prices. The weekly average of wheat is fixed at 61s. 9d. ; the average of six weeks at 66s. 5d. The duty on imported wheat rises in consequence to .20s. f■d. Complaints of the quality of the new wheat brought to market continue.
The accounts relative to the present harvest which reach us from different parts of Europe, are any thing but consolatory. Iii Italy, we are assured, the deficiency will be very great ; and the firmness of all the principal Continental corn markets, is a sufficient proof that the mercantile part of the community are everywhere convinced that we have a year of scarcity to look forward to. Russia, in general an ex- porter of corn, will probably require a large supply from her neigh- bours in 1839; and the same will be the ease, if we are not mistaken, with other parts of the Continent. These anticipations, we are aware, will draw down upon us, from those interested in the maintenance of the present system, the charge of wishing to spread an unnecessary alarm. We should be better satisfied, however, if positive proof could be shown us that our alarm is unnecessary. Perhaps the most effectual means by which Government could relieve the uneasiness of the country, would be to call for simultaneous returns from all the British Consuls on the Continent, relative to the produce and quality of the harvest in the districts near their respective residences, and relative to the prospects of scarcity or abundance. In the statements received from different parts of this country, so much party-spirit is unfortu- nately mixed up, that little reliance can be placed upon them. Among those whose personal interest it is to ascertain the truth, a belief, appa- rently, prevails, that a great portion of the wheat has been got in in such a condition, that it will scarcely be possible for the millers to use it. If so, we must be prepared, during the winter, to find our bread of a corresponding quality, though an extra supply of chalk and alum may disguise the fact from the eye. The bad quality of the wheat, much of which will be applicable only to the use of the distiller, will unfortu- Lately have the effect of keeping down the averages, and thus delaying the period at which the ports will be opened for the importation of foreign grain. Thus it may happen again, as it did this summer, that prime wheat will be at the enormous price of 84s. a quarter, while the aggregate average, which regulates duty, is fluctuating between 65s. and 68s ; either of which is fully sufficient to act as a prohibition to the importation of foreign food. We sincerely hope that the Government are preparing for the extraordinary excitement on this subject, which may be looked for throughout the whole country in the course of the ensuing year. No one supposes that there 'Will be food enough in the country to last till the harvest of 1839. Large purchases will there- fore he made on the Continent in expectation of a large demand here. Capital will thus be withdrawn from the country, arid condemned to utter idleness for many months. It is impossible that the trade of the country should not be affected by this circumstance; we may, there- fore, look for want of employment in our manufacturing districts, if next year corn should again reach the famine price. These may prove unnecessary apprehensions, and we shall be well pleased to see them dissipated ; Government has the machinery at command to enable it, at least, to relieve us from the fear of a deficiency abroad, and a conse- quent inability to furnish the supply that may be needed here,— Courier.
By the Corn-law of 1826, the manner of taking the averages was entirely changed ; for under the old system the prices were taken from
only eleven principal market-towns in England, excluding altogether the prices of Irish corn ; but by the new system, the averages are taken from one hundred and fifty places, many of them in Ireland, where wheat is at all times 25 per cent, lower than in England, by reason of the inferior quality of the article, and the necessity of selling it at a rate which will repay the charges, freight, insurance, and other ex- penses to England. In this manner the influence of Irish corn is very extensive on the general averages, as the operation is doubled by selling the wheat in the first instance at the lower price, which is obtained in Ireland, and by including it again in the returns from the English market, where it is ultimately sold for consumption, and brings a less price by full 10 per cent., in consequence of its inferiority to the Eng- lish corn, with which it has then to compete. By some of the calcu- lations at Mark Lane, it is argued that by the present system of aver- ages the real price of wheat is always kept down, in appearance, full
5s. per quarter below the price which the English landholder receives ;
and these gentlemen assert, that but for the inferior quality, and con- sequently inferior price of the Irish wheat, the ports would have
many times been, in all probability, opened within the last seven years. This view of the subject is considered to be highly impor- tant, however little it may hitherto have been noticed by the
writers and debaters on the question of the Corn-laws ; for it exhibits
the oppressive, selfish, and deceitful nature of the whole contrivance, as much more favourable to the English landholders than has generally
been supposed. In framing the Corn-law of 18.26, it was pretended that the new system would be a more lenient one to the manufacturing interests ; whereas, by the changes in the mode of arranging the averages, there is now full five shillings per quarter more for the landholder than the law pretends to assume; and the difficulty of getting the ports opened has unquestionably been much increased since the passing of the Corn-laws. Owing to the inferior quality of both English and Irish wheat of the growth of the present year, an opinion is very preva- lent that in any future alteration of the corn-duty, if the fluctuating system be retained, some method should be discovered of striking the
averages at an ad valorem rate ; though there is in reality no person at Mark Lane who is not thoroughly satisfied that a free trade will at au early time be most imperatively required by the wants of the popula- tion ; and that there ought to be no impediment to the free importa- tion of food, other than a reasonable fixed duty, to be levied, not with the intention of protecting the landholders, but for the purposes of revenue alone.—Morning Chnmicle.
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