154 Corn and Corn Products Trades 



factors having stands decreased, therefore, and by the end of the 

 century the Exchange was practically in the control of fourteen 

 factors. They thus monopolized the advantages of being factor on 

 the Corn Exchange.^ 



The factors were employed on the consignment plan. Farmers or 

 buyers of corn would consign it to their factors at Bear Key or the 

 Corn Exchange at their own risk and empower the factors to sell it 

 at the best market price they could, on commission.- They sold the 

 wheat to millers and exporting factors; the barley to maltsters and 

 distillers; the oats and beans to jobbers and dealers; and the tick- 

 beans to shipping factors for the West Indies.^ 



Occasionally factors dealt on their own account on the side; of 

 course, to the extent they did this they passed from the field of factor 

 to that of jobber or merchant. For example, they employed agents 

 to buy where corn was most plentiful and most conveniently shipped 

 and received it into granaries hired for the purpose; thus turning from 

 factor to jobber.^ Others imported corn on their own account. But 

 generally the factors abstained from such dealings considering " that 

 the business of a Corn Factor is perfectly distinct from that of a Corn 

 Merchant, because a person who receives consignments, and deals 

 at the same time on his own account, may not always be inclined to 

 serve his employers with that impartiality he otherwise would do."^ 



The coast parts of Kent marketed their corn in a manner differing 

 from other parts of England. Their corn was sent up about once 

 every fortnight by the farmers for the most part, and was sold on the 

 Exchange by Kentish hoymen, a particular class who had stands on 

 the Exchange. When their corn was disposed of, they would make 

 out an account of sales for the inspector of the Exchange and return 

 home.^ These hoymen combined the several functions of ship- 

 master, super-cargo, and factor on the Exchange. 



Some practices of the factors are interesting. Mention has been 

 made of "stands" for "samples." The factor was not obliged to 

 display all his samples at the same time. On each sample displayed 

 the volume of like kind for sale was indicated by placard attached; 



^ The validity of Ihc facts of this paragraph rests upon testimonies given before 

 a ParliamentarA' Inquiry Commission. See Rep. from H. C, IX, 144, 145, 148, 

 154. 



- Rep. from H. C, IX, 146; Gent. Mag., 1751: 510. 



•■ Ibid., 146. 



'■ Gent. Mag., 1751:510; ".Abuses Relative to Provisions," 27-28. 



5 Rep. from Com. H. C, IX, 144. 



«Ibid., 146-147. 



