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17 
while there are many things in the market at a low price which 
could not then have been bought at all. Does it follow that 
prices being equal, and wages 50 to 100 per cent. better, the 
working man’s means are really improved to that extent ? 
Certainly,—unless the prices of the special articles for which his 
money goes have not followed the average of prices, but have 
become higher. If, indeed, on the whole, the articles he buys 
cost less now than forty or fifty years ago, his position is even 
more than 50 to 100 per cent. better. And this Mr. Giffen 
proceeds to prove. He takes first wheat, the staff of life. Not 
only has the average price per quarter during the last year been 
10s. lower than between 1837 and 1846 (48s. 9d. instead of 
58s. 7d.), but before the repeal of the corn laws the extremes of 
price were so great that the price of bread fluctuated in a way 
which, to quote Mr. Giffen, ‘implied sheer starvation. Periodic 
starvation was, in fact, the condition of the masses of working 
men throughout the kingdom fifty years ago.’ In 18386 the 
price touched 36s.; on the other hand, in 1838, 1839, 1840, and 
and 1841, it touched 78s. 4d., 81s. 6d., 72s. 10d., and 76s. 1d., 
(double the price of the lowest year, and nearly double the 
average of the decade.) In 1847 it rose to 102s. 5d., or three 
times the lowest price of the period. (Still further back there 
were the following average prices for a whole year: For 1810, 
106s, 5d.; for 1812, 126s. 6d.; for 1813, 109s. 9d.; for 1817, 
- 96s. 11d.) In the last twenty years, on the other hand, the 
highest prices touched have been 70s. 5d. in 1867, and 74s. 7d. 
in 1868. In the last ten years 70s. has not been touched, the 
nearest point being 68s. 9d. in 1877; and the highest average 
for any year was in 1873, viz., 58s. 8d. (only about 10s. above 
the average forthe whole ten years.) This steady low price has, 
of course, been ‘ an immense boon to the masses, and especially 
to the poorest.’ Mr. Giffen adds that the rise of wages would 
have enabled the people to contend better than formerly with 
fluctuations in the price of bread; but they have not had the 
fluctuations to contend with. Other articles are cheaper besides 
that which is of most importance, especially when wages are low, 
viz., bread. The present price of imported raw sugar 21s. 9d. 
per cwt., may be contrasted with a price (including duty) of 
68s. 8d. in 1839-40. Cotton cloth, which cost 53d. per yard 
then, costs 34d. now. Meat, no doubt, has increased in price, 
but fifty years ago, it could not be afforded by working people, 
even at its lower price. ‘ They had little more concern with its 
price,’ remarks Mr. Giffen, ‘than with the price of diamonds.’ 
The price of the kind of meat within the reach of their means, 
viz., bacon, has not increased much. There remains the 
question of house rent. This may be a serious item of expendi- 
ture in large towns, and Mr. Giffen seems disposed to admit 
