80 THEORY OF THE PRICE OF CORN. 



risen from 33*. 6d. to 45,?. 2d. per quarter to keep pace with 

 the debt. According to the audit books of Eton College, 33*. lOd. 

 was paid in 1688-9 and 44*. 9d. in 1763-4 ! 



" But these prices, it may be said, may have been accidently co- 

 incident. 



" Let, then, the average of each period of tbe debt be taken, and 

 the mean of all the averages. This gives for the whole period of 

 seventy-six years, from 1689 to 1764, a price of 37*- 6d. per quar- 

 ter, and the average price for the same term paid by Eton College 

 was 37*. 9d. per quarter ! 



"In 1775 the debt was reduced to £129,146,322 



1784 it was raised by the American war to 249,851,628 

 1793 it was reduced to 239,350,148 



This last sum required the price of 53*. 6d. per quarter, and the 

 price paid by the College was 54*. Ad. for 1792-3 ! Taking the 

 average of each of these periods, and the mean of the three sums, 

 the price ought to have been for the twenty-nine years, from 1765 

 to 1 793, 49*. 4d ; and the price paid on an average of the whole 

 term by the College was 49*. 5d. ! 



" During the late war, the debt rapidly increased, especially after 

 1797j and the price of corn rose with it, at one time higher than its 

 just proportion, owing to our obstructed intercourse with the conti- 

 nent ; but in the long-run the debt overtook it, so that it did not 

 finally exceed its proper limits. The debt was highest in 1816, 

 when £864,822,540. required the price of 105*. 6d. per quarter, 

 and the price paid by the College in the two years following was 

 107*. ! Taking the average of every year of the debt, from 1 794 to 

 1820, in which latter year it was £843,388,804., the price required 

 for these twenty-seven years was 87*. per quarter, and the price 

 paid by the College was 87*- lOrf. ! For a part of this time, viz. 

 twelve years from 1809, when the debt was £650,013,362., to 

 1820, when it was £843,388,804., the average required was 97*- 8rf., 

 and the price paid was 98*. 9d. ! To sum up the whole briefly, the 

 comparative result stands thus : — 



" Single Years. 



s. d. 



" Price required in 1689 33 6 



Ditto ditto 1764 45 2 



Ditto ditto 1793 53 6 



Ditto ditto 1816 105 6 



s. d. 



Price paid in 1688-9 33 10 



Ditto ditto 1763-4 44 9 



Ditto ditto 1792-3 54 4 



Ditto ditto 1817-8 107 



The entire difference being 2s. 3rf., averaging about Td. 



