ON THE PRICE OF HOPS. 299 



1699. Prices are falling. But at Oxford and Winchester they are 

 still abnormally high. The average price in Houghton's ten localities 

 is ii2s. $\d., the highest being that at Pembroke, the lowest, Sos., at 

 Dunstable and Bury. The London price is 94^. *\d. 



1700. Houghton's localities are eleven. The highest price is at 

 Falmouth, IOQJ-. ; the lowest London, *jos. *jd. I have four localities. 

 At Eton, hops are very cheap. In Oxford they are above the average, 

 but slightly. In Winchester the average is nearly that of Oxford. 

 At Harting they are dear. 



1701. Hougluon gives ten localities. In all, hops are cheap; 

 cheapest at Hitchin. The London average is 48^. $d. The Eton 

 price is low, the Winchester is higher. 



1702. The price is higher. There are only two localities in 

 Houghton. Mine are three. Hops are dear at Harting and Win- 

 chester, but cheap at Eton. 



It will be seen below, that the general average of the 120 

 years is 82,$-. 9!^. Now in the first place, the price of hops is 

 progressive, i.e. for the first sixty years, it rises in every 

 decade. This rise I am convinced is due to the increasingly 

 diffused use of the article. It was only by degrees that all 

 beer was hopped in the brewing, and the distinction which 

 grew up between ale and beer was lost. In the next, as I 

 have already stated, there is no relation between a scarcity 

 price for bread and a scarcity price for hops. This I con- 

 clude is due to the natural stint in the use of the article 

 when most kinds of food were dear. In the decade 1643- 

 1652, when the price of wheat is highest, there is a decided 

 fall in that of hops. The highest rate is that of the decade 

 1693-1702. 



In the first decade, the price never rises to the average. 

 In the second, it does so once. In the third, it does so once. 

 In the fourth, it does so four times, and dear years begin to 

 appear in groups. In the fifth, four times. In the sixth, five 

 times. In the seventh, twice. In the eighth, six times. In the 

 ninth, twice. In the tenth, four times. In the eleventh, five 

 times. In the twelfth, eight times. In the earlier decades 

 therefore a high price was exceptional. But as time goes on, 



