BEFORE AND AFTER 1765 



263 



century a large area of corn-land was being converted to pasture. 

 Thus a surplus was provided which, in years of European scarcity, 

 mitigated the dearth at home. During the whole period from 1715 

 to 1765 the total imports of foreign corn did not exceed 300,000 

 quarters, while home-grown corn was sent out of the country to the 

 amount of 11 J millions. The largest amount of wheat exported in 

 any single year was reached in 1750, when the quantity was 950,483 

 quarters. 1 



January Prices of Grain at Mark Lane and Bear Quay. 



During the second period (1765-1815) the Government maintained 

 the same fiscal policy of regulating both exports and imports, and 

 of encouraging exportation by means of bounties within a certain 

 range of prices. But in all other respects the two periods are 

 sharply contrasted. The first period was remarkable for low 

 prices, a large export trade in home-grown corn, and the prosperity 

 of the labouring classes ; the second period is equally remarkable 

 for high prices, a growing importation of foreign corn, and wide- 

 spread misery among the wage-earning population. When the 



1 See Appendix III., D. 



