FISCAL POLICY AND AGRICULTURE 339 



the average, being 6|d. per loaf, and 50/1 per quarter 

 of corn. 



Taking decades of years the average prices for the 

 same articles work out as follows : — 



The "Hungry Forties." 



1840-49 1850-59 1860-69 1870-79 1880-89 1890-99 



^quarter } S"/' 53/3 S-/8 5i/4 36/" ^8/9 

 qu^an^n'lo.f} 'id- 'ii ^- 8id. yd, Sfd. 



This table shows that for thirty years after the 

 beginning of free imports the average price of bread 

 was higher than it was during the " hungry forties " ; 

 and for fifty years after free imports (including the 

 years when wheat was specially low) the average price 

 was only about one farthing a loaf lower. Moreover, 

 in the earlier years the weight of the loaf was 4 lb. 

 51^ oz. It was afterwards gradually lowered to 4 lb., 

 and in comparing prices this difference in weight 

 should be reckoned. 



The period 1890-99 was the worst time for the 

 farmer. The following table shows the average prices 

 of bread and corn for each of these years : — 



1890 1891 1892 1893 1894 1895 1896 1897 1898 1899 



^q^uarti?' I^'/" 37/10 30/3 26/4 22/10 23/1 26/2 30/2 34/10 25/8 

 qu'SemToaf} ^i^- 6^^- 6d- 5id- 4|d. 4jd. sjd. 6d. 6Jd. s^d. 



One other thing is revealed by a study of prices, 

 namely, the irregular and limited influence which the 

 price of wheat has on the cost of bread. This may 

 be caused partly through the baker's fixed charges 

 being the same in the making of a loaf, whatever the 

 selling price of it might be, and partly through com- 

 petition among the foreign countries which send us 



