542 



MONTHLY JOURNAL OF AGRICULTURE. 



y 



opinions, we may judge ho'w long it is likely to be before all that will be changed 

 — all will be reversed. 



The Effects of Free Trade. — Sir : We have now had more than a yeai-'s ti-ial of Free 

 Trade, and let us see what are the great blessings it has entailed on this country. We were told 

 by the advocates for the repeal of these laws, that it would be the means of increasing the de- 

 mand for our manufactured goods,and the manufactiu-iug and commercial mterests of this coun- 

 try would flourish beyond any former period of history. Now liow stands the case ? Have we 

 not had failures among tliat body to an extent frightful to contemplate, ay, nearly twenty 

 millions in amount ? Men of hitherto high standing as princely merchants, after paying from 

 10 to 20 and even 30 per cent, to uphold their fasl-sinjcing credit, have been compelled to yield 

 to the pressiu"e of the times, and have fast followed each other in the general crash, till I 

 beUeve not less than twenty millions in amount of failures have been declared. 

 . I have no doubt that the advocates of Free Tiade will say that Free Trade has had 

 nothing to do with our present panic and pressure for money ; but I think that a careful 

 perusal of the following statement of the amount required to pay for corn and provisions 

 imported in nine months, ending October 10, 1847, as compared with the amount required 

 for the same period in 1845, will throw some hght on the subject : 



Imports into the United Kingdom for Nine Months, ending October 10, 

 1845 AND 1847. 



In calculating the prices for each article, I have done so at the nearest average price for 

 each year I can obtain. I have not varied the price for live cattle and dead meat, butter or 

 cheese, as the average price of these articles for both yeai-s was so nearly ahke ; and by this 

 statement it appears that the money required to pay for these articles of Imports in nine 

 months, ending October 10, 1845, was only £4,410,091, but that in the same period of time, 

 ending October 10, 1847, the money value of the same articles imported was £31,241,769. 

 We thus prove that £26,831,678 more money was required to be sent out of this country to 

 foreigners, to pay for these articles ; and I find that the declared value of British and Irish 

 produce and manufactures exported in nine months, ending October 10, was as follows : 

 1845. 1846- 1847. 



£41,732,148 £40,008,87i £39,975,207 



So that we find that under Free Trade we have diminished exports in nine months, in 1847, 

 as compared with same period for 1845, of £1,766,941, and therefore the balance of trade 

 has been against this country to an extent of £28,598,619. I am foolish enough to imagine 

 that twenty-eight and a half millions of cash being sent abroad to balance this account have 

 caused the derangement in our money matters, and that we must not attribute it to the ex- 

 penditure of our capital in the payment of labor, &c., for the formation of our railroads. 



I remain your obedient servant, 

 Icklcloii, November 29. SAMUEL JONAS. 



Let the reader multiply pounds by 5 to get the dollars. 



(1022) 



