Ixiv 



INTRODUCTORY CHAPTER. 



I 



diminished.* It will scarcely be credited that so determined was 

 the spirit of combination to keep up the prices, that rather than 



* Abstract of the principal Articles of Farming Stock exported 1789, 1810; shewing 

 the increase of Prices, and the decrease in the means of Refreshment to Shipping. 



This Abstract clearly shews that the refreshments to shipping in the j-ear 1789, and 

 particularty in beef, hogs, sheep, and poultry, when the sale of rice and paddy to the 

 inhabitants from the Company's stores amounted to no more than L327. per annum, 

 were far more abundant than they have been of late years, notwithstanding the annual 

 sale of rice and paddy, had augmented to £,3600. per annum, in 1809. 



From this ten-fold augmentation of the issues of paddy, which is the grain used for 

 feeding stock, it might have been expected that the quantities of stock raised, would have 

 been proportionally increased : but cifects directly contrary have been produced; for, not 

 only have the quantities greatly diminished, but the prices have been raised in a triple, 

 or quintuple, proportion. The theory of markets finding their own level, can never be 

 applied to St. Helena. The markets there are always deranged by tiie arrival of fleets. 

 To these alone the islanders look for a sale of their products ; and from the c.iptains and 

 passengers they demand whatever prices they choose. Nothing can prevent exorbitant 

 prices being demanded, but the interposition of Government. If the prices were regulated 

 and kept within moderate bounds, a greater degree of industry would be excited, a greater 

 quantity of stock would be raised, and the islanders, by a more extensive sale, would 

 derive a griater profit, or return, during the year.* In 1811, the Government did inter- 

 pose, and prohibited any person demanding, or receiving, more than five shillings for a 

 fowl : the otiier sorts oi poultry were reduced in the same proportion ; and potatoes fell 

 in price, by the effect of the Company's farms. 



* See Section XIII. p. 85. 



