3o8 Mr. William Pitt on the Production and 



Corn Laws. — In i588, the average price of wheat being then about 285. per 

 quarter, a bounty of 55. per quarter was granted upon the exportation of corn,' 

 whenever the home price was less than 485. per quarter ; when above that price, 

 exportation was suspended. 



Yet the home price under this bounty was seldom so high as the export price ; in 

 consequence of this encouragement large quantities were grown, and the average 

 price, according to Dr. Smith, was, for the first 12 years to 1703, 55, g\d. per 

 bushel ; from that time to 1764, it gradually lowered to 4.S. 6d. 45. zd. and 35. gd. 

 per bushel, which last was the average price for ten years preceding 175O, under a 

 very great exportadon ; this was doubtless owing to the quantity raised, from the 

 encouragement thus given: see Chap. I. 



In 1773 a very unfortunate alteration took place, by lowering the export price 

 to 44^. per quarter, although labour and expences were then rising, and no bounty 

 allowed when above that price, although the growth then wanted encouragement; 

 the growth has since been neglected, as not paying near so well as grazing; see 

 the calculation : and diese circumstances are a strong presumptive proof, that this 

 neglect has been in consequence of the discouragement thrown in its way, at the 

 very time when encouragement was wanting; enough has not since been raised for 

 home consumption, and a regular and increasing import has taken place ; the bounty 

 price, instead of being lowered to 445. should then have been raised to 52^. 

 and I have no doubt but greater plenty and a reduced price would have followed, 

 instead of scarcity and high prices. 



In 1804, by Mr. Western's Act, England and Wales is divided into twelve 

 maritime districts, and Scodand into four, and the import and export to be regu- 

 lated by the aggregate average price of such districts, and wheat, when at or under 

 485. per quarter, may be exported, with 5?. per quarter bounty, but if above 54J. 

 no export allowed ; this is placing the prices of 1804 upon the same footing with 

 those of 1688, at least so far as that price is influenced by the bounty; but the 

 distance of time and great alteration which has taken place in the value of money, 

 makes this regulation almost appear a burlesque on the trade, instead of a serious 

 encouragement to it. In these times, and under present circumstances, I am of 

 opinion that the bounty on export should extend to 60s. per quarter, and the 

 prohibition not take place at less than 72s. ; and that these prices, instead of being 

 high, are in the present state of things extremely moderate ; and that a liberal mea- 



