58 



over a long series, the effect of adventitious circum- 

 stances became lessened. It is reasonable to calculate, 

 that in a long series, the profit on Corn cannot be 

 much above that on other branches of industry in the 

 same country. If the profits on raising Corn are 

 much above those of other occupations, an increased 

 quantity, to the production of which the augmented 

 capital might contribute, would cause the price to 

 fall ; if those profits were much lower, a diminution of 

 supply, to which the loss of capital would contribute, 

 would tend to raise the prices. 



Although, from the fluctuation in the productive- 

 ness of different years, Corn is less subject to the general 

 abstract principles by which supply and demand, as 

 regards other commodities, are regulated, in a short 

 period, yet in a long period, such as thirty or forty 

 years, or longer, it also must be governed by 

 them. 



Without going back to the long List of Prices for 

 the last hundred and sixty years, (for which, see Ap- 

 pendix, No. 24.) we may adopt that which begins in 

 1791, and ends in 1825, (Appendix, No. 13) ; for five 

 of those years no prices are given, because the ports 

 were shut. The Average of the whole of these 

 Years, taking the lowest and highest price of each 

 year, and disregarding the difference of the quantities 

 sold in the several years, gives the Price at 45,9. lid. 

 per quarter. The largest quantity was sold in the 

 years when the price was highest, being probably 

 the stocks which had accumulated during the years 

 of low prices. The price of those years may there- 

 fore be considered as speculating prices. If the 

 years 1800, 1801, 1805, 1817, and 1818 be struck 

 out, the average price of the thirty remaining years 

 will be 33*. 6d. If we suppose a profit to be made 

 of ten per cent, by the dealers in Corn, these thirty 

 years will give, as the cost price to the grower, after 

 paying rent, a price nearly approaching to that which 



