182 
Variation in the Price and Supply of Wheat. 
prevent prices from falling to an average of 48s. Id. for the three 
years, and to 44*. for the last two years ; our own growth being 
very great. 
Average prices of Wlieat. 
£. s. d. 
For 10 years endicg and includiDg 1770 2 1 0 
, „ 10 „ „ 1860 2 14 9 
„ 10 „ „ 1850 2 13 3 
„ 40 „ „ 1800 2 9 8 
„ 40 „ „ 1860 2 16 9 
„ 20 „ „ 1820 (war pricrs) .. 4 6 0 
„ 50 „ „ 1800 2 7 4 
„ 50 „ „ 1867 2 16 5 
Production and Consumption, &c. 
Formerly, when neither farmers nor dealers had capital to 
withhold corn from market, and when forestalling, engrossing, 
and regrating were forbidden by law, corn was squandered by 
the consumers in proportion to its abundance and cheapness, 
and the result was scarcity and often absolute famine before 
harvest ; prices were four or five times higher in June and 
J uly than in September and October ; and the reaction was 
also greater, from the dependence of the people on bread-corn. 
The improved diet of the people and the greater variety of their 
food helps to equalise the demand. Instead of a wasteful con- 
sumption in years of great abundance, the bulk of the people — 
all but the poorest — consume less bread when it is very cheap 
than when it is at an average price. The proportion of the 
weekly wage allotted for dear bread is large, and the balance 
left for distribution among other articles is, of course, propor- 
tionately small ; but when the loaf falls to 6c?. the mechanic, if 
well employed, becomes a much more dainty feeder : he buys 
less bread and spends more on animal food. The butcher finds 
him among his best customers for beef and mutton. It is a 
baker's complaint that, " when bread is cheap, they don't ask 
whether the loaf is new, but whether it is hot ; and if it is not, 
they return it to the counter, with the remark, ' You may eat it 
yourself! ' " 
The history of the corn-trade is the history of English agri- 
culture. We refer to it briefly, in order to trace the progress of 
agricultural production. During the five hundred years suc- 
ceeding the Conquest, importation was practically free: these 
were the dark ages of agriculture, and, small as was the popula- 
tion of the country, its productive industry was insufficient for 
its supply. But in the prosperous reign of Elizabeth peace and 
security had turned the scale ; corn began to be exported, and it 
