This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1843. Excerpt: ... not to be struck with the long periods during which the averages range between 64. and 69.; and the rests in the new scale bespeak an opinion in its framer"s mind that a duty of from 6s. to 8. can be levied upon the greatest portion of foreign wheat imported; and, notwithstanding the transactions of the last year seem to countenance such an opinion, there is no difficulty in showing its fallacy. The experience of the last thirty years has shown, that in this country the average price of wheat can never reach 64., except from an anticipated or actual failure of the wheat crop; and so certainly has the price, after attaining 64., risen to 70. and upwards, that the speculators in foreign wheat may in general safely hold on until the lower duties of 3., 2., and 1. only are chargeable. The fact that a large quantity of foreign wheat paid the 8. duty last year in no way contradicts this conclusion, for the great entries then made were on account of the creditors of broken speculators and failing factors, the result of a complete break-down in the foreign corn trade from speculations undertaken upon erroneous premises, and when there was nobody to hold over the purchased corn. Now, the failure of this speculation was entirely caused by the harvest turning out so much more productive, both as to quantity and quality, than had been expected. The deficiency in the great wheat growing districts of the eastern counties has been satisfactorily proved; but sufficient allowance was not made for the vast growth of wheat in other districts, where the wet autumn of the previous year had been less injurious. This is distinctly pointed out as the origin of the numerous failures in Messrs. Sturge"s circular, to which I have before referred, where they say, "The early and favo...