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and the subsequent importations would be by so much the dearer.
It has been asserted that a fixed duty could not have been maintained during the present year. I contend that it could; and I appeal to the evidence the year presents in support of the opinion I have expressed upon the natural results of an abatement of the duty in a time of high price.
On reference to the table in the Appendix it will be seen that on the 5th July the quantity of foreign wheat in warehouse being 558,809 quarters, the price of Danzic wheat in bond was 48s. per quarter, and that of free Danzic 68s.; on the 5th August the quantity of foreign wheat in warehouse was 796,749 quarters, the price of Danzic wheat in bond was 60s. per quarter, and that of free Danzic 72s. (the bonded wheat having risen 12s. per quarter, and the free only 4s.); that on the 5th Sept. the quantity of foreign wheat in warehouse had increased to 1,005,073 quarters, the price of Danzic wheat in bond had risen to 70s., and that free Danzic retained its former quotation (72s.). During the preceding three months (the average prices ranging between 62s. and 76s.) only 33,466 quarters of foreign corn had been entered for home consumption, but the million of quarters in bond on the 5th Sept. were entered for home consumption in the course of that month on payment of a duty of 1s. per quarter.
It appears, then, that by the operation of the
