368 COMMERCIAL DESCRIPTION OF quenccs of freedom, for the grower at the time was obtaining a higher price than ever he obtained before, and the consumer a much cheaper commo- dity. The question is not whether it was cheaper than by the old route, but whether it was cheaper in the proportion it ought to have been cheaper. It was sold in England at this time at from Is. 8d. to 2s., which is nearly as high as it was sold at the same time in the markets on the Caspian, there- fore it was sold at a monopoly price still. Suppos- ing it purchased in the markets of India at eight dollars, allowing L. 16 per ton, or twice the pre- sent price, for freight, and 100 per cent, for profit, it was actually sold for from 108 to 150 per cent, above its natural market price ! If pepper was laid in at five Spanish dollars, it ought to have sold for 6d. per pound instead of 9^d. as the above rate of enhancement supposes. In the last period of the trade, or that of the enlargement of British commerce, the price has sunk to less than one half of the average it had borne in the most favourable periods of the close monopoly, a price beyond which, in times of tran- quillity, it is not probable it will ever rise again, but indeed fall much below. This fact speaks for itself, and requires no comment. The last remark to be offered regards the rela- tive consumption of pepper now and at former times, ^^len the price was 1 s. 8d. per pound, the
