The SELECT COMMITTEE, appointed to inquire into the alle gations of the several petitions which have been presented to the House in the last and present sessions of Parliament, complaining of the distressed state of the agriculture of the United Kingdom, and to report their observations thereupon to the House,

Considered that, among all the important objects referred to them, none could be more deserving of their earliest attention, than an inquiry into any measures that could be suggested for affording some temporary relief to the distresses of which the numerous petitioners with so much reason complain, and which appear from the returns of the average prices of corn, during the late weeks,* to be progressively increasing rather than diminishing.

Your committee do not venture to determine, whether the present state of the corn-market be owing to an excess of production, or to what extent that excess may reach, beyond the usual and requisite supply; or whether the necessities

of the occupiers of land cause an unprecedented eagerness to dispose of their produce at almost any price; but it appears from an official return, that the quantity of British wheat and oats (but not of barley) sold in Mark-lane, between the 1st of November and the 1st of March last, has very considerably exceeded the quantity sold in the corresponding months of the twenty preceding years.

Such an excess of supply beyond demand can have no other effect than to continue the depression of price, and increase the accumulation of the stock upon hand; while it is evident, from the present very low rate of price, on the continent of Europe, as compared with prices in this country, that there is no chance of resorting to the natural expedient of relieving the market by exporting any portion of our own corn, even with the aid of any bounty which would not be excessive.

Two other modes have therefore been under the consideration of your committee; by the first of which it was proposed, that one million of exchequer bills should be applied to purchasing, through

*Prices 16 March 9...

2

45. 11. 46. 10. 46. 11.

23 Feb.......... 47. 7.

The highest price of any one week in 1822, was 50s. 7d.

the agency of government, and laying up in store, a certain portion of wheat grown in the United Kingdom; and by the second, that facility and encouragement should be offered to individuals to deposit a part of their stock in warehouses, so that they might not be forced to come into the market simultaneously, and under the disadvantage of excessive competition, but might be enabled to wait until the supply, having approached nearer to the wants of the consumers, might afford, if not a remunerat ing, at least a price somewhat less ruinous for their produce.

With regard to the first of these proposals, the general objections against making the public, through the executive government, a dealer and speculator in corn, the suspicions to which it might give rise, and the uneasiness in the public feeling which it might eventually excite, the danger of its being drawn into precedent, the claims which it might be supposed to give to other important articles of domestic produce, whenever they might be exposed to similar depression and the universal rule of allowing all articles, as much as possible, to find their own natural level, by leaving the supply to adjust itself to the demand, discourage your committee from recommending it, even under this extraordinary emergency, and with all the guards and qualifications of a temporary expedient. But with regard to the second, although much less efficacious in its operation, the objection of government becoming a purchaser does not apply, as individuals would in this case act for themselves, and according to their own discretion,

vances upon the commodity deposited, which would be repaid, with a low rate of interest, as soon as the article should be brought to market.

For effecting this object, two different modes have been suggested; by one of which it was proposed, that when the weekly average price is under 58s. (the import scale remaining as at present) wheat should be stored, subject to a monthly allowance of 6d. per quarter, until the average price should reach 65s.

The whole quantity not to exceed 600,000 quarters, and the time for which the allowance should be payable not to exceed 12 or 18 months.

Not more than a certain number of quarters, nor less than another specified number of quarters, to be stored on the part of any individual or firm.

The owner of the corn so deposited to be at liberty to withdraw it at any time, waiving his claim to allowance, or refunding it.

The other proposition was, that for the purpose of relieving the glut which at present presses upon the grain market, the government, whenever the average price of wheat shall be under 60s. should grant advances of money upon such corn of the growth of the United Kingdom, as should be deposited in fit and proper warehouses upon the river Thames, and in the ports to be hereafter specified, to an extent not exceeding two-thirds of the market value of such corn; the equa lity of the corn and the fitness of the warehouses to be approved of by officers to be appointed by the government.

The loan to be at the rate of 3

The corn to be withdrawn at the will of the depositor, upon payment of the interest, warehouse rent, and other charges.

The sum of one million so applied, would probably be fully adequate to give a temporary check to the excess, which is continually poured into the already overstocked market.

If the House should be inclined to agree with your committee in countenancing the latter of these propositions, it is evident that it ought to lead to some immediate proceeding; and although no very great effect can be contemplated from adopting it, its operation, as far as it may extend, can hardly fail to afford some temporary relief.

There is another measure also, to which it is fit to call the early attention of the House.

The foreign grain and flour of all sorts, in different warehouses under the king's lock, appears to have amounted, on the 5th of Jan. last, to 897,136 quarters; with regard to which, although there is little probability that it can soon come into competition with our home produce, yet it still hangs over the market in a formidable mass, ready to be poured in at once, creating no small degree of panic as toits future operation, and invested with a sort of claim (which is of the utmost importance) to be brought out free from duty, whenever the ports shall be opened under the existing law, even supposing any duty shall be imposed by parliament, under an alteration of that law, upon all corn hereafter to be imported from foreign parts.

To relieve the market from both these inconveniences it may be proper to permit the holders of such

corn now in warehouses, under certain adequate regulations and restrictions, to have the same ground into flour for the purpose of exportation; and also to provide by legislative enactment, that in future any foreign corn warehoused in this kingdom shall be considered as corn coming from abroad, and subject to all such duties and regulations as are or may from time to time be imposed upon corn, coming directly from a foreign port.

A proposition which was submitted to your committee, for advancing loans to parishes on the credit of the rates, appeared to be attended with so many difficulties, and to be so little applicable to the purpose of alleviating the distresses which are complained of, that they do not deem it necessary to enter into any examination of it, nor to lay it before the House.

Much as your committee lament that so little prospect of immediate relief can be held out to the urgent distresses which have been submitted to their anxious consideration, they think it material to obviate and counteract any unfounded alarm which may have been, either casually, or industriously, circulated, that there was ever the least intention entertained by your committee of rendering the present condition of the British cultivators worse than it is under the existing law; and they therefore submit, with great confidence, to the House, that the act of the 55th of the late king, c. 26, which regulates the importation of foreign corn, ought to continue in force until the average price of wheat shall be 80s. per quarter, and other kinds of grain in proportion.

It is impossible to carry protection further than monopoly; and

it cannot be denied, that this monopoly the British grower has possessed for more than three years, that is ever since February, 1819, with the exception of the ill-timed and unnecessary importation of somewhat more than 700,000 quarters of oats, which took place during the summer of 1820. It must be considered further, that this protection, in consequence of the increased value of our currency, and the present state of the supply of corn combined with the prospect of an early harvest, may, in all probability, remain uninterrupted for a very considerable time

to come.

But for the purpose of obviating the dangers in which this law can hardly fail, sooner or later, to involve the cultivators of the soil, and in conformity to the reasoning contained in the report of the committee of the last session, upon the same subject, some material change must be contemplated; your committee, therefore, cannot avoid suggesting, whether, under a full view of all the circumstances, it may not be the duty of parliament to turn its immediate attention to the ruinous consequences which must follow an unlimited importation and free sale of the surplus produce of the whole agricultural world, which is known at this time to be in a state of glut, at least, equal to what prevails within this kingdom, no less impatient for, and unprovided with a market, with a commodity raised at much less charge than our own, which the proprietors would be ready to sell even at a considerable loss, rather than not dispose of it at all.

The excessive inconvenience and impolicy of our present system have been so fully treated, and so satisfactorily exposed in the report

already alluded to, that it is unnecessary to do more than refer to it, adding only, that every thing which has happened subsequently to the presentation of that report, as well as all our experience since 1815, has more and more tended to demonstrate how little reliance can be placed upon a regulation which contains an absolute prohibition up to a certain price, and an unlimited competition beyond that price; which, so far from affording steadiness to our market, may at one time reduce prices already too low, still lower than they might have been even under a free trade, and, at another, unnecessarily enhance prices already too high which tends to aggravate the evils of scarcity, and render more the depression of prices from abundance.

severe

The mode in which these excessive inconveniences may receive some modification (laying for the present out of the question what permanent basis may be ultimately the fittest for our corn trade) appears to consist in the imposition of a duty upon all foreign corn, whenever upon opening our ports it should be admissible for home consumption.ne occupier of the land would thus obtain, in proportion to the amount of such duty, a protection which is withheld from him under the existing law; but in return for such protection, it is no more than reasonable towards the consumer, that the import price should be fixed at a rate somewhat lower than 80s., because the new duty would otherwise not only check the sudden and overwhelming amount of import, but also enhance the price beyond that which it might reach under the present system; nor must it be lost sight of in any future regula

tion, that owing to the great alteration in our currency, 80s. may and do now represent a different and considerably higher value than in 1815, as measured by the price of all articles of consumption.

Should parliament decide to legislate during the present session, your committee would recommend, that, after our wheat shall have reached 80s., whenever circumstances, not now to be foreseen, may have effected so great a change a lower price may be assumed for the future import, subject to a duty.

When the importers know that their grain can in no case come into the market without paying a certain sum as duty, besides the charges of importation, warehousing, and other incidental expenses, they will be less ready to adventure rashly than under an entirely free trade; they will also withdraw their corn, which may be lodged in warehouses gradually, and with more circumspection, than they do at present, and will naturally endeavour to feed the market rather than inundate it. It is now their interest to take their whole stock, immense as it may be, at once from under the king's lock; but when they must pay duty for every quarter which is removed, they will prudently calculate the time that any large stock may remain on hand before they can dispose of it to advantage.

The foundation of any future bill should be the principle of so far modifying the operation of the existing law as to obviate, as far as may be, by the imposition of reasonable duties upon the admission of foreign grain for home consumption, the sudden and irregular manner in which such foreign grain may now be introduced upon

the opening of the ports under circumstances inconsistent with the spirit and intentions of the law.

For carrying this purpose into effect, it would be expedient, after the ports shall have opened at 80s. (subject to a scale of duty hereafter to be fixed) to preserve the principle of an import price at a rate somewhat lower than the existing import price of 80s., and your committee are of opinion that 70s. would not be an improper limit to assign to that price.

That a duty from 12s. to 15s. should be imposed upon foreign wheat for home consumption, when the price is from 70s. to 80s.

Also, that a duty of 5s. should be imposed upon such wheat, when the price is from 80s. to 85s.; after which, the duty should be reduced

to 1s.

And that a further additional duty of 5s. should be imposed upon wheat imported or taken out of warehouse for home consumption, for the first three months after the ports open, and when the price is from 70s. to 85s.

And for the purpose of rectifying the scale which governs the import, the general proportion which the price of oats bears to the price of wheat, appearing to exceed the proportion which was assumed to exist, when 27s. was fixed as the import price of oats, your committee suggest, that it would be expedient to increase that price, so as to bear a more accurate proportion to the price of wheat.

The scale at which barley is estimated appearing to be more correct than that of oats, the same proportion which it now bears to wheat, appears fit to continue, under any future alteration of the import prices.

The 6th, 7th, 8th, and 9th