An essay on the external corn trade

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Longman, Rees, Orme, Brown, and Green, 1826 - Corn laws (Great Britain) - 416 pages

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Page 138 - Rent is that portion of the produce of the earth, which is paid to the landlord for the use of the original and indestructible powers of the soil.
Page 66 - The nature of things has stamped upon corn a real value, which cannot be altered by merely altering its money price. No bounty upon exportation, no monopoly of the home market, can raise that value. The freest competition cannot lower it.
Page 352 - If England should have acquired such a degree of skill in manufactures that, with any given portion of her capital, she could prepare a quantity of cloth, for which the Polish cultivator would give a greater quantity of corn than she could, with the same portion of capital, raise from her own soil, then tracts of her territory, though they should be equal, nay, even though they should be superior, to the lands in Poland, will be neglected ; and a part of her supply of corn will be imported from that...
Page 150 - No equal quantity of productive labour employed in manufactures can ever occasion so great a reproduction. In them nature does nothing; man does all; and the reproduction must always be in proportion to the strength of the agents that occasion it.
Page 353 - ... then, tracts of her territory, though they should be equal, nay, even though they should be superior, to the lands in Poland, will be neglected ; and a part of her supply of corn will be imported from that country. For, though the capital employed in cultivating at home might bring an excess of profit over the capital employed in cultivating abroad, yet, under the supposition, the capital which should be employed in manufacturing would obtain a still greater excess of profit; and this greater...
Page 334 - If, in consequence of our skill in manufactures, any given portion of our labor and capital can, by working up cloth, obtain from Poland a thousand quarters of wheat, while it could raise, from our own soil, only nine hundred ; then, even on the agricultural theory, we must increase our wealth by being, to this extent, a manufacturing rather than an agricultural people.
Page 200 - Humanity may in this case require that the freedom of trade should be restored only by slow gradations, and with a good deal of reserve and circumspection. Were those high duties and prohibitions taken away all at once, cheaper foreign goods of the same kind might be poured so fast into the home market, as to deprive all at once many thousands of our people of their ordinary employment and means of subsistence.
Page 303 - While we depend, in any degree, upon a foreign supply of corn, the prices are constantly governed by the principle of scarcity, and not, as they otherwise would be, by the principle of abundance. The object of importing merchants being to import with the greatest possible profit, they will allow prices to run up very high, before they come into the market ; and will feed it only in such quantities, as shall keep down competition against themselves, but not to that extent as will have any great effect...
Page 147 - London is not adequate to supply the effectual demand, its price in that city must suffice to pay those who bring any portion of the necessary supplies from the greatest distance, as well for the expenses of carriage as for those of production: and the farmer in the immediate vicinity, who gets this increased price for his produce, will have to pay a proportional increase...
Page vii - In the earlier edition of the Essay on the Corn Trade, it was shown, the Author believes for the first time, that a permanently high scale of general prices, from whatever cause arising, cannot depress domestic industry by encouraging the importation of cheaper foreign articles ; and that commodities, the cost of producing which is greater in foreign countries than at home, may, nevertheless, be imported, provided the comparative disadvantage of the foreign capitalist in producing the imported article,...

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