The Sun.
London, England, 1826-04-27 00:00:00

[TIIE REPRESENTATIVE.]

Our readers will find in our columns to-day a fur-
ther extract from Mr. Jacob's valuable Report on the
State of the Continental Corn Trade. The whole of
this document abounds with information on the sub-.
ject of which it treats ; and will, we are satisfied, most
materially assist the public in coming to a right con-
clusion on a question involving so many interests. It
proves,
.we think, very satisfactorily, that the compe-
tition with foreign corn-growers, of which the English
agriculturists seem so much afraid, would not be
found so , formidable as it is generally represented.
Even in the ,present depressed state of the Continental
markets, arising from the total exclusion of foreign
corn from this country, wheat cannot be brought
hither from any place visited by Mr. Jacob for less
than 48s. per quarter, including its first cost and the
expellee of transporting it ; we must add to this a duty
or 10s. or 12s. per quarter, which is, we believe, about
the lowest rate calculated upon even by the most
strenuous opponents of our present system of Can
Laws. The result will be that foreign corn, paying
this duty, could not be sold in the English market
for less than 60s. per quarter. But the opening of the
English ports would cause a revival of the demand
for corn in the Continental markets, which would
unavoidably bring about a rise in its price, as well
as an increase in. the charge for freight, and the
other expences incidental to its transport. 'l'o us,
therefore, it appears- probable that the opening of the
ports for the admission of foreign corn, subject to, an
importation duty, would not be attended with the
ruinous consequences which the corn growers of this
country have been taught to dread. On the other
hand, we do not see that this measure could produce
the beneficial consequences which the trading and mer-
cantile interests of this country seem to anticipate from
its operation. Our merchants and manufacturers ap-
pear to imagine that a fall in the price of the corn con-

Burned in the production •of goods.would be so much
gain put into their pockets. This, however, is a mis-
taken notion. If, the price of corn fall permanently, an
equal fall must take place in the price of the cotton in
the manufacture of which it is consumed : the profits
realized by the manufacturer upon a given capital
would not therefore be increased. The man, who
now embarks in trade with a capital of 20,0001.,
may, we will suppose, make his 2,0001. per annum
as a profit upon this investment. If corn fell 50 per
cent., and a fall of equal amount took place in the
price of the manufactured goods although he would
in consequence be enabled to Zouble the quantity of
commodities manufactured or sold by him, still the
net profits derived from his capital of 20,0001. would
remain the sturge. Let us take a shoit view of the ad-
vantages- which the labourers and mechanics of this
country expect from a reduction in the price of corn.
These classes have been taught to believe that a fall in
the price of corn would have no effect on the rate of
wages. Surely no opinion can be more absurd in
theory, or more inconsistent with every man's expe-
rience.. That the rate of wages is regulated by the
average price of corn in a given number of years is
an axiom in political economy% so well established
as to be capable of absolute proof. If, therefore,
during the next seven years, the price of corn in
this country were to fall 50 per cent., it cannot, for a
single moment, be doubted that a fall of equal amount
would take place in the wages of labour ; should corn
fall from 60s. to 30s. per quarter, the wages of a la-
bourer would be reduced from 2s. to Is. per day : the
fall of the price of corn would not, in consequence,
produce the least improvement in, his condition ; it
would not give him a greater command over the neces-
saries of life than he possesses' at present. We do,
therefore, sincerely hope that, when this great question
comes to be discussed, all parties will approach it
calmly, look at it fairly, and decide upon it .delibe-
rately. But, until the moment arrives for the full
consideration of the question, we deprecate every at-
tempt to make it the instrument of public excitement.
There is no subject with respect to which the popu-
lace is so easily misled, and which presents a more
convenient handle to fomenters of public discontent.'