FOOTNOTES:

[7] Viz. 5-1/2 per cent on all advances on cash or current accounts, and 1/2 per cent commission on all sums overdrawn.

[8] Table showing the quantity of grain, including flour and meal, entered for home consumption, from 5th July 1846, to 5th February 1847, from the London Gazette official returns:—

		qrs.
Quarters of grain (including flour and meal) entered for home consumption, in the months from 5th July to 5th January as reported, 1st February,		5,148,449
Quantity duty paid in month ending 5th Feb.	539,418
Do. do. flour and meal, 427,036 cwts.	142,345
	_______	681,763
		_________
Quantity duty paid up to 5th January,		5,830,212
In bond, 5th February,	68,939
Do. do. flour and meal, 318,240 cwts.	106,080
	_______	175,019
	_______
Quantity in qrs. of duty paid and presently in bond, from month ending 5th July to 5th Feb.		6,005,231
		_________

[9]

		1844.	1845.	1846.
Imports,	total official value,	£75,441,555	£85,281,958
Sugar, cwts.	"	4,139,983	4,880,780	5,231,818
Tea, lbs.	"	41,369,351	44,195,321	46,728,208
Coffee, lbs.	"	31,391,297	34,318,121	36,781,391
Butter, cwts.	"	180,965	240,118	255,130
Cheese, cwts.	"	212,286	258,246	327,490
Live animals, No.	"	8,007	34,426	140,752
Brandy,	"	1,033,650	1,058,777	1,515,954
Geneva,	"	14,937	15,536	40,266
Rum,	"	2,198,870	2,469,485	2,683,515

[10] In 1840, the total amount was estimated at £180,000,000, of which £47,000,000, at that period, was for exportation, and £133,000,000 for the home market. As this £47,000,000 had swelled, in 1846, to £53,000,000, it is reasonable to suppose that those for the home market had undergone a similar increase, and are now about £200,000 annually.—See Speckman's Stat. Tables for 1842, p. 45.

[11]

Table of Average Prices of Wheat in Prussia and in England, from 1816 to 1837.

	Average prices in Prussia Proper including Dantzig and Konigsburg.	Average prices in Brandenburg and Pomerania.	Average prices per London Gazette.	Difference between English Prices and Mean of Prussian Prices.	Foreign Wheat and Flour consumed in Great Britain.
	s. d.	s. d.	s. d.	s. d.	Qrs.
1816	36 9	44 6	76 2	35 6	225,263
1817	52 7	60 9	94 0	37 8	1,020,949
1818	49 6	53 5	83 8	32 2	1,593,518
1819	34 3	37 6	72 3	36 4	122,133
1820	27 3	30 0	65 10	37 2	34,274
1821	25 6	28 9	54 5	27 3	2
1822	26 0	26 8	43 3	16 11	——
1823	24 2	26 9	51 9	26 5	12,137
1824	18 6	20 0	62 0	43 3	15,777
1825	17 3	17 9	66 6	49 0	525,231
1826	18 6	21 0	56 11	37 2	315,892
1827	22 3	25 9	56 9	32 9	572,733
1828	27 2	28 9	60 5	32 5	842,050
1829	32 3	35 0	66 3	32 7	1,364,220
1830	29 6	34 0	64 3	32 6	1,701,885
1831	39 6	39 0	66 4	27 1	1,491,631
1832	34 0	33 6	58 8	24 11	325,435
1833	25 0	23 6	52 11	28 8	82,346
1834	23 9	23 0	46 2	21 10	64,653
1835	23 0	24 0	39 4	15 10	28,483
1836	21 0	23 0	48 6	26 6	30,046
1837	22 6	26 0	56 10	32 7	244,085

[12] "The excessive consumption of these and other articles has, however, only led to a drain of bullion to the extent of three millions and a half, while, upon a moderate computation, they would appear to call for three times that amount. This is to be accounted for by two facts—The first being that we have not imported, and paid for as much as we have consumed, since, conjointly with our importations, we have been steadily eating up former reserves, so that our stock of all kinds—coffee, sugar, rice, &c., are low; and, next, because we have diminished our importations of raw material in a remarkable degree, and hence, while paying for provisions, have lessened our usual payments on this score. Here, too, in like manner, we have been drawing upon our reserves. Our manufactures have been carried on with hemp, flax, and cotton, which had been paid for in former years, and we have left ourselves at the present moment short of all these articles, the stock of the latter alone, on the 1st of January last, as compared with the preceding year, being 545,790 against 1,060,560 bales. We are not only poorer, therefore, by all the bullion we have lost, but by all the stock we have thus consumed.

"This process cannot go on any longer. We have now no accumulations to eat into, and must, consequently, pay for what we use. Concurrently, therefore, with our importations of corn and other provisions, (which are now going on at a much greater rate, and at much higher prices than in 1846,) and just in proportion as they beget a demand for our manufactures, we must have importations of raw material. Large purchases of hemp and flax are alleged to have been made in the north of Europe, for spring shipment, and cotton from the United States is only delayed by the want of ships. Wool from Spain, and the Mediterranean, saltpetre, oil-seeds, &c., from India, and a host of minor articles, have also been kept back by the same cause, and will pour in upon us to make up our deficiencies directly any relaxation shall take place (if such could be foreseen) of the universal influx of grain. In this way, just as one cause of demand diminishes the other will increase, and the balance will be kept up against us for a period to which at present it is impossible to fix a limit.

"We thus see that no call that can possibly arise for our manufactures can have the effect of preventing a continuous drain of bullion. That a large trade will occur no one can doubt, but at present it is scarcely even in prospect. From India and China each account comes less favourable than before; from Russia we are told that 'no great demand can be expected for British goods under the present high duties' in that country; while even from the United States, the point from whence relief will most rapidly come, we hear of a shrewd conviction that we are approaching a period of low prices, and that, consequently, for the present 'the less they order from us the better.'"—Times, March 10, 1847.

[13] England in 1815 and 1845, pp. v-vii. Preface to third edition, published in June 1846.

Printed by William Blackwood & Sons, Edinburgh.