With regard to the price at which Indian Corn can be imported into this country from North America in time of peace, the following information, which I procured through the medium of a friend, from Captain Scott, a most worthy man, who has been constantly employed above thirty years as master of a ship in the trade between London and Boston in the State of Massachusetts, will doubtless be considered as authentic[19].
The following are the questions which were put to him,—with his answers to them:
Q. What is the freight, per ton, of merchandise from Boston in North America to London in time of peace?——A. Forty shillings (sterling).
Q. What is the freight, per barrel, of Indian Corn?——A. Five shillings.
Q. How much per cent. is paid for insurance from Boston to
London in time of peace?—— A. Two per cent.
Q. What is the medium price of Indian Corn, per bushel, in New England?——A. Two shillings and sixpence.
Q. What is the price of it at this time?——A. Three shillings and sixpence.
Q. How many bushels of Indian Corn are reckoned to a barrel?
——A. Four
From this account it appears that Indian Corn might, in time of peace, be imported into this country and sold here for less than four shillings the bushel;—and that it ought not to cost at this moment much more than five shillings a bushel.
If it be imported in casks, (which is certainly the best way of packing it,) as the freight of a barrel containing four bushels is five shillings, this gives 1s. 3d. a bushel for freight; and if we add one penny a bushel for insurance, this will make the amount of freight and insurance 1s. 4d. which, added to the prime cost of the Corn in America, (2s. 6d. per bushel in the time of peace, and 3s. 6d. at this time,) will bring it to 3s. 10d. per bushel in time of peace, and 4s. 10d at this present moment.