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 in· creased 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 extensive inconvenience and impolicy of our present system have been so fully treated, and so satisfactorily exposed in the report already alluded to (p. 10 and 12,) that it is unnecessary to do more than refer to it; adding only, that every thing which has happened subsequent 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 competion 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 severe the depression of prices from abundance.

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. The 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 regulation, that owing to the great alteration in our currency, 80s. may and do now represent a different and considerable 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 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 expences, 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, then 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 SOS. (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 of from 128. to 158. 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 858.

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 278. 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 clauses of the Act, which regulates the im

portation of corn, makes provision for admitting corn, meal, or flour, being the growth, produce, or manufacture of any British colony or plantation in North America, for home consumption, when British wheat is at a lower price than 80s.; with regard to which colonies, it will be consistent with good faith and sound policy to preserve the same relative preference above foreign corn, in the event of any future alteration being applied to the scale of prices or of duties.

In compliance with an application made to them by several of the owners of the foreign grain now stored in warehouses, your Committee have already recommended, that permission may be granted, under sufficient and adequate regulations, to convert it into flour, and export it in that shape, by which means some portion of this large stock will be carried out of the kingdom, and remove all apprehension that the quantities so ground down can ever enter into competition with our home produce: but in the event of a large portion not being thus disposed of, and still remaining in store, it appears practicable to adopt a method which may render this remainder also advantageous, rather than detrimental, in its effect upon the value of British corn, whenever the average price of our wheat shall have risen to 708. and fluctuate between 70s. and 80s.; for if it be then allowed to be taken out for home consumption, subject to a duty of 178. per quarter, for the first three months, and afterwards to a duty of 12s., the interest of the proprietors of this grain will be brought strictly into unison with that of the British agriculturist, and into direct hostility to that of all other importers of foreign grain; so that every endeavour will be resorted to, on their part, to advance the price to 70s, that they may liberate their own stock; but to keep it below 80s. that they may exclude all foreign competitors. The equitable claim which the holders of the grain, already deposited under the act of the 55th of the late King, appear to possess, will thus be beneficially preserved to them, and the danger of an immense influx of foreign produce will be mitigated and deferred, if not wholly prevented.

It must of course be left optional to the proprietors in question, to avail

themselves of this permission, or to abide by the conditions of the existing law, under which they imported; but in the first case, the payment of a moderate duty will enable them, at an early period, to enter a market over which they may exercise some control, conjointly with all the dealers in British corn; while in the other, they can hardly expect to stem the torrent of foreign produce poured in upon our existing supply, and the immediate depression of value which must unavoidably accompany it.

If the circumstances of this country should hereafter allow the trade in corn to be permanently settled upon a footing constantly open to all the world, but subject to such a fixed and uniform duty as might compensate to the British grower the difference of expense at which his corn can be raised and brought to market, together with the fair rate of profit upon the capital employed, compared with the expense of production, and other charges attending corn grown and imported from abroad, such a system would in many respects be preferable to any modification of regulations depending upon average prices, with an ascending and descending scale of duties; because it would prevent the effects of combination and speculation, in endeavouring to raise or depress those averages, and render immaterial those inaccuracies which, from management or negligence, have occasionally produced, and may again produce, such mischievous effects upon our market: but your Committee rather look for

ward to such a system as fit to be kept in view for the ultimate tendency of our law, than as practicable within any short or definite period. A protecting duty which might at this day be hardly sufficient to guard our home market from the most overwhelming competition, might, when the excessive abundance on the Continent shall have been absorbed, operate against the real wants of this kingdom, and subject the growers, as well as the consumers, to the greatest inconveniences. Years of dearth may again make it indispensable to have recourse to foreign produce for a part of our supply, although in seasons of ordinary plenty it may be hoped that our own agriculture has been so improved and extended, as to secure the kingdom from a state of dependence upon other, and eventually hostile, territories for the subsistence of its population.

Your Committee have felt it their duty, for obvious reasons, to lay without further delay before the House, the result of their deliberations; but they would consider that they had omitted a most material part of the task imposed upon them, if they neglectad to inquire into the present system upon which foreign corn is warehoused. Your Committee are now engaged in carefully investigating this important subject, and they will not fail to report the result to the House as early as the nature of their inquiry will permit.

April 1, 1822.