quantity that will be wanted, how much may be 
already in bond here, and at what period it may be 
required ; that is, when the natural action of the 
British markets will, by raising the average price, 
reduce the duty low enough to enable him to pay it 
and import the corn: having determined these, in 
his own mind, he acts accordingly ; either by pur- 
chasing foreign corn already in bond here, or by 
sending orders to his agents in the various foreign 
markets to purchase for him, stipulating ‘that the 
same shall be shipped so as to arrive here at or about 
a given period. Thus far, the matter is in the legiti- 
mate course of commerce, and acting in the spirit 
of the legislature ; but here it ceases, the spirit of 
the legislature is abandoned, and the spirit of spe- 
culation is brought into active play. 
The merchant having purchased his wheat, and 
knowing that it will arrive here at a certain time, 
it becomes of course, a matter of interest with him 
to pay as low a duty on it as he can; and with this 
view, a proceeding, technically termed ¢ working 
the averages,” takes place, which is, forcing the ave- 
rages up, by returning fictitious sales at high prices, 
whereby, the duty is reduced from the amount it would 
be, if left to the natural action of the markets; viz. 
13s. 8d. or 10s. 8d., to 6s. 8d. or 2s. 8d., or even as 
low as ls. per quarter, if not interfered with by any 
unforeseen, and uncontrollable change in the market. 
This proceeding is also assisted, by the speculators 
frequently, when the arrivals of English wheat are 
small, (which they must be or there would be no 
cause for the importation,) buying up the whole or 
greater part, of the supply as soon as the market 
opens for the day, even if afterwards resold at a loss ; 
as it then becomes a calculation whether, to obtain 
the desired end, it may or may not pay him to sacri- 
fice 3s. or even 6s. on 10,000 quarters of English 
wheat thus purchased, to save 7s. or 10s. duty on 30 or 
50,000 quarters of foreign wheat. This operation may 
be looked upon as impossible, but, that it does occur,