[0
named the duty rose to 22s. 84.; but, in conse-
quence of the almost entire failure of the harvest in
Scotland in 1838, it again fell to 1s., and stood at
that point for sixteen weeks, when it gradually rose
to 16s. 8d., at which it remained till the beginning
of August, 1839, when the fair promise of the new
crop, and the large arrivals from abroad bought on
speculation, rendered the “working the averages”
again necessary ; and it will be seen that it was car-
ried on from July 27 to September 21, the arrivals
between those periods being 44,832, and the sales
76,624, quarters ; and the duty was reduced to 6s.
8d.; but here a larger arrival of English wheat
than had taken place for above twelve months pre-
viously, amounting to 10,500 quarters, and a pros-
pect of a further supply, stopped the proceedings,
and obliged the speculator either to pay the 6s. 84.,
(which the customs’ returns show was paid on all,)
or wait a more favourable opportunity. This did
not occur till August 1840, when ‘the averages”
were again “ worked ” on a bolder and more exten-
sive scale than had been yet attempted. It will be
seen by reference to Table, No. 2, the quantity re-
turned as sold, doubled, trebled, and in one week,
August 22, quadrupled the quantity returned as
arrived ; and in this week, also, the average of the
whole quantity sold exceeded the highest price quoted
in the factors” currency by 3s. 6d. per quarter. But
although every assistance was given, by clearing the
market at high prices, * still it did not succeed to
the full—2s. 8d. being the lowest duty obtained —
and which amount the whole of the Foreign im-
portations, from October 26, 1839, to September 8,
1840, amounting to near 630,000 quarters, paid, and
were entered for home consumption. And it is here
again worthy of remark, that, on the required point
being reached, the return of arrivals and sales of
English wheat resume their usual proportions to
, other ; and further, after the same date, while
* Vide Letters ante, page 7.
