The following figures show the fluctuations from year to year of
English wheat, chiefly according to a record published by Mr T. Smith,
Melford, the period covered being from 1656 to 1905:
_Price per Quarter_
+------+-------++------+-------++------+-------++------+-------++------+-------+
| | s. d.|| | s. d.|| | s. d.|| | s. d.|| | s. d.|
| 1656 | 38 2 || 1706 | 23 1 || 1756 | 40 1 || 1806 | 79 1 || 1856 | 69 2 |
| 1657 | 41 5 || 1707 | 25 4 || 1757 | 53 4 || 1807 | 75 4 || 1857 | 56 4 |
| 1658 | 57 9 || 1708 | 36 10 || 1758 | 44 5 || 1808 | 84 4 || 1858 | 44 2 |
| 1659 | 58 8 || 1709 | 69 9 || 1759 | 35 3 || 1809 | 97 4 || 1859 | 43 9 |
| 1660 | 50 2 || 1710 | 69 4 || 1760 | 32 5 || 1810 |106 5 || 1860 | 53 3 |
| 1661 | 62 2 || 1711 | 48 0 || 1761 | 26 9 || 1811 | 95 3 || 1861 | 55 4 |
| 1662 | 65 9 || 1712 | 41 2 || 1762 | 34 8 || 1812 |126 6 || 1862 | 55 5 |
| 1663 | 50 8 || 1713 | 45 4 || 1763 | 36 1 || 1813 |109 9 || 1863 | 44 9 |
| 1664 | 36 0 || 1714 | 44 9 || 1764 | 41 5 || 1814 | 74 4 || 1864 | 40 2 |
| 1665 | 43 10 || 1715 | 38 2 || 1765 | 48 0 || 1815 | 65 7 || 1865 | 41 10 |
| 1666 | 32 0 || 1716 | 42 8 || 1766 | 43 1 || 1816 | 78 6 || 1866 | 49 11 |
| 1667 | 32 0 || 1717 | 40 7 || 1767 | 57 4 || 1817 | 96 11 || 1867 | 64 5 |
| 1668 | 35 6 || 1718 | 34 6 || 1768 | 53 9 || 1818 | 86 3 || 1868 | 63 9 |
| 1669 | 39 5 || 1719 | 31 1 || 1769 | 40 7 || 1819 | 74 6 || 1869 | 48 2 |
| 1670 | 37 0 || 1720 | 32 10 || 1770 | 43 6 || 1820 | 67 10 || 1870 | 46 11 |
| 1671 | 37 4 || 1721 | 33 4 || 1771 | 47 2 || 1821 | 56 1 || 1871 | 56 8 |
| 1672 | 36 5 || 1722 | 32 0 || 1772 | 50 8 || 1822 | 44 7 || 1872 | 57 0 |
| 1673 | 41 5 || 1723 | 30 10 || 1773 | 51 0 || 1823 | 53 4 || 1873 | 58 8 |
| 1674 | 61 0 || 1724 | 32 10 || 1774 | 52 8 || 1824 | 63 11 || 1874 | 55 9 |
| 1675 | 57 5 || 1725 | 43 1 || 1775 | 48 4 || 1825 | 68 6 || 1875 | 45 2 |
| 1676 | 33 9 || 1726 | 40 10 || 1776 | 38 2 || 1826 | 58 8 || 1876 | 46 2 |
| 1677 | 37 4 || 1727 | 37 4 || 1777 | 45 6 || 1827 | 60 6 || 1877 | 56 9 |
| 1678 | 52 5 || 1728 | 48 5 || 1778 | 42 0 || 1828 | 60 5 || 1878 | 46 5 |
| 1679 | 53 4 || 1729 | 41 7 || 1779 | 33 8 || 1829 | 66 3 || 1879 | 43 10 |
| 1680 | 40 0 || 1730 | 32 5 || 1780 | 35 8 || 1830 | 64 3 || 1880 | 44 4 |
| 1681 | 41 5 || 1731 | 29 2 || 1781 | 44 8 || 1831 | 66 4 || 1881 | 45 4 |
| 1682 | 39 1 || 1732 | 23 8 || 1782 | 47 10 || 1832 | 58 8 || 1882 | 45 1 |
| 1683 | 35 6 || 1733 | 25 2 || 1783 | 52 8 || 1833 | 52 11 || 1883 | 41 7 |
| 1684 | 39 1 || 1734 | 34 6 || 1784 | 48 10 || 1834 | 46 2 || 1884 | 35 8 |
| 1685 | 41 5 || 1735 | 38 2 || 1785 | 51 10 || 1835 | 49 4 || 1885 | 32 10 |
| 1686 | 30 2 || 1736 | 35 10 || 1786 | 38 10 || 1836 | 48 6 || 1886 | 31 0 |
| 1687 | 22 4 || 1737 | 33 9 || 1787 | 41 2 || 1837 | 55 0 || 1887 | 32 6 |
| 1688 | 40 10 || 1738 | 31 6 || 1788 | 45 0 || 1838 | 64 7 || 1888 | 31 10 |
| 1689 | 26 8 || 1739 | 34 2 || 1789 | 51 2 || 1839 | 70 8 || 1889 | 29 9 |
| 1690 | 30 9 || 1740 | 45 1 || 1790 | 54 9 || 1840 | 66 4 || 1890 | 31 11 |
| 1691 | 30 2 || 1741 | 41 5 || 1791 | 48 7 || 1841 | 64 4 || 1891 | 37 0 |
| 1692 | 41 5 || 1742 | 30 2 || 1792 | 43 0 || 1842 | 57 3 || 1892 | 30 3 |
| 1693 | 60 1 || 1743 | 22 1 || 1793 | 49 3 || 1843 | 50 1 || 1893 | 26 4 |
| 1694 | 56 10 || 1744 | 22 1 || 1794 | 52 3 || 1844 | 51 3 || 1894 | 22 10 |
| 1695 | 47 1 || 1745 | 24 5 || 1795 | 75 2 || 1845 | 50 10 || 1895 | 23 1 |
| 1696 | 63 1 || 1746 | 34 8 || 1796 | 78 7 || 1846 | 54 8 || 1896 | 26 2 |
| 1697 | 53 4 || 1747 | 30 11 || 1797 | 53 9 || 1847 | 69 9 || 1897 | 30 2 |
| 1698 | 60 9 || 1748 | 32 10 || 1798 | 51 10 || 1848 | 50 6 || 1898 | 34 0 |
| 1699 | 56 10 || 1749 | 32 10 || 1799 | 69 0 || 1849 | 44 3 || 1899 | 25 8 |
| 1700 | 35 6 || 1750 | 28 10 || 1800 |113 10 || 1850 | 40 3 || 1900 | 26 11 |
| 1701 | 33 5 || 1751 | 34 2 || 1801 |119 6 || 1851 | 38 6 || 1901 | 26 9 |
| 1702 | 26 2 || 1752 | 37 2 || 1802 | 69 10 || 1852 | 40 9 || 1902 | 28 1 |
| 1703 | 32 0 || 1753 | 39 8 || 1803 | 58 10 || 1853 | 53 3 || 1903 | 26 9 |
| 1704 | 41 4 || 1754 | 30 9 || 1804 | 62 3 || 1854 | 72 5 || 1904 | 28 4 |
| 1705 | 26 8 || 1755 | 30 1 || 1805 | 89 9 || 1855 | 74 8 || 1905 | 29 8 |
+------+-------++------+-------++------+-------++------+-------++------+-------+
|Average || || || || |
| 50 42 10 || 36 0 || 51 9 || 65 10 || *42 7 |
| years || || || || |
+--------------++--------------++--------------++--------------++--------------+
* Average for 46 years only.
Thus, whatever the cause of the decline in the price of wheat may be,
it cannot be attributed solely to the fall in the rate of rail or ocean
freights. Incidental charges are lower than they were in 1870; handling
charges, brokers' commissions and insurance premiums have been in many
instances reduced, but all these economies when combined only amount to
about 2s. per quarter. Now if we add together all these savings in the
rate of rail and ocean freights and incidental expenses, we arrive at an
aggregate economy of 8s. per quarter, or not one-third of the actual
difference between the average price of wheat in 1872 and 1900. To what
the remaining difference was due it is difficult to say with certitude;
there are some who argue that the tendency of prices to fall is
inherent, and that the constant whittling away of intermediaries'
profits is sufficient explanation, while bi-metallists have maintained
that the phenomenon is clearly to be traced to the action of the German
government in demonetizing silver in 1872.