highest price in consequence of a series of bad harvests, when relief by importation was difficult and enormously expensive. In December, 1813, whilst the price of gold had risen to 5l., the price of wheat had fallen to 73s., or 50 per cent. under what it had been in the spring of 1812; proving clearly that the two articles were under the influence of opposite causes.
"Again, in 1812, the freight and insurance on Swedish iron were so much higher than at present as to account for nearly the whole of the difference of price: and in 1818 there had been an extensive speculation which had raised the price of all iron, so that a part of the subsequent decline was a mere reaction from a previously unfounded elevation. More recently, in 1825, there was a great speculative rise in the article, which served as a strong stimulus to increased production: this, aided by improved power of machinery, has proceeded to such an extent as fully to account for the fall of price."
To these reflections I will only add, that the result of my own observation leads me to believe that by far the most influential of these causes has been the invention of cheaper modes of manufacturing. The extent to which this can be carried, while a profit can yet be realized at the reduced price, is truly astonishing, as the following fact, which rests on good authority, will prove. Twenty years since, a brass knob for the locks of doors was made at Birmingham; the price, at that time, being 13s. 4d. per dozen. The same article is now manufactured, having the same weight of metal, and an equal, or in fact a slightly
