been laid before them (to which they beg leave to refer for more detailed information), with a view to - prepare for the subjects being resumed in a future session, under circumstances, it is to be hoped, more favourable for legislative in terference, on a point of so much delicacy and difficulty as the permanent regulation of the corn trade. Your committee have found themselves obliged to confine their inquiries principally to the corntrade in this metropolis; the state of which, however, in seasons of dearth and scarcity like the present, cannot but have a very material effect on most of the markets throughout England.

It appears, from a variety of evidence which is annexed to this report, that, strictly speaking, there is no regulated public corn-market at this day existing in the city of London ; the corn trade therein being wholly carried on at the Corn exchange in Mark-lane, which was erected in a confined space, and on a limited scale, about forty or fifty years ago, for the accommodation of the factors and dealers (who, before that time, carried on their business at Bear Quay, exposed to the weather, and other inconveniences), at the private expense of individuals, and is conse, quently private property; that this property is divided into about eighty shares, most of which are held by factors or dealers in corn; the estate being managed by a committee of three trustees, chosen by the proprietors, to whom Mr. Smiton is secretary, and is likewise inspector of corn returns in London, elected to that office by the same body of proprietors in virtue of the statute 31 George III. c. 30. This committee have the uncontrouled disposal of all the stands

on which the samples of corn are exposed to sale, and which are limited to the number of seventytwo; sixty-four of them being leased to factors or dealers, and the remaining eight appropriated to the use of the Kentish hoymen. Although it is stated to your com mittee, that the possession of these stands is never transferred for a valuable consideration, as the lease would thereby be vacated; yet there seems reason to believe, that in some instances large sums have been given for such an accommodation; without which it appears wholly impracticable for any one to carry on the trade of a factor or dealer in corn to any material extent; though the Exchange is indeed considered as open to all who come to buy and sell; and there are instances of persons attending the market at times, who bring with them their samples in their pockets.

It also appears to your committee, that the factors and dealers are at liberty either to expose all their samples at the same time on their stands, or as few of them as they think fit; so that in fact a buyer has no means whatever of judging, from the appearance of the samples exposed on the stands, during any period of the market, what the supply is : added to which, it does not appear to your committee that any public authentic mode is at present provided for communicating to the frequenters. of the Corn-exchange what the actual quantities of corn imported coastwise, or from abroad, at any given period, really are; nor what part of it is in a merchantable state, and fit for immediate sale; though it is true that persons carrying on the business on a great scale, and having large connexions,

may,

may, with more or less trouble and difficulty, acquire the necessary information on these points, by a reference to the entries at the Custom-house and Cocket-office, and by a comparison of different returns ordered to be made by law, for various purposes.

It further appears to your committee, that in some instances factors import largely, and even dealin British corn to a great extent on their own account; but that several of them think it more proper to abstain from such a practice, considering, as it has been stated by some of them, "that the business of a corn-factor is perfectly distinct from that of a corn-merchant, because a person who receives consignments, and deals at the same time on his own account, may not always be inclined to serve his employers with that impartiality he otherwise would do."-There is reason also to apprehend, that in some instances factors, having large quantities of corn of their own to dispose of, may be tempted to employ the superior knowledge and influence they possess in the market, for the undue advancing or maintaining the prices of the article, in times of earnest demand and inadequate supply, to the disad vantage of the public. This practice, however, does not seem alto gether of modern date; though your committee think it not improbable, from the increased importations which have taken place within a few years past, that it may have been carried to a greater extent within a late period. It further appears to your committee, that a practice has prevailed, for a considerable time, of purchasing corn with a view to sell it again in the same or some future market, at an increased price, by persons who are

called jobbers: but it should seem that these transactions principally apply to the trade in oats; and there is even a considerable difference of opinion among those who have been examined on this point, both as to the extent of such a proceeding, and the number of individuals concerned.

Such being the leading facts, as they appear upon the evidence, your committee beg leave to observe upon them;

I. That the present Corn-exchange is much too confined for the business carried on in it, which has of late years increased considerably. That the number of stands is too small for the fair and reasonable accomodation of all those who may have business to transact, and that consequently the present corn market can hardly be considered as an open one; competition is to a certain degree prevented, and the trade thrown into too few hands. That from the Exchange being private property, and principally in the hands of corn-factors and dealers, there is some reason to suspect partiality in the manner of transferring and leasing the stands. That considerable inconvenience results to the public from the want of a sworn clerk or superintendant of the market, appointed by some competent and impartial authority, and placed, by means of an adequate compensation for his time and trouble, beyond the suspicion of undue influence; by the want of an open and correct register of transactions in the market; and from their being no regular hours prescribed for opening and enclosing the Exchange on every market day.

With a view to remedy these material inconveniences, your committce recommend that effectual measures should be adopted, early

in the next session of parliament, for enlarging and opening the cornmarket in London, either by remove ing it to the west side of Towerhill, near the river, or by extending the Exchange in Mark-lane, by the purchase and pulling down of some of the warehouses and premises surrounding it, according to a plan mentioned in the Appendix, the expenses of which alteration might probably be provided for without much difficulty in so opulent a me. tropolis; for appointing, by elec tion of the lord mayor and alder men, or other competent and unsuspected authority, a proper clerk or superintendant of the market, to be responsible to the corporation; and for establishing a correct and public register of all transactions therein, and regular hours for opening and closing the same."

If. That it would likewise be advantageous to the public, if factors and dealers in corn were com

pelled by law to expose all the samples intended to be by them offered for sale on a given day, at the same time, publicly on their stands, at the opening of the market, marking on each bag the quantities to which it related; abstracts of which marks should be delivered to the clerk of the market, for public inspection, before its opening; and further, that it would be adviseable that some regular and authentic publication should take place in the market of the quantities of all corn arrived coastwise, from abroad, or in the river, within a given period, either by returns transmitted from the proper officer at the Custom-house. or Cocketoffice, to the clerk of the market, or otherwise, as might be thought expedient. And with a view to the same object, it might be proper to provide for the constant and im

partial inspection of the quality of all corn on board ships, or in gra naries, in order to ascertain whe ther it was or was not in a state fit to be brought into the market for sale and consumption.

III. That it would be expedient to prevent corn-factors from becoming dealers on their account; and with that view to place them on the footing of brokers in other trades carried on within the city of London, by obliging them to give bonds to the same effect. Your committee cannot but think that such a regulation would be found advantageous upon the principle alluded to in a preceding page of this report; and they have the satisfaction of perceiving, from the evidence of some very intelligent factors, in a considerable line of business, that no material detriment or inconvenience could arise from it to the persons concerned-if adopted, as it ought to be, with full notice, and applied to the regular and uniform course of trade, and not to any particular and critical emergency like the present.

IV. Your committee cannot he sitate to declare an opinion, that the practice of purchasing corn to sell it again in the same or some subsequent market before delivery, and consequently before the payment becomes due on the first sale, with a view to a possible advantage on the difference between the first and second price of the article, ought to be discouraged. If any effectual measurses could be proposed for preventing such speculations in corn, without materially affecting the usual course of trade or interfering with the fair and ne cessary means which must exist in conducting commerce on a great scale, and in an advanced state of society, they might very properly

and reasonably be adopted. For it is obvious the price of any commodity must be enhanced by every in termediate profit which is taken in its passage to consumption, beyond such as necessarily arises from the more convenient and speedy modes of conveying it from the first hand to the consumer. Whether these are in particular cases useful or su perfluous, is matter of very difficult discrimination in a legislative point of view, and the decision must in general depend on an examination and knowledge of an infinite variety of circumstances. On one hand, the statute law expressly allows the buying of corn to sell it again for profit, by the precise words of the act of 31 Geo. III. c. 30. sect. 2; and, on the other, the ancient common law of the land prohibits any one from buying of corn, or other dead victual, in any market, and selling it again in the same market, or within four miles of the same; which constitutes the offence of 'regrating. It has, however, been suggested to your committee, that considerable benefit would be derived, and no inconvenience sustained, from prohibit ing the re-sale of corn in Mark-lane till at least four weeks had elapsed from the time of the first purchase (to be ascertained by the register, or by the meter's book); it being presumed in this case, that by the course of trade the corn would have been actually delivered to the original purchaser, and the price paid for it, before it could be a second time offered for sale, and consequently that such speculation of the kind alluded to would be much embarrassed, if not wholly prevented. This proposition is certainly deserving of attention, and proceeds from several respectable quarters: your committee therefore

think they cannot forbear to refet it to the future deliberation and su• perior wisdom of the house.

Upon the whole though your committee are of opinion that the state of the corn trade, in this metropolis, admits of and requires regulation and improvement, with a view to the more convenient, open, fair, and satisfactory mode of carrying it on; and although they are inclined to think that practices have at times prevailed, inconsistent with the perfect justice due to the public; yet that these have not been proved to exist to any very con siderable extent, or to have contributed materially to enhance the price of bread-corn to the enormous amount which it has most unfortunately maintained for a long time past. The original cause must be sought for, principally, in the dearth and scarcity produced by such a succession of unfavourable seasons, as is not to be paralleled in the modern history of Great-Britain ; which has rendered the supply inadequate to the usual demand. Other circumstances have un doubtedly contributed in a degree to aggravate the distress the country has been obliged to endure; the return of plenty will, it is hoped, remove this evil; but your committee cannot conclude without observing to the house, that it is during plenty that it is most fit and safe to provide against the probable recurrence of scarcity, by wise re gulations, by wholesome and well considered laws, and above all, by every practicable and rational mode of encouraging and improving agriculture within the realm; upon which, under Providence, every great nation must depend for its existence: and without which com merce and manufactures are of little comparative advantage. FINANCE.