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with very little: and as they are the materials of many

manufactures; the industry of other countries may occasion a

demand for them; though that of the country which produces them

might not occasion any。

     In countries ill cultivated; and therefore but thinly

inhabited; the price of the wool and the hide bears always a much

greater proportion to that of the whole beast than in countries

where; improvement and population being further advanced; there

is more demand for butcher's meat。 Mr。 Hume observes that in the

Saxon times the fleece was estimated at two…fifths of the value

of the whole sheep; and that this was much above the proportion

of its present estimation。 In some provinces of Spain; I have

been assured; the sheep is frequently killed merely for the sake

of the fleece and the tallow。 The carcase is often left to rot

upon the ground; or to be devoured by beasts and birds of prey。

If this sometimes happens even in Spain; it happens almost

constantly in Chili; at Buenos Ayres; and in many other parts of

Spanish America; where the horned cattle are almost constantly

killed merely for the sake of the hide and the tallow。 This; too;

used to happen almost constantly in Hispaniola; while it was

infested by the Buccaneers; and before the settlement;

improvement; and populousness of the French plantations (which

now extend round the coast of almost the whole western half of

the island) had given some value to the cattle of the Spaniards;

who still continue to possess; not only the eastern part of the

coast; but the whole inland and mountainous part of the country。

     Though in the progress of improvement and population the

price of the whole beast necessarily rises; yet the price of the

carcase is likely to be much more affected by this rise than that

of the wool and the hide。 The market for the carcase; being in

the rude state of society confined always to the country which

produces it; must necessarily be extended in proportion to the

improvement and population of that country。 But the market for

the wool and the hides even of a barbarous country often

extending to the whole commercial world; it can very seldom be

enlarged in the same proportion。 The state of the whole

commercial world can seldom be much affected by the improvement

of any particular country; and the market for such commodities

may remain the same or very nearly the same after such

improvements as before。 It should; however; in the natural course

of things rather upon the whole be somewhat extended in

consequence of them。 If the manufactures; especially; of which

those commodities are the materials should ever come to flourish

in the country; the market; though it might not be much enlarged;

would at least be brought much nearer to the place of growth than

before; and the price of those materials might at least be

increased by what had usually been the expense of transporting

them to distant countries。 Though it might not rise therefore in

the same proportion as that of butcher's meat; it ought naturally

to rise somewhat; and it ought certainly not to fall。

     In England; however; notwithstanding the flourishing state

of its woollen manufacture; the price of English wool has fallen

very considerably since the time of Edward III。 There are many

authentic records which demonstrate that during the reign of that

prince (towards the middle of the fourteenth century; or about

1339) what was reckoned the moderate and reasonable price of the

tod; or twenty…eight pounds of English wool; was not less than

ten shillings of the money of those times; containing at the rate

of twentypence the ounce; six ounces of silver Tower weight;

equal to about thirty shillings of our present money。 In the

present times; one…and…twenty shillings the tod may be reckoned a

good price for very good English wool。 The money…price of wool;

therefore; in the time of Edward III; was to its money…price in

the present times as ten to seven。 The superiority of its real

price was still greater。 At the rate of six shillings and

eightpence the quarter; ten shillings was in those ancient times

the price of twelve bushels of wheat。 At the rate of twenty…eight

shillings the quarter; one…and…twenty shillings is in the present

times the price of six bushels only。 The proportion between the

real prices of ancient and modern times; therefore; is as twelve

to six; or as two to one。 In those ancient times a tod of wool

would have purchased twice the quantity of subsistence which it

will purchase at present; and consequently twice the quantity of

labour; if the real recompense of labour had been the same in

both periods。

     This degradation both in the real and nominal value of wool

could never have happened in consequence of the natural course of

things。 It has accordingly been the effect of violence and

artifice: first; of the absolute prohibition of exporting wool

from England; secondly; of the permission of importing it from

Spain duty free; thirdly; of the prohibition of exporting it from

Ireland to any other country but England。 In consequence of these

regulations the market for English wool; instead of being

somewhat extended in consequence of the improvement of England;

has been confined to the home market; where the wool of several

other countries is allowed to come into competition with it; and

where that of Ireland is forced into competition with it。 As the

woollen manufactures; too; of Ireland are fully as much

discouraged as is consistent with justice and fair dealing; the

Irish can work up but a small part of their own wool at home; and

are; therefore; obliged to send a greater proportion of it to

Great Britain; the only market they are allowed。

     I have not been able to find any such authentic records

concerning the price of raw hides in ancient times。 Wool was

commonly paid as a subsidy to the king; and its valuation in that

subsidy ascertains; at least in some degree; what was its

ordinary price。 But this seems not to have been the case with raw

hides。 Fleetwood; however; from an account in 1425; between the

prior of Burcester Oxford and one of his canons; gives us their

price; at least as it was stated upon that particular occasion;

viz。; five ox hides at twelve shillings; five cow hides at seven

shillings and threepence; thirty…six sheep skins of two years old

at nine shillings; sixteen calves skins at two shillings。 In

1425; twelve shillings contained about the same quantity of

silver as four…and…twenty shillings of our present money。 An ox

hide; therefore; was in this account valued at the same quantity

of silver as 4s。 four…fifths of our present money。 Its nominal

price was a good deal lower than at present。 But at the rate of

six shillings and eightpence the quarter; twelve shillings would

in those times have purchased fourteen bushels and four…fifths of

a bushel of wheat; which; at three and sixpence the bushel; would

in the present times cost 51s。 4d。 An ox hide; therefore; would

in those times have purchased as much corn as ten shillings and

threepence would purchase at present。 Its real value was equal to

ten shillings and threepence of our present money。 In those

ancient times; when the cattle were half starved during the

greater part of the winter; we cannot suppose that they were of a

very large size。 An ox hide which weighs four stone of sixteen

pounds avoirdupois is not in the present times reckoned a bad

one; and in those ancient times would probably have been reckoned

a very good one。 But at half…a…crown the stone; which at this

moment (February 1773) I understand to be the common price; such

a hide would at present cost only ten shillings。 Though its

nominal price; therefore; is higher in the present than it was in

those ancient times; its real price; the real quantity of

subsistence which it will purchase or command; is rather somewhat

lower。 The price of cow hides; as stated in the above account; is

nearly in the common proportion to that of ox hides。 That of

sheep skins is a good deal above it。 They had probably been sold

with the wool。 That of calves skins; on the contrary; is greatly

below it。 In countries where the price of cattle is very low; the

calves; which are not intended to be reared in order to keep up

the stock; are generally killed very young; as was the case in

Scotland twenty or thirty years ago。 It saves the milk; which

their price would not pay for。 Their skins; therefore; are

commonly good for little。

     The price of raw hides is a good deal lower at present than

it was a few years ago; owing probably to the taking off the duty

upon sealskins; and to the allowing; for a limited time; the

importation of raw hides from Ireland and from the plantations

duty free; which was done in 1769。 Take the whole of the present

century at an average; their real price has probably been

somewhat higher than it was in those ancient times。 The nature 

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