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Updated: May 25, 2025
Sir John Millbank was very well known in the town, it seemed. He was a merchant prince, an exporter of pens, three times mayor, and reported to be fully worth two millions sterling. The Towers was his palatial seat, just outside the city. His wife had been an invalid for some years, and was growing worse. So far the whole thing seemed to be genuine enough.
This premium on the exportation of corn ought not to be granted, except when the lowness of the market price in Great Britain proves that there is a superabundance in the kingdom; otherwise the exporter will find his account in depriving our own labourers of their bread, in order to supply our rivals at an easier rate; for example, suppose wheat in England should sell for twenty shillings a quarter, the merchant might export into France, and afford it to the people of that kingdom for eighteen shillings, because the bounty on exportation would, even at that rate, afford him a considerable advantage.
In these circles it was for a long time hoped, but in vain, to obtain consignments from American firms. Further, they clung too long to the business methods of peace, demanded estimates, bargained about prices, and, most important of all, did not realize that the risk to the exporter as a result of the English blockade made special compensation or payment necessary.
In view of this state of things the important thing was to pass all shipments off as neutral. The exporter had to be an American or a subject of neutral Europe. The financing had also to be European, at any rate outwardly. The destination could only be a port in Holland, Scandinavia, Spain or at that time Italy.
If such trade is developed on a large scale, a conservative, practical national forestry policy must be worked out, endorsed and lived up to by every producing exporter. The U.S. Forest Service reports that before the world war, we were exporting annually 3,000,000,000 board feet of lumber and sawlogs, not including ties, staves and similar material.
Now, the price of the corn imported will be the price of the diminished quantity of the home-raised corn. Would the manufacturing labourer benefit by this? Would the manufacturer find any advantage in it, when the diminished value of their wages was forcing the labourers to raise the market upon him? Would the merchant exporter gain anything by the change?
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