the island is
certainly not under L200,000,000[10] annually, of which somewhat above
L51,000,000 is for the foreign markets of the world. What is a
deficiency of L2,000,000 in such a mass? If that had been the _only_
decline that had taken place, it would have been scarcely perceptible,
and would have left no visible effects on our commercial activity or
general prosperity. It is clear that the great falling off must have
been in the home market. Nor is it difficult to see how this has
happened. Fifteen millions' worth of agricultural produce has
disappeared; prices of wheat have risen in consequence to 80s.
a-quarter, and oats in a still higher proportion; and an alarming drain
upon the metallic resources of the country taken place. It is this which
has paralysed the manufactures and depressed the commerce of the
country. And when it is recollected that the home market now consumes
little short of L150,000,000 a-year, it may easily be conceived what a
serious check to industry a diminution to the amount of even an eighth
or a tenth of the usual domestic purchases must occasion.

The Free-Traders say, that the famine in Ireland has _concealed_ the
effects of the adoption of their system of policy; and that all the
distress and suffering which has ensued is to be ascribed to that cause.
From the observations now made, however, it is apparent that the effect
of the famine has been, not to conceal the effects of free-trade, but to
_accelerate_ them. For what has the famine done? It has simply caused
fifteen millions' worth of domestic agricultural produce to be exchanged
for fifteen millions' worth of foreign agricultural produce. The potato
crop, which has perished in Ireland, is estimated at fifteen millions'
worth; and, supposing that statement is a little exaggerated, it is
probable that, taking into account the simultaneous failure in the crop
of oats, both there and in Great Britain, the total amount of home
agricultural produce that is deficient may amount to that value. _But
foreign agricultural produce, to an equal or greater amount, has been
imported._ Six millions of quarters, between grain of all sorts and
flour, have been entered for home consumption in seven months preceding
5th February 1847. Taking these quarters, on an average, as worth fifty
shillings to the consumer--which is certainly no extravagant estimate,
seeing wheat is up at seventy-nine shillings--we shall have, then, six
millions of quarters, wo