Page:History of merchant shipping and ancient commerce (Volume 3).djvu/187

 in the south of Europe, was greater than had been apprehended, and, consequently, prices rose throughout the Continent, the average reaching 75s. per quarter in England. Suddenly, large quantities of shipping were again required to execute orders received from France and Belgium for purchases made at advanced prices. The alarm lest the scarcity should still further increase became general; and, in consequence of this, together with apprehensions for the home crops, the average price of wheat rose in May (29th), 1847, to 102s. 5d. Such prices naturally led to great speculation; while the efforts made to bring corn from the most distant regions gave an enormous impulse to the carrying trade, both in Europe and elsewhere.

But a frightful reaction soon followed. Corn was poured into the ports of Great Britain from all parts of the world with astonishing rapidity. The docks of Liverpool exhibited a quantity of flour that, perhaps, had never been, at any previous period or in any country, imported by merchant vessels to one market. Prices fell to 56s. per quarter for wheat, and heavy commercial disasters ensued. Money advanced in value; in August and December the pres-*