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PROBLEMS OF EMPIRE. . It is, of course, possible that, had I access to figures of later date than 1862, the result might be modified.

'But it seems to me quite possible that, even as respects bread-stuffs, the result of imposing a slight duty on foreign imports, with free admission to colonials, might be slighter than Mr. Chamberlain himself expects, and after the lapse of a few years become imperceptible.

'Very faithfully yours, 'J. M. LUDLOW.'

Mr. Brassey adds the following note:—'Between 1865 and 1880 the price of British wheat fluctuated considerably. In 1865 it was 41s. 10d.; in 1867, 64s. 5d.; in 1870, 46s. 11d.; in 1873, 58s. 8d.; in 1875, 45s. 2d.; in 1877, 56s. 9d.; in 1880, 44s. 4d. During the next ten years it fell gradually to 29s. 9d. in 1889. During the last twelve years it has fluctuated from 37s. in 1891 to 22s. 10d. in 1894, 34s. in 1898, and 25s. 8d. in 1899.' 158