Thus in wool, the diminution in the home breed of sheep has had a great effect on the price-- In 1869 the home stock of sheep was 29,538,000 In 1871 27,133,000 -- -------- Diminution 2,405,000 Equal to 8.1 per cent and in the case of some other articles there may be a similar cause operating.

But taking the whole mass of the supply of commodities in this country, as shown by the plain test of the quantities imported, it has not diminished, but augmented.

The returns of the Board of Trade prove this in the most striking manner, and we give below a table of some of the important articles.

The rise in prices must, therefore, be due to an increased demand, and the first question is, to what is that demand due?
'We believe it to be due to the combined operation of three causes cheap money, cheap corn, and improved credit.

As to the first indeed, it might be said at first sight that so general an increase must be due to a depreciation of the precious metals.