ABSTRACT
The price of commodities in the market is formed by means of a certain struggle which takes place between the buyers and the sellers. When the supply is known to be less than the demand, the sellers judge that the buyers are in some degree at their mercy, and they insist on as favourable a price as their power over the buyers is likely to enable them to obtain. The question of price is, therefore, in all cases, a question of power, and of power only. It is obvious, that a rise in the price of a scarce commodity will be more or less considerable in proportion as the article is felt to be one of more or less strict necessity. In each case the British consumer pays the high price, and the foreigner is spared, because otherwise he will not accept out commodities. The country paper, therefore, does not in any degree diminish the price of the London paper.
