Here’s another titbit* from the Times archives: a report from 1840 on the hop harvest with some fascinating clues about what hops went into IPA (I was wrong, incidentally, in saying the archive is not available to the public – if you can use your public library card to access resources like the Oxford English Dictionary from your home computer, you can probably use it to access the Times 1785-1985 archive).
One of the reasons The Times carried hop harvest reports was because of the betting that went on over the yield of the hop tax. By the mid-19th century, according to Peter Mathias’s magisterial The Brewing Industry in England 1700-1830, as much money was being bet on the hop tax yield as on the Derby.
This was not simple gambling, however, but a way for hop growers and hop dealers to lay off, or hedge, the risks that came with involvement in a trade that could see prices triple one year and halve the next, as yields went down and up depending on the weather, outbreaks of pests and the like. If you were a hop buyer and you thought yields would be low, and the tax take (based on quantity) subsequently low as well, but the price high because of scarcity, you bet on a low tax take, and at least made some money as you paid top whack for your hops. If you were a seller and feared a big harvest and low prices, you bet on a high tax yield, and made up for the smaller amount you got for your hops by winning on the hop betting.
The most interesting part of the Times report from September 12 1840 on “Hop Intelligence”, however, is not the details of the bets being made on the size of the hop harvest, at 25 guineas or 50 guineas a time (huge sums when a guinea – 21 shillings – was as much money as a labourer might earn in a fortnight.)