With respect, then, to that portion of the supply of sugar derived from the West Indies, the only question which can arise is—Can the grower have succeeded during the past year in reducing the cost of production so far as to have allowed the Gazette average of British plantation to fall from 29s. 2d. nett in February of last year, to 20s. 2d. in the February of this year? We know that during this period no economising of labour has been achieved to warrant a decline of 9s. per cwt.—nearly thirty per cent; and the conclusion is obvious, that the bulk of this saying to the British consumer has come out of the pockets of the colonial proprietor and the British colonial merchant. The price at the commencement of the year, it is admitted, was a barely remunerative one; and every shilling of reduction since has been positive loss.

With respect to East India sugar, which is actually purchased in the country of its growth, the loss has fallen directly upon the importer—the fact being notorious, that prices throughout the year have ruled higher in the colonial markets, and in China, Java, &c., by from 4s. to 5s. per cwt. than it could be sold for on its arrival here. Messrs Littledale & Co. quote the prices of Bengal, Madras, and Mauritius, best and good descriptions, in bond, from 6s. to 6s. 6d. lower in January this year than in January last year, and common and inferior descriptions as much as 8s. to 9s. lower. Upon China and Manilla the fall has been from 3s. to 4s. 6d.

The same authority to which I have before referred—the New London Price Current—remarks of Mauritius sugar, that the "rates are 5s. to 8s. per cwt. lower, the difference being most apparent on brown and inferior qualities;" and of East India, "Stock is 6950, (in London,) and in 1850 it was 5500 tons. Prices range 4s. to 8s. per cwt. under that period, the difference being more apparent on brown and inferior qualities, of which there is a loss upon importation."

With respect to foreign sugar, a few preliminary explanations are necessary. As is the case with East India produce, the sugar which we draw from foreign countries—the bulk from Cuba and the Brazils—is purchased by British merchants at a price in the country of its growth, regulated of course by the cost of production, and the probable market price in Great Britain. The foreign planter, however, is seldom more than a nominal proprietor, working with borrowed capital, for which he pays an interest of from fifteen to twenty per cent, and living, in all respects, only like a superior servant or agent. With the question, whether of late he has been enabled to reap a profit on his cultivation, I have here nothing to do, although it is most probable that he has not done so, even at the prices which he has been able to secure from the British purchaser. He has had labour foisted upon him beyond his requirements, and at an exorbitant price, the slave-dealer being in many cases the party supplying capital for sugar cultivation, and the virtual proprietor of the soil and stock. So far as regards the operations of British merchants in the produce of Brazil, Cuba, and other foreign tropical produce, the result has been almost equally disastrous with that attending the trade with our own possessions. Prices in these countries have, throughout nearly the whole of the past year, been from 3s. to 5s. above those which could be realised in this country; and the loss upon the entire importation has been little, if at all, less than that upon British colonial produce. The London New Price-Current sums up its remarks upon the trade in foreign sugar by saying,—"Prices, compared with this date last season, exhibit a decline of 3s. on the better, and 4s. to 6s. per cwt. on the brown and inferior qualities." A comparison of the prices in the country of production, with those realised here, will prove this part of my case. From the Pernambuco Price Current, of the 24th of February 1851, I find that the following were the prices of Brazilian sugar, free on board; and I have set opposite to the figures the price which it would command in bond, on its arrival here, as furnished by one of our leading brokers:—

In Brazil, 24th February, 1851.In Liverpool, April 1851.
First white,25s. 3d. to 26s. 3d. }
Second and third do.20s. 7d. to 24s. 3d. }None in stock.
Fourth do.18s. 9d. to 19s. 8d. }
Fifth and sixth do.16s. 7d. to 17s. 5d. }21s.to 22s. 6d.
Muscovado, yellow,15s. 2d. to 15s. 8d.19s. 6d.to 20s.
Brown,14s. 8d.16s.to 19s.

The first qualities of the above are not imported into this market; and adding to the other, for freight at 60s. per ton, 3s.—buyer's commission in Brazil, 3 per cent—insurance, interest, brokerage, and other charges, say 4s. 6d. to 5s. per cwt.—there would be a small loss upon the importation.

I select a later date, in order to ascertain the cost of the stocks on hand at the commencement of this year. On the 29th November last the quotations were—

In Brazil, November.In Liverpool, January.
First and second,24s. to 24s. 4d. }
Third,22s. 4d. to 23s. 8d. }None in stock.
Fourth,20s. 9d. to 21s. 6d. }
Fifth and sixth,17s. 1d. to 19s. 4d. }17s. 6d. to 19s. 6d.
Muscovado, yellow,15s. 7d. to 16s. 6d.16s.to 17s. 6d.
Brown,14s. 7d. to 15s. 1d.13s. 6d. to 15s.

At this period freights ruled low, 35s. to 40s.; and, as is always the case when there is an abundance of shipping seeking cargo, the foreigner advanced his rates for produce. Adding 3s. 6d. to 4s. for charges upon imports, there would be a loss of, say 3s. 6d. to 5s. 6d. upon white; 3s. 6d. upon yellow; 5s. 6d. upon low brown, and 3s. 6d. upon the better quality. The same result is found to have resulted upon Cuban and other foreign sugars.