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.