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. The reduction in this article has not been so sudden as to entitle us to put down more than a portion of it as loss to either importer or producer. Bearing in mind, however, that, from the commencement of the year to the close, it has been arriving in this country at a cost considerably over what it would realise, and that we had a good stock to begin the year with, which has kept accumulating, I believe I am justified in assuming the result of the year's business to be a loss, upon the whole of our sugar imports, of at least £5 per ton; which, upon 400,000 tons of all descriptions, amounts to the sum of £2,000,000 sterling. In this I am borne out by some of our leading authorities, whose names I hand you for your own satisfaction. Having in this calculation merged the stock in hand at the commencement of the year, (107,000 tons,) which was imported at extreme prices, and lost much more than I have taken as an average, it is but fair to add something for the depreciation of the _increase of stock_ held at the close of the year, 50,000 tons, (the total stock having been 157,000 tons against 107,000 at the commencement.) If I estimate this depreciation at £3 per ton--it fell nearly £1 in the beginning of January, and has since been quoted lower--I am satisfied that I am within the mark. This will make the _total loss on sugar_ £2,150,000 _sterling_.